Building Your Business on a Budget - Part I

You don’t have to spend a lot of money to have a super successful business.

I’m going to give you some tangible, actionable items – things that you can take immediate action on and see a meaningful change in your business. [This information is specific to real estate agents, but is also general enough for any referral-based business owners]. 

Some of this information is common sense – you’ve heard it before. Some of it maybe you’re hearing for the first time. Either way, buckle up. We’ve got a lot to cover. It’s my goal to bring you tremendous value with this 3 part series.

Here’s what we’ll cover – all of which is FREE, or practically FREE – ways to build your real estate business on a budget:

Part I - What you must bring to your business each and every day, every contact, and it doesn’t cost a dime!

Part II - Relationships are the Key

Part III - Become a Life-Long Learner

Quick About Me: I’m a 5th generation Texan, lifelong resident of the Dallas/Fort Worth metroplex, and I have been helping families buy and sell homes in the DFW area since 1995. My business is 95% repeat and referral, and I consistently sell 30-40 houses ($15M to $20M) per year with the help of a part-time assistant. I have been a licensed broker since 1999, and I’ve been affiliated with several brokerages (RE/MAX, Keller Williams, Sotheby’s, Century 21, my own, and now eXp), because of the value the national brokerage brings to me and my clients. What I’ve found to be true over the years is that “everywhere I go, there I am.” Clients tell me that they do business with ME – regardless of my brokerage affiliation. And, for that, I am truly grateful. I’m going to help you obtain that, too, if you don’t already have that.

What you MUST bring to your real estate business each and every day, every contact, that doesn’t cost a dime!

BE YOURSELF. BE YOUR BEST SELF.

• Be Kind.
• Be Consistent.
• Be Enthusiastic.
• Have integrity – always do the right thing, even when – especially when – no one is looking.

BE THE BEST REAL ESTATE AGENT

Beliefs: What are your core beliefs?

Here are some of mine that drive my thoughts and actions:

• “Residential real estate is a daily opportunity for personal growth and development.”
•  “How you do anything is how you do everything.”
• “Everyone you know and/or meet is a potential client or a potential referral source.”

What’s your why? Know it. Live it. Real estate isn’t easy. When it gets hard, you need a reason to persevere. In a coaching experience, I identified the turning points in my life by the houses I’d lived in. I’ve bought and sold 10 personal houses since becoming licensed – the last two I bought and lived in, I still own – (real estate is an excellent investment – I believe in the value of home ownership with all of my heart) in addition to my current home.

“Our homes create the chapters in the story of our lives.”

Why do I do what I do? People lives depend upon me doing my job well. Not that real estate is life or death – it’s not. But when someone’s life is completely turned upside down while attempting to buy and/or sell a home, we agents are our clients’ lifeline. Our clients may feel like their very lives (and certainly their sanity during the process) is at stake, and I take that responsibility seriously.

Real estate is not a job from 9 to 5; it’s a business 24/7. When people ask me if I work from home, I say “no”. Yes, I print things on my home printer, but that’s not my “work”. My work is meeting buyers at houses they want to see, or homeowners at a home they want to sell. Or, being active in my community serving, meeting potential referral sources and/or service providers to refer my clients to, or attending a meeting, training, or learning something. I’m either busy with clients, busy to get busy with clients, or busy learning something that will bring value to my clients.  

In order to have a successful business in real estate, you must be really really really great at what you do. You know the market. You know the process. You are available and responsive. You are ready, willing and able to practice psychology (without a license). You’re an excellent negotiator. You truly care about your clients and their outcomes. You view this business as a long term commitment to improve the lives of those you serve. 

NONE OF WHAT I’LL TELL YOU IN PART 2 OR 3 WILL MATTER IF YOU AREN’T A GREAT REAL ESTATE AGENT.

If you aren’t great yet – get great. Seek training. Mentors. Study. Practice. Grow. Read. Listen to podcast interviews. No excuses! Tap in to your broker’s training. Attend classes offered by your local Board of Realtors, title companies, mortgage lenders. Earn designations – such as Certified Residential Specialist, Certified Luxury Home Marketing Specialist, Senior Real Estate Specialist, e-Pro, Accredited Buyer’s Representative, Real Estate Divorce Specialist, or more! TIP: Check out designations that offer education credit in your state.

Thanks for checking out Part I.

Check out "Building Your Business on a Budget - Part 2"....