Accelerate Your Real Estate Business Growth
Lars here from Real Estate B-School. I started B-School because when I first started my career in Real Estate I had no idea what I was doing. Through each phase of growing my business I failed and failed again, but I also had some great successes which ultimately brought me to my ultimate phase of success.
My mission with starting Real Estate B-School is to help Real Estate Agents build a highly profitable business through the use of sustainable systems and empowered people in order to systematically increase your net worth and time away from the office.
I’ve worked tirelessly to create and implement systems throughout my business and now I’m taking you behind the curtain at Real Estate B-School to share one of my favorites with you. Sound good? Okay, let’s get started.
Here’s what we’re going to cover:
- Introduce you to our Business Navigator™ which is our tool we use to help our members navigate through their real estate business.
- Walk you through each step of the navigator, and ways to excel through each step and move to the next one.
- Provide you with a few key tips and tricks I have used in my own business to help me sell more homes and get more listings than any of my competitors.
What is The Business Navigator™?
The Business Navigator™ is a tool I designed to give a bird’s eye view of the growth that I have witnessed, not only in my own business but also in the business of my coaching clients and Real Estate B-School members. Each phase describes a specific place within the Real Estate journey, and the goal of this tool is to plan.
“Failing to plan is planning to fail” – Alan Lakein
This tool allows you to navigate through the business process easily. When I got started, I never knew what was coming next, so I was never able to plan properly. Most of my hires were not a good fit; I didn’t know about accountability and how to be effective while still managing a team and ultimately I was lost. So many Real Estate Agents I know have been in the business for 10+ years and are still in the ramp phase and a lot of people will stay there wandering around looking for a way out but never finding a solution. But, I want more for you. I want you to create the life you’ve dreamed of with a steady income, a great team behind you, and an effective plan to allow your business to grow continuously.
Disclaimer: While each phase is pretty consistent across the board, there are some discrepancies which may put you between phases. Maybe you’ve been stuck between phases for too long? Wherever you are in your business, each business and the ultimate business goal is going to look different for different people.
Accelerate Your Real Estate Business Growth
When you begin to grow your real estate business a great practice to start now is not chasing squirrels. You’re struggling, and then the next “best thing” hits your inbox and you think this one is DEFINITELY going to solve all your issues. The Truth: It won’t. You will end up overspending and overextend yourself by trying to run too many programs at once.
Tip: Choose only 2-3 lead generation sources and make sure you know at least five people who can tell you they experienced results with that tools before investing any money. Also, make sure not to store your data and processes inside too many tools. I chose Top Producer that could handle my database, seller lead follow-up, listing management, and closing management all in one tool. It fit my business at the time, and I encourage you to look at a tool that will fit all your needs.
When you first start your business, you are excited to have finally taken the leap of faith and started your Real Estate journey. You have begun the hustle and driving sales, but cash flow might still be an issue. Don’t worry you’re not alone! The key to escaping this phase is skill building and the determination to grow.
It is important that you develop your foundational skills as an agent and don’t rush your progress. Build momentum that is sustainable and remember that in this phase you will need determination above all else to continue to grow.
Tip: Protect your time with time blocking and stick to it. You’ll be grateful to have started this practice early as you continue through your career.
As you begin to sell homes more consistently, you’ll still be doing most of the work on your own, but you may have an admin.Your time may feel as though it doesn’t belong to you and you’re likely exhausted most days.
You are always reminding yourself and those around that you love the grind, and you probably stand out in your market as one of the top producers. You need to focus on your dollar producing activities (or DPAs), so you can continue to thrive. It’s important not to stretch your budget too thin by hiring an admin before you’re ready, but you need to make sure your time is 100% focused on making money.
This level is where most Realtors who are unsuccessful break. Not for lack of trying, but simply because they didn’t plan well enough. Continue to plan and scale effectively not forgetting to stick to the 2-3 lead generation sources, using a small number of tools and time blocking effectively.
Tip: Set an hourly amount your time is worth (e.g., $50/hour) and outsource anything that you can pay someone under that amount to complete.
If you are in this phase, you are overwhelmed, and it has become a way of life for you and potentially your loved ones. This was the phase where I see so many agents damage their relationships. I need you to know that while the hours may be long, there is a way that you can get through this phase and not destroy your life.
Right now you might be having a hard time seeing the light at the end of the tunnel because you may still be the major producer on your team. I remember in this phase I kept finding that buyers agents with the talent I required to meet my goals were becoming harder to find.
It’s important you take the time to fine tune your processes in this phase to better serve your team and yourself. Although you may feel stretched too thin (and so does your staff) you finally realize your vision, and it’s beginning to take on a life of its own. Don’t let that chance slip away!
Tip: When hiring look for agents that are aligned with your company’s core values. They will be better suited to grow with you even if their skills don’t exactly match right now.
Once you finally decide to lead and step out of production you are going to begin to see yourself as the CEO vs. a producer for the first time. This can be very uncomfortable for many people, but remember that killing yourself is not necessary.
Accountability and tracking systems are probably in place at this point, but unless they are flawless, you need to continue to fine tune your systems so you can ensure the same standards are being met when you’re away from the office. This is your brand you are building, don’t shy away from making sure everything is EXACTLY the way you want it.
Tip: Take this time to develop your skills as a leader and don’t forget to communicate your vision to your team.
Another uncomfortable phase to navigate through is Exit. You may start to realize that you are not that important. It will be difficult, but by now you should be leaving close to all of the production to your team members and your key operations lead is stepping into their own.
It’s important to clarify your organizational strategy to your team members and instill in them your vision and mission, so you are all working towards the same goal. Take time to define which one of your team members occupy which roles. This will contribute to a healthier work environment, but will also help you ensure you’re not paying two people to do the same thing.
Tip: You must continue to monitor margins and control costs – cash flow is always a risk.
Most team owners won’t take this step, but congratulations if you have! Once you have made it you are no longer working in the business and you have all significant positions filled including sales lead, operations lead and administrative staff.
This phase is more of a mindset issue than anything else. You should have weekly leadership meetings set up, and you will have established a weekly team rhythm to ensure your team remains in growth mode.