What's Important To Your Real Estate Business?

By
Home Inspector with Selman Home Inspections, Inc. 10299
https://activerain.com/droplet/4qjn

What's Important To Your Real Estate Business?

 

Whether you are a real estate agent, broker, appraiser or home inspector, you are "in business". Even if you work for a company, most real estate professionals are self-employed in one way or another. Being self-employed has many benefits. It also has many responsibilities and tasks that must be achieved if you want to be successful. So, what's important to your real estate business? Here are some of the things that I find important as a professional home inspector;

 

Planning

Beginning in October each year, I begin working on my home inspection business and marketing plans for the next year. A business plan allows me to identify in writing those things we did the previous year that worked and those that did not. Obviously, we don't want to spend money or waste time the next year on things that did not improve our bottom line or earn us more clients. Business and marketing plans help me and my other home inspectors to be on the same page. It is our plan for how we do what we do. Our plans give us focus. We also treat our plans as "living documents" meaning that we are flexible enough to add new items, try new things or stop others, which are not working early on. In general, our plans keep us on track and are an outline for how we operate. A business without a plan is like a ship without a rudder.

 

Mission

What is your mission? Does your business have a mission statement? I believe that having a mission statement is important because it is the basic premise or foundation of your company beliefs. Even if you are an agent working for a real estate company, you should have your own mission statement. Your mission statement should be public. It tells others what you and your company are about. Developing a mission statement can be difficult. It may even change over time as your learning and experience improves.

 

Marketing

Ever wonder what the difference is between marketing and advertising? For me, marketing is action and advertising is a media product (noun). Marketing is putting your advertising media into action. In my home inspection business, marketing (verb) is of critical importance. Each home inspection in itself is marketing. Our finished product is marketing and advertising media. From social media to business cards, proper placement of these advertising materials is marketing. Marketing is the how to action of getting your target audience to recognize and remember your company.

 

Advertising

Advertising is the media graphic items such as those used in your printed, online materials, billboards or vehicle graphics. Advertising materials are the physical elements you use to make your real estate or home inspection business visible to the public or your target audience. If you are like me and are less than a creative genius, it is a good idea to have these professionally created. The quality and appeal of your advertising is important.

 

Why Should Anyone Choose You?

We all have numerous competitors, especially in real estate related businesses. So the question is, why should someone choose to do business with you over anyone else? This is called "your offering". In competitive markets, there are many similar products. What is it that separates you or makes you, your product or your services a better choice than others? Make this part of your business and marketing plan. Develop your services or products in ways that make them stand out, make them unique in one or more ways. These unique differences should be included in your advertising and marketing.

 

Competitors

Ever thought about studying your competitors? It is amazing what I have learned from watching our competition in the home inspections businesses. By watching your most successful competitors, you can learn some of the reasons they are successful. Once you learn what your competitors are doing, you can be creative in doing similar things. But, don't copy them, make it your own and do the same things differently or even better.

 

Faith

"Commit to the Lord whatever you do, and He will establish your plans." Proverbs 16:3. Faith and prayer are important to me and the success of the company God has provided to me.

 

Your Good Name

 

My company name has my name on it. So, it is important to me. The reputation of my name and of my business are important. Doing business with honesty and integrity build your business reputation. There are not shortcuts, or at least long lasting ones in business. Treat others with respect and do what you promise. If your end product does not meet your client's expectations, your good name may suffer for it.

 

Mentors

Do you have any mentors? If not, you need them. Mentors are people who have experience that you do not have. It is like hiring an employee (that you don't have to pay) that has different skills than yours. They are your "wise council" and your sounding board. Mentors can hold you accountable. Good mentors, or the right mentors, will not hesitate to tell you frankly when you have made a mistake or when something is a bad idea. As a home inspector, I have three mentors, one who is in the inspection business and two who run other successful companies. Obviously, your mentors should be people you admire, look up to and that are successful at what they do.

 

What Do You Watch, Listen To And Read?

One of my mentors gave me some advise that has proven very valuable to me over time. "You must be a student of business no matter what your business is". What you watch, listen to and read are important. They influence your ideas, attitudes and values. This came to life when I started my home inspection company. I thought that all the training, experience requirements, and state licensing exams were the hard part. As it turns out, running a business is much harder than getting the needed real estate credentials. It is a life long journey requiring focus and regular attention.

 

I hope you enjoy reading this and I look forward to hearing your thoughts on "What is important to your real estate business".

