7 Keys to Running a Successful Real Estate Business

Hey there! I can’t wait to share with you the seven keys to running a successful real estate business. Over the years, I’ve seen so many agents make common mistakes, and I don’t want you to fall into the same traps. So, whether you’re a new agent or a seasoned pro, these seven keys are crucial for any successful real estate business.

1 - Time Block Lead Generation on Your Calendar

First things first, let’s talk about lead generation. It’s the fastest way to get off the real estate roller coaster that we all know too well. To make sure you’re doing it consistently, block off time on your calendar for five days a week. Believe me when I say, consistent lead gen solves all problems in your business. Do you time block lead generation?

2 - Hold Your Expenses Accountable

Now, let’s talk about expenses. As realtors, we’re bombarded with sales pitches promising more leads. But, before you buy into anything, make sure you’re getting a solid return on investment for each expense. Instead of cutting all expenses, just cut the ones that don’t lead to more revenue.

3 - Focus on Your Sphere

Your sphere should be the foundation of your business. According to the National Association of Realtors, 70% of an agent’s income will come from their sphere of influence. Yet, only 4% of agents stay in touch with their sphere. Instead of getting distracted by every new shiny penny that comes your way, focus on your sphere. By doing so, you can generate continuous referrals. Do you focus on your sphere of influence?

4 - Reward Your Top Referrers

When you focus on your sphere consistently, you’ll generate valuable referrals for your business. You need to have a model and system in place to reward those referrals with a VIP program. It’s essential to appreciate those who are loyal fans and helping to build your business. Do you have a formal system in place to reward your top referrals?

5 - Grow Your Database List Daily

Your database is the most valuable thing you own as a realtor. Make it a goal to add one new name to your list every day. You can grow your list by adding additional pipelines of leads outside of your sphere to your lead generation strategy. Do you grow your database list daily?

6 - Be Accountable to a Coach or Mentor

Having the right coach gives you accountability and helps you break through new ceilings. You’ll need to get uncomfortable and disciplined on the days when you really don’t feel like lead generating. A good coach will hold you accountable for doing the things that will drive your business forward.If you have a specific accountability appointment with a person that you’ve committed to, you’ll increase your chance of success by 95%. Do you have a coach?

7 - Give Back

Lastly, giving back is essential. As business owners, we are called to be marketplace missionaries. Volunteering your time or money in your community is a great way to give back. God uses businesses like ours to fund his most important missions. When we give, God blesses us abundantly.

By following these seven keys to success, you’ll be able to run a highly successful real estate business. If you need help getting started, or if you need a model and system around establishing a sphere marketing system that works to generate a consistent pipeline of leads, reach out.