While many Realtors reference their work in real estate as their ‘career’, they may be better served viewing it through the lens of a business, making them small business owners.
The distinction is small but important. With a career, you climb the company ladder; you have a boss. As a small business owner, you are the boss and there is no ladder. There is, however, a very real opportunity to create a good business that produces a good income.
Small business owners need these essential skills:
- Financial Management. Cash flow is king. You need to understand what comes in and what goes out. Create a budget and a business plan and stick to them.
- Marketing Expertise. You need to build your brand to create a loyal following.
- The Ability to Sell. Be committed to the many benefits of homeownership and your enthusiasm will catch on.
- A Bias Towards Execution. Got a great idea? Come up with some concrete steps to put it into action.
- Superior Customer Service. Treat everyone, and I mean everyone, with the highest standard of customer service. This includes: your clients, other Realtors, office staff, ancillary workers, title company, lenders, inspectors etc. Everyone.
- Leadership. Be proactive. Inspire others. Lead by example. Always be learning.
- Time-Management. Outsource or leverage tasks to create more time for you to be working on our business and not always in your business.
- Problem Solving. Catch problems early and know who to turn to when they occur.
- Focus on the work. It has to get done.
- Give Back. Spare some time to work in your community or with a charity.
By focusing on developing these skills and having a business owner mindset, chances are you will be successful. But be kind to yourself, as Quint Studer, a Florida based business consultant puts it, “No one is born a great business owner, knowing all there is to know. Great business owners evolve. They fail, they learn, they do better next time. This is how growth happens.”