The art of real estate is simple; yet complex. A transaction often consists of a buyer, a seller, and half a dozen middlemen. I have spent four years trying to simplify the way real estate is conducted. The marketing, the sales, the expenses all add up to stress. Seven years is "supposably" how long it takes to build a successful real estate business. Yet, even in this economy long time agents are dropping like flies. Maybe the missing piece to the puzzle is right in front of you. Here are a few thoughts as to how your team can affect your brand and your long term stability so that when the time comes 20 years from now you can cash out.
My first experience in real estate was a team concept. There was a rain maker, a slacker, a builders wife, and a young college kid who thought he knew it all. Here is how it played out: The rain maker landed the developments. The builder's wife drove around all day selling her husbands homes, every now and then manning the fort at the development. The slacker spent his time at the project talking with builders and making false promises. The young college kid spent his time creating new marketing ideas for the homes and for the builders: all at the expense of the rainmaker. Where did everyone end up? Going there separate ways. The pie was cut too many ways, the agents had their own agendas, and everything that went into marketing the team went "POOF!!!"
The problem in this case is that without the rainmaker the team concept stinks. Do you have a positive or negative team story to share?
Maybe your team is a great success. If it is a great success, are you your own company? If not, why not?
(rant) I want to pick my real estate team like it is a baseball game. I'll take the REO agent, that short sale specialist, um and that bi-lingual guy over there. Shoot, I guess I'll take the good lucking secretary...
A brand. No. Nick Van Assche, REALTOR is not a brand. Why? Because I can't sell it like I can sell "Sea Glass Properties." But let's say for instance that you want to be 'self employed' AND have a brand. Then you need a niche. You need to focus on something and put all your energies towards it. However, this doesn't come without great research. You need to understand the need for your niche. If you live in small town with limited condo projects, then calling yourself "CONDO KING" probably won't work.
I recently learned the differences in marketing and advertising. There is a lot of energy that goes into building a brand. Colors. Fonts. Logos. However, if you don't have a consistent brand I would highly recommend getting on it! You can tweak the details later.
Products. Do you have one? Two? If I wanted to buy your company today, what would I be getting? I can tell you that if you bought my company today you would be getting:
Websites. Marketing Materials. A business that can run WITHOUT me. A brand. A business.
Agents were a dime a dozen when the market was hot. Everyone had a grandma, aunt, uncle, cousin, neighbor, who was in real estate. Many of these people have left the business. How many of them do you think invested $1000s of dollars only to walk away? If you had to leave your business tomorrow, do you have something that you can sell? Do you have something that can run without you?
Three ways to build a business:
#1. Create a plan. (to build a team, a brand, a product)
#2. Implement plan.
#3. Adjust plan. Repeat.
Comments(1)