Have you ever thought about scaling your real estate business? With 2017 officially upon us, there may be no better time to do so — so long as you are prepared for what is in store. What’s more, business growth tips don’t need to be as hard to implement as you may think.
Few industries are subjected to a landscape that is constantly evolving more than that of the real estate sector. If for nothing else, real estate shares a direct correlation with some of the most unpredictable indicators known to the business world. The economy, employment numbers and even interest rates all have a hand in shaping the future of the housing market.
It’s worth noting, however, that only those with the foresight to adapt to the inevitable changes that come their way will be able to place the odds in their favor. That said, scaling your real estate business to meet the demands of the new year should be a priority; the sooner you get started, the better.
Remember, change is the only constant, and the real estate industry is no exception. Those able and willing to account for the inevitable changes on the horizon are the ones that should find success easier to come by in the coming year. If for nothing else, it’s not those at the top of their game currently that will serve as tomorrow’s industry leaders, but rather those with the foresight to identify upcoming trends and navigate them accordingly. And while it may be impossible to predict the future, it’s entirely possible to make educated guesses founded on principle and previously collected data.
Above all else, to start a real estate business you must be able to adapt to whatever 2017 has in store for the entire real estate industry. Anything less than a wholehearted commitment towards scaling your real estate business to meet tomorrow’s demands could spell disaster for even the most successful investors.
Those that neglect to scale their business to meet the demands of the upcoming year are essentially stagnant. And as I am sure you are aware, those that aren’t constantly moving forward may as well be moving backwards.
Let’s take a look at just how important scaling your real estate business to meet the demands of the new year is, and what you can do to make sure the transition into 2017 is that much easier.
Any attempt at scaling your real estate business should be met with special consideration of 2017’s most likely trends. Let’s take a look at what we may see in the coming year, and how we can scale our real estate businesses to meet the new demands.
Scaling Your Real Estate Business With Technology
Moore’s Law loosely suggests that computing will dramatically increase in power exponentially while simultaneously decreasing in cost. And whether or not you buy into Moore’s prediction, you can’t argue how far technology has come; it’s pervaded nearly every aspect of life. Consider how much investing has changed in the real estate industry in just one decade’s time. What can be done with the few clicks of a button today used to take days — if not months — to complete. That said, it’s reasonable to assume the technologies made available to real estate investors will continue to advance at a pace that’s difficult to keep up with.
Therefore, I maintain that any attempt at scaling your real estate business should be complimented by an equally ambitious advancement in technology, along with someone that knows how to use it. If for nothing else, you can’t expect to run a company in 2017 with technology that’s already rendered moot; not if you want to stay ahead of the competition, that is.
I recommend paying special consideration to the latest advancements in technology. Which programs or devices will make your life easier as a real estate investor? Perhaps a simple program to help you organize contacts is all you really need to get ahead. No matter the technology, find what works for your particular situation and use it to advance your career. After all, what is technology if not for a vehicle to make complex tasks easier? Remember, technology is a real estate investor’s best friend. With your business streamlined as efficiently as possible, it will free up time to do what really matters: the tasks that actually bring in money.
It’s worth noting, however, that technology can only do so much for your business in 2017. While I recommend using the latest technology to increase efficiency, the key is to optimize the time you end up saving. While I encourage you to take advantage of technology when scaling your real estate business, you must be proactive with the time you are given.
Scaling Your Real Estate Business With Employees
The most prominent real estate investors of our time are more than aware of what their most valuable assets are: those they choose to align themselves with on a daily basis. If for nothing else, real estate is a people business; it always has been and always will be. You could very easily argue that every successful real estate investor is the result of a unique convergence of talent within their own ranks.
Having said that, one of the worst things you can do while scaling your real estate business is to ignore the importance of hiring competent individuals. Conversely, hiring a professional staff — one that will exceed your expectations — will take scaling your real estate business to the next level. With the right people in your corner, it’s reasonable to assume your business is capable of achieving anything it sets its sights on.
If you want to expand your real estate business, place the people ahead of everything else. Mind due diligence and, above all else, take your time hiring; it all starts at the top. With the right people leading your team, there is no reason to believe success won’t become habitual. Again, treat on boarding how it deserves to be treated: like one of the most important aspects of your business. Be sure to hire those that compliment your vision, and even build upon it.
One thing is for certain: an incompetent or even misguided employee can destroy everything you worked for in the blink of an eye. That’s why it’s so important to make sure you have an inherent level of trust built in to those you hire; only then will you remain confident that your employees will get the job done they were hired to do. Remember, scaling your real estate business will come a lot easier if you trust those you have aligned yourself with.
Scaling Your Real Estate Business With Systems
You will find no greater proponent of efficiency than myself, and nothing — as far as I am aware — promotes efficiency more so than systems. In fact, proven business systems are capable of elevating an investor’s productivity many times over. Nothing, in my own opinion, can make success habitual more than systems capable of producing a predictable outcome, no matter who has been tasked with a particular project.
Introduced properly, there is no reason to believe the right systems can’t make scaling your real estate business easier than you ever imagined. In fact, it’s entirely possible to implement systems for that very reason. I maintain that any activity, whether it’s ordering office supplies or scaling your real estate business — can be made more efficient through the introduction of proven systems.
Nowhere are the use of systems going to be more relevant than in the coming year, as aspiring investors are going to have a lot on their plate. And while the idea of a full plate may not be that much different than any other year, it’s entirely possible for systems to allow investors to accomplish more with less time. What more could you ask for?
I maintain that scaling your real estate business will be a lot easier when you introduce the right systems. Evaluate your current systems and determine what can be improved upon; this will require an unbiased opinion of your own business, so be prepared for some rather constructive criticism on your own behalf. The more honest you are about the systems you currently have in place, the better.
Scaling your real estate business to meet the demands of 2017 is no simple task. However, those that provide the proper foundation for growth will learn that success is a lot easier to come by with a proper plan. If for nothing else, these three fundamental objectives have the power to set your own real estate business up for exponential growth, provided you mind due diligence and don’t grow beyond your means.