 

 

 

 

Posted by


David Selman
Certified Master Home Inspector
Lic.# 10299
WDI #660910
FHA/HUD # F537 
Septic Cert #113423
Phone: 469-371-3228 
Email: david@SelmanHomeInspections.com

"Accurate Investment Protection You Can Trust"

Websites: 

Dallas Home Inspection

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. John DL Arendsen 11/03/2014 09:29 AM
  2. Winston Heverly 07/12/2015 01:35 PM
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Ambassador
1,705,560
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

This is one area of real estate that isn't discussed enough through the brokerages that train us. We operate a business. Therefore, we must have systems in place that help us to that end.

Oct 28, 2014 02:28 AM #19
Rainmaker
870,265
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

We regroup in October as well to lay down the foundation for next year.  Even if things start to cool off we stay busy, so that we are fully prepared for when it ramps back up.  

Oct 28, 2014 03:40 AM #20
Rainer
6,476
Rhonda Thompson

Great post!  A great reminder to stop procrastinating and complete that mission statement.

Oct 28, 2014 04:05 AM #21
Rainmaker
908,388
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

It is always good to be thinking ahead. I've been planning for the next year for some time now, but this time of year is a good time to put it in writing.

Oct 28, 2014 04:10 AM #22
Rainmaker
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Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I find getting business and running a business was a lot harder than getting my license.  I would also say that getting my license has very little to do with what I actually have to do or know on a day to day basis.

Oct 28, 2014 04:42 AM #23
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Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Great list and defintely things to think about...really think about. We often dive into thing without really giving attention to these details.

Oct 28, 2014 04:54 AM #24
Rainmaker
352,477
Scott Gleason
RE/MAX Select - Westfield, NJ
Westfield NJ New Homes Specialist

This is a good outline for anyone setting up their business plan for next year.  Lots of things to consider.

Oct 28, 2014 06:25 AM #25
Rainmaker
1,163,638
Paula McDonald, Ph.D.
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

All great items indeed to include with our yearly, monthly and daily planning.  Thanks for this!

Oct 28, 2014 06:26 AM #26
Rainmaker
653,197
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Nice work.

I expect every October, you review and re-position for the coming year.  The plans and strategy which were worked out in 2004 no longer apply.  No competition, new options, new referral partners.

Plan. Rinse. Repeat.

Oct 28, 2014 07:29 AM #27
Rainer
227,537
Richard Robibero, e-Pro, ABR, SRS
Panorama R.E. Limited - Toronto, ON
Selling Your Home as if it were My Own!

I sometimes feel like a overplan but if the results are there than I can't complain.

Oct 28, 2014 08:21 AM #28
Rainer
45,191
Christine Yedo Johnson
RE/MAX Unlimited Inc. - Aurora, CO
ABR CRS CNE SFR

Very Well Said.  You put a lot of time and thought in to this post.  

 

Oct 28, 2014 08:45 AM #29
Ambassador
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Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

No business can function without goals and so few write down their goals, as that mission statement. Excellent post

Oct 28, 2014 09:25 AM #30
Rainmaker
1,317,757
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

":You must be a student of business no matter what your business is"  I think this is the key to success!

Oct 28, 2014 12:42 PM #31
Rainmaker
2,432,999
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

David, those are excellent areas to explore for the next year. A couple of them are new for me and I will add them to my list! Thanks!

Oct 28, 2014 12:44 PM #32
Rainmaker
231,153
Liane Thomas -Top Listing Agent
Professional Realty Services® International - Corona, CA
Bringing you Home!

Thank you for the gentle reminder to get working on next years business plan. Have calendared it for next week!

Oct 30, 2014 02:38 AM #33
Rainmaker
35,850
Shannon Hagler
Distinct Estates - Boca Raton, FL
We can help you! Buying/Selling in Palm Beach

Great Post.. I'm a true planner but get behind at times.. The market and marketing changes so rapidly

Oct 30, 2014 03:28 AM #34
Ambassador
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John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

David Selman Some good ole commonsensical basics here. But it's always good to put your finger into a 110v light socket every so often for a little reboot. Basic principals applied properly and consistantly will produce for you. Great post.

Nov 03, 2014 09:29 AM #35
Rainmaker
1,072,262
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

David, this well written post highlights the essentials of solid business building.

Nov 05, 2014 04:49 AM #36
Rainer
75,504
David Selman
Selman Home Inspections, Inc. - Dallas, TX
Certified Master Home Inspector

Thanks to each of you for your comments. I appreciate your thoughts. The post is sort of a collection of principles that have helped me build a successful home inspection company. I hope each of you find at least some useful tidbits. Feel free to share any additional items that are important to you. Thanks!

Nov 05, 2014 09:54 PM #37
Rainmaker
1,676,510
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Hi, I really enjoyed coming across your blog among the many archieves. Thanks for being apart of Active Rain.

Apr 04, 2015 01:39 PM #38
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