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You can’t get anywhere you want to be if you don’t know where you are going. That is why having a clear vision for your real estate business is so important. Tactical thinking is fine if your tactics support a long-range strategic plan for growth. Tactics without a plan, however, are only a random unrelated set of short-term solutions.
When you look to the future of your business, what do you see? In fact, why are you in the real estate business?
Some agents end up owning a real estate business with no real thought or plan for it. They may have some ideas for short-term gains, but they have no structure to expand and grow to their potential, mainly because they don’t know what to do. They get stuck thinking about the one office they have instead of the possibilities of owning multiple offices, or even a boutique independent network.
We’re talking about your business here, and it needs to be built upon your vision of what you want it to become in the future. If you hire a managing director, a CEO, or a sales manager to make a plan and run your business then it really isn’t your business anymore. Those people do not have a better idea of how to shape your future than you have. You simply need to think for yourself about it and get clear in your mind about what you really want to achieve.
Your vision is built on a foundation of your own purpose, mission, and values. Think about what it is specifically that you want to achieve through your business. Then think around the numbers and measurements you need to meet in order to reach your goals, such as how many people you need to employ, how many sales you need within specific timeframes, and how many properties you want to have under your management.
Without a strategic plan you can easily fall into a routine of layering results based only on increasing your efforts a little beyond what you achieved last year. That may bring you small increases, but it will not actually grow your business. For real growth you have to have a clear vision to build toward so you know what kind of infrastructure and people you need to be adding into your business.
For reaching your true potential you must think 5 to 10 years ahead. How big do you want your business to become? How many locations? How many agents should be working for you? Having a clear picture of what your future business looks like informs decisions you make now about scalable databases, servers and internal networks, possible locations for new offices, and other decisions you will be making according to long-range goals instead of short-term needs. This kind of thinking will help you make better decisions today that you can build upon for tomorrow.
Your vision for your business depends upon clear ideas for projects, numbers, locations, employees, and cohesive tactics. Your strategic plan for growth must support your declared purpose, mission, and values. Get clear on exactly what you want your business to do and to be, and then create the structure that will make it happen.
If you’re ready to achieve rapid growth inside of your business, the Josh Phegan Company is ready to help you. Simply reply to this email and I’ll give you a call to see what we can do to help you get on track.
I hope you’ve enjoyed this month’s Coaching, Leadership, and Management Tip. If there are other topics you’d like to see me discuss, just let me know in a reply to this email.