A career in real estate is well suited to business-minded people who understand the principals of entrepreneurship
An entrepreneur is somebody who takes action, is self-disciplined, driven by a strong purpose, able to overcome barriers and can commit to and implement a well-constructed business plan. Entrepreneurs make things happen through sheer will and determination. Given that most real estate agents struggle to earn a consistent income and endure a fair amount of risk in their trade, many are probably operating with an employee mindset when they should be thinking like entrepreneurs. Gain more entrepreneurial habits with these five guidelines.
STOP BEING TRANSACTIONAL IN YOUR THINKING
Too many agents spend their time running from deal to deal, with not a spare moment for proper planning or analysis. To achieve more consistent results, spend extra time working on your business, rather than in your business. Plan for annual targets, set out marketing plans up front, implement feedback and follow-up systems for leads, analyse areas in need of improvement and plan for applicable training sessions.
PLACE A STRONGER EMPHASIS ON LEAD GENERATION
Agents tend to complain about a lack of leads coming into their business but this is often due to a failure to invest in their own marketing. While not all campaigns require a cash investment, especially with the availability of social media, most agents only rely on one or two sources of lead generation, when four to six are probably required. Top agents utilise more than 10 sources to ensure their business never dries up.
INVEST IN YOUR OWN GROWTH AND DEVELOPMENT
If you’re going to be successful, it’s up to you. Robert Kiyosaki talks about the Law of Compensation for Entrepreneurs, which states that your income will go up along with your level of experience, wisdom and knowledge. To be an entrepreneur, you need to be an aggressive learner. Attend seminars and training sessions – don’t brush them off as a waste of time. If you don’t see value in investing in yourself, why would anybody else?
DON’T BE AFRAID TO SPEND MONEY
To make money, you have to spend it. Part of the risk of running a business is that you need to invest before you earn an income. This might be for marketing, training sessions, coaching or even an assistant, all of which will bring great value to your business in the form of future income.
BUILD NETWORKING INTO YOUR PLAN
Relationships are invaluable for any entrepreneur, so it’s important to make time in your diary for networking. People do business with people and, considering that relationships are built over time, look for opportunities to join clubs or business networks. Don’t launch into a sales pitch at your fi rst meeting but just keep building your sphere of influence. This ultimately determines your net worth.
Grant Gavin is a property entrepreneur and public speaker from Durban, with business interests in RE/MAX Panache and property investment. In 2015 Grant founded the Durban Entrepreneurs Club. He is a speaker on entrepreneurship and leadership.
Words Grant Gavin
