Essential Business Skills for Realtors | MASTROIANNI CONSULTING

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:

  1. 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.
  2. Marketing Expertise.  You need to build your brand to create a loyal following.
  3. The Ability to Sell.  Be committed to the many benefits of homeownership and your enthusiasm will catch on.
  4. A Bias Towards Execution.  Got a great idea?  Come up with some concrete steps to put it into action.
  5. 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.
  6. Leadership.  Be proactive.  Inspire others.  Lead by example.  Always be learning.
  7. Time-Management.  Outsource or leverage tasks to create more time for you to be working on our business and not always in your business.
  8. Problem Solving.  Catch problems early and know who to turn to when they occur.
  9. Focus on the work.  It has to get done.
  10. 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.”


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