5 Hidden Ways To Help Grow Your Business
By Paul Esajian on January 15, 2018
In a perfect world your real estate business will constantly move forward. Your goal should be to take small, incremental steps with everything you do. By keeping the business cycle going you continue to generate revenue which motivates you to work harder and strive for more.
It is no secret that there is a segment of investors who don’t make it past the first year in the business. Any initial success they have quickly fades away and they become trapped in an unproductive cycle. Instead of making small profits they only look to swing for the fences and when this doesn’t happen are disappointed in the results. Instead of growing like they should they retreat and eventually stop working all together. Every day you should strive to grow your business towards your goals, whatever they are for you. Here are five hidden ways you can help grow your business.
- Work with like minded people. You are a byproduct of the people you surround yourself with. Whether you know it or not if you are around the same people every day eventually their personality wears off on you, good or bad. It is important to keep as many like-minded people on your team as possible. This doesn’t mean they have to agree with everything you say or do. In many cases it is a good idea to hear an opposing voice every now and then. What you don’t want are negative people who only focus on the downside of things. You want people who have the same drive and passion that you do and are open to new ideas. You will be surprised at how much more you will accomplish simply by being around like-minded people. As difficult as it maybe you need to eliminate the negative people in your business, even if they have been on your team for some time.
- Always think big picture. If you make the commitment to get involved in real estate, you should plan on being there for a while. There will be plenty of times when you will be faced with moral and ethical decisions. These can be especially difficult if you are struggling and it has been some time since your last deal. Crossing into a gray area, or worse, may solve a short-term problem but opens the door for much bigger ones in the long term. It is always better to make small steps, or even stay in place, rather than go backwards. If you make a poor decision on a deal it can end up costing you money. By making an unethical decision you can earn a negative reputation that is difficult to shake. The people around you will avoid you like the plague and you will have a tough time building contacts. As bad as things may be now, think of how much worse they can be with a bad reputation.
- Never stop taking leads. As a real estate investor, you are only as good as the number of leads you can generate. If you find something that works you should continue with it as long as possible. There is no such thing as having too many deals to work on. Sure, you may feel overwhelmed working on multiple deals at once but consider the alternative. What many investors fail to grasp is that deals fall out all the time. Between the buyer, seller, inspector, appraisal, insurance and title there are many areas that can derail a deal. A robust pipeline with a handful of active deals today can instantly change if a few of these deals back out. Without new deals to replace them you will be left right back where you started, looking for leads to work on. As difficult as it may be you should never stop taking new leads. You can find a way to stay organized and handle the volume instead of shutting off your lead generation.
- Work with good people. There comes a point in every growing business when they need to expand and take on new people. This can be anyone from a property manager to a marketing specialist. Instead of looking for people who are the most qualified you should look for people you have a good feeling about. By hiring a property manager who is a bit of a jerk you create more trouble than they are worth. You will have disgruntled tenants who may damage your property. The reality is that with just a little training you can teach anyone how to do the job you are looking for. You are better off hiring good people and training them rather than people who are qualified but may be a headache to deal with.
- Act now, evaluate later. Business growth is all about taking action. This doesn’t mean you should be reckless in your decisions but without action nothing happens. There are plenty of times you need to make quick decisions and go for it. After you make these decisions you should take some time to evaluate the results and see what can be improved. Growth only happens with action and usually calls for tough decisions.
Business growth is more than just numbers and closing deals. It is the little things you do every day that have an impact. These five areas may not seem too important right now, but they will be the foundation for growth moving forward.