Here are 10 steps to building a
fast-growing brokerage or team in real estate
No Man Is an Island; Build an A Team for A+ Results
Real estate brokerages and teams operate 24 hours a day. The constant need to put out fires, as well as dealing with transactions, agent questions, legal requirements, mortgage, and title vendor relationships, technology upgrades, and other challenges, is hard to handle.
Therefore, executives and team leaders are constantly distracted and struggle to focus on the company’s goals and how to achieve them.
We’ve uncovered 10 essential growth strategies that real estate leaders can apply to consistently get results based on our work with hundreds of agents and teams.
Each real estate leader faces distinct challenges, opportunities, and business models. Here are a few of them.
Find out what your strengths and weaknesses are
The best way to grow is to determine where you’re strong, where you’re weak, and what you need most.
Consider the following questions: What does your company look like today? What gaps do you have? Where do you have an advantage? Is there anything missing that needs work, or is it working well? Examine your business’s following components closely to find better answers:
- Balance sheet and profit-and-loss statement of the company
- The support staff
- Materials for marketing
- Branding
- The system
- The website
- Customer Relationship Management
- The recruitment funnel
- The onboarding process
- The management team
Rather than trying to accomplish everything all at once, it’s important to map what you have, then make a broader plan that can enable you to achieve some of your goals.
Define Your Outcome
Make a plan for how you want your business to grow. Determine how and when you will arrive. Knowing what you want and designing a plan to achieve it are the first steps. Even though this sounds straightforward, other experienced people need to provide honest opinions and analysis.
Specific Goals Should Be Set
The way you set your goals can often determine whether or not you succeed. Go beyond sales numbers to measure your progress. In addition to recruitment, individual agent production, marketing, and public achievements, include other goals related to your business.
Become familiar with your competitors
Growing your business means knowing who your local competitors are, what they offer, and how you compare. Understand them by researching, analyzing, and studying them. There are very few brokers who conduct this type of research, but it is a great way to learn about your competition.
Comparison shopping is something agents do, and you should do the same. It is important to know your competitors’ strengths and weaknesses so that you can leverage your message and services to set yourself apart and attract the agents you desire.
Make your pitch unique and authentic
Tell agents and consumers your brand story in a snappy, concise, and easy-to-understand manner. Stop cutting and pasting your marketing, and tell your staff and potential recruits what sets you apart. Creating great stories is the key to building a successful company. Choose the story archetype that best describes your brand (it may be more than one). Then craft the story to match your brand’s characteristics.
Be familiar with your recruits
You can identify the types of agents most likely to fit your organization by creating recruiting personas, and archetypal depictions of your ideal agents. Marketers use this clarity to develop marketing messaging, recruitment funnels, and agent offerings.
Establish a recruiting process
There should be a top, middle, and bottom of your sales funnel for recruits, just as there is in any sales process. You will always have a stream of potential recruits when you implement the entire process in a systematic manner. To help you recruit effectively, here are ten steps you should follow:
- Prospecting and sourcing
- Call
- Meeting for building relationships
- Continue to follow up
- Meeting to analyze needs
- Make your offer stand out
- Offer your services
- Closing
- Resolving objections
- Onboarding
Set up a system for generating business
Helping agents grow their businesses is something they value and want. Make sure your company is able to help your agents consistently generate revenue by finding and winning more business. Lead generation on the internet, social marketing, and referral programs are all methods you can use for this.
Recruit great employees
A company’s growth depends heavily on hiring. The hiring process is one of the hardest aspects of a company’s growth. Your organization can focus on more strategic activities if you hire and develop great leaders and staff. A great business is run by great staff, so make sure yours is great too.
Let the world know your story
Without media exposure and public recognition, no one will know about your company. In order to create awareness for potential recruits and customers, it is crucial to develop relationships with the media and PR, win awards, and develop unique accomplishments. This step is often overlooked by real estate leaders.
In Conclusion
It takes consistent application of the core strategies outlined here to establish a successful company that creates strong, steady growth. It is not easy, despite their simplicity.