When you think about a business, what do you picture? Maybe your first thoughts are of places that have inventory that is sold directly to consumers, like your local Starbucks or McDonalds. After all, a single Starbucks location can create $1.1 million in revenue per year. A McDonalds franchise can do twice that number, pulling in around $2.4 million each year.
Your real estate career is no different than those other more traditional businesses. In fact, when it comes down to numbers, a real estate business often can do even bigger business than those examples from above. Take it from Tony DiCello, vice president of research and development for MAPS Coaching. “How many other businesses move $45 million in product?” DiCello asks. “Just because we don’t take possession of inventory doesn’t mean we don’t have businesses. You own a business – act like a business owner.”
Before you can focus on effective team building for your real estate business, you have to focus on the “business” part of your real estate practice. As a real estate agent, you own a business. You may start off as the sole employee of your business, but as you move into real estate team building, you’ll need to be sure you have the foundations of a successful real estate business in place first.
The power of an extraordinary business can be yours by focusing on the following three foundations to grow your real estate business:
1) Lead generation through leverage: Lead generation is the heart of your business. Your efforts toward building a real estate team will ultimately be about increasing your capacity for lead generation.
2) Leadership: Not all agents are leaders, but without this learned skill, you will find it nearly impossible to grow your team and your business.
3) Scalability through the Millionaire Real Estate Agent (MREA) Models: A commitment to MREA Models will keep your business efficient as it grows.
With these foundations underneath your business, you’re already acting like a business owner.
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