Know your Management Capabilities

Management is a large part of your job when you own your own business. If you feel that your management skills are lacking, then you should hire someone to help you out from the beginning. Bad management has caused many good businesses to fail.

Not everyone is cut out to be a good manager. You may be very good at real estate, but that does not mean you can manage people well. Consider hiring an office manager that handles the management tasks for you or outsourcing work so you do not have to worry about managing a staff.

You have to focus on what is best for your business. In order to do that, you have to think about management right from the start. Do not fail before you even get started because of bad management choices. Take an honest look at yourself and decide what the best route is for your business.

You Must Have a System

Every successful business has a system. Every agent must have a system. Some systems will be more detailed than others. Some people may want to spend hours developing systems while others may want to implement a simple system instead.

It is fine to start out small and simple. You should want to develop checklists for the different tasks you handle. Write out the basics of each task, too.

No matter what type of system you have, the important thing is that have one. A system will allow you to keep your service consistent and at a high level. Your business will be more organized and you will find the work day flows more smoothly than ever.

Are Finances Your Weak Link?

Financial management can make or break your business. You cannot expect to run a successful real estate business if you do not have control over your finances.

As an agent, you work everyday handling the finances of your clients to help them make the biggest purchase of their lives. It can be funny to think that you are not able to handle your own finances, but often it is very true.

You must have good financial management over your business. The biggest thing that gets agents in trouble is not keeping personal and business finances separate. It is essential to good management that your business finances be 100% separate from your personal finances.

This will allow you to better manage and control your finances. You will find it less confusing and less time-consuming, as well. Once you separate your finances, you should be able to stay on top of financial management in your business.

The Real Definition of Management

When you think about the definition of management, what comes to mind? Do you think that management is solely about delegating tasks and making sure things get done? Management cannot be pinned down to a single task you do. It is a way of thinking and covers all of your actions.

Management is about ensuring every employee is using their unique skills. It is about making sure time and energy is spent wisely. It is about watching the finances of your business. It is about keeping the operation of your business at a high quality.

Management starts with you. In order to be a good manager of other people you have to be able to manage yourself. You need to be able to direct others, keep them motivated, and also keep the financial and operational parts of your business running smoothly. Good management is important, so you have to figure the definition of management for your business and start making sure you are doing the best job being a manager.

A To Do List Can be your Best Business Tool

Do you ever feel like all you do is work, but you never get anything done? If so, chances are that you are just not organized. You can end up wasting a lot of time when you do not have a good plan for the day.

You should always make sure that your daily work is organized. Make sure that you have a list of things to do for each team member. Make sure that the list of tasks for each employee matches their skills. You will find this makes it easier to delegate tasks and ensure everyone is working to full potential.

Your business is greatly affected by the consistency of your actions and defined by your ability to get things done right. Make sure your day is organized and efficient and your business will be too.

Which is Better - Hunter or Farmer?

As you have learned, there are 2 main types of approaches an agent can take. Hopefully, you have figured out which one suits you best. Now you can begin to see the good and bad of each type and learn how to cultivate the best qualities from each into your approach.

Hunters are aggressive at getting new business. However, this may lead to neglecting current relationships. Hunters may lose sight of the goal of selling since getting a lead is often more exciting for them. If you are a hunter you should find a good balance between seeking new business and growing the business you already have.

Farmers are on the other end of the spectrum. They may focus too much on current clients and not enough on new clients. A farmer needs to keep up with clients while also taking some time to seek out new clients.There is a healthy balance between being a hunter or a farmer. Find that balance and you will be able to reap the rewards that come with a well balanced approach.

Are you a Hunter or a Farmer?

Agents can be classified as either a hunter or a farmer. Figuring out what your approach is can help you on your path to success.

A hunter is someone who goes out looking for new business. A hunter actively works to pick up new listings. You may call FSBO and expired listings to try to pick up the business. You may walk around and knock on doors to talk to people. You are very active and on the hunt for business.

A farmer is someone who works existing clients. You build relationships by staying in touch, making phone calls and sending out mailings. You work to build up a sphere of influence. One of your main goals is to always reach 100% customer satisfaction. You know the importance of a good client relationship.

Figure out which one description fits you best. Your skills will place you somewhere either at one extreme or somewhere in the middle. Learning about your approach will let you see your weaknesses and help you to develop new habits that can help you succeed.

There is No Such Thing as a Past Client

In real estate there should never be a time when you accept a client as being a past client. Considering someone a past client will cost you money in the end.

Past clients are actually your best business asset. They can be a great source for referrals and future business. You need to keep a good relationship with past clients so that you can continue to reap the benefits from your biggest asset.

Erase the phrase “past client” from your vocabulary. Once you are done doing business a client becomes a friend, a partner, and an asset for your business.

Think Different for Business Success

One of the main ways to ensure that your business does not reach a point where it stops growing is to learn how to think differently. Your role in your business should change over time.

Ideally, you should go from a salesperson to a business person.

As a salesperson, you thought much differently than you will as a business person. The mind of a business person is always on top of everything in the business. You will start to work hard at growing your business and reaching success.

Do not get stuck thinking that if you are a good salesperson that is all you need to be. You must master being a good business person in order to take your business to the next level.