After many years of experience working with hundreds of agents and teams in North America, I’ve come to realize that even the millionaire realtors and real estate teams are not achieving their full potential.
Although they can easily double their GCI with the existing resources they have, there’s always something that their business is missing and they cannot go beyond where they are at.
For that reason, I have put together a 5-step formula for real estate entrepreneurs so they can uncover the full potential of their business and double their GCI in a year.
1. Understand where you are at
To create and implement and effective growth strategy, first, you should know where your business stands. This will help you create the perfect strategy as you will be able to consider all the aspects of your company.
An easy and fun way to do this is to conduct a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. All you need is a piece of paper.
Consider each of these four areas realistically and take notes.
What are my business’s strengths that set me apart from my competitors?
Example: Brand reputation and recognition due to over 10 years experience in the market.
What are my business’s weaknesses that are holding me back in the competition?
Example: Having a weak online presence due to lack of marketing capabilities.
What are the growth opportunities my business has?
Example: Increasing purchasing power in the target market
What are the threats my business may face?
Example: New stricter regulations around mortgage system
2. Reinforce Your positioning against competitors
After doing a situational analysis on your business, you now know your strengths and weaknesses. Now think about your primary competitors and find your point of differentiation. Answer these questions and take notes.
- What makes your business stand out in the market
- Why would your potential clients choose you over your primary competitors?
- What is so unique about your service?
Once you know your differentiators then you can tailor your strategy around them and get better results.
3. Determine What You Want to Achieve
What is the high-level business objective you want to achieve? Go back to your situation analysis and determine where you want to go with your business.
Your objective should be SMART. Create an objective that is Specific, Measurable, Attainable, Realistic/Relevant and Time-Bound.
4. Identify Critical Success Factors
A Critical success factor (CSF) is a business term for goals that are essential for your company to achieve its high-level objective.
Let’s say your high-level objective is to generate $2M in GCI by in 12 months. What are the necessary actions you need to take to ensure you can achieve your objective?
Examples for CSFs:
- Increase market share through a new target audience: millennial buyers
- Maximize referrals by increasing client satisfaction
5. Find right people to implement your plan
If you are not a single agent, this is the most important step on the list. To execute a well-thought out plan, you need to have the right people on your team.
If you have a team, attending Millionaire Team Summit would be a great way to learn best practices around team growth, structure, and profitability. Find out more about MTS 2017.
Here are three helpful articles on real estate recruiting.