When we start our buyers agent business, we go in with the idea that our business will last and be viable over the long term. However, unless you plan your business and business growth, you might be disappointed. Long-term success involves planning and hard work. In this article I will go into a little more detail on the ways to ensure longevity for your business.
See our top 10 ways for building a long-term business
- Have a vision for your buyer’s agent business
Simply hanging up your (metaphorical) shingle and saying you’re a buyer’s agent is not enough for business longevity. This is where you need to think long term. Perhaps your plan is to be a buyer’s agent for 20 years then pass on your business to a family member. Maybe you have a plan to start small and expand into many different territories. It doesn’t matter as long as you have a vision that stretches ahead at least 10 years.
- Plan for success
Those who have short-term thinking will plan before they open their business. Those buyers’ agents who have long-term vision understand they need to plan continually. They write out their plans and review them regularly to make sure the plans are still relevant, and they evaluate what’s working for their business.
Plan for your immediate goals, then your five-year and ten-year goals.
- Educate yourself in leadership and business skills
If you worked for a real estate agency, you might have looked to the principal for leadership and to manage the business administration. This is your business and you need to develop your business and leadership skills. Smart operators will identify where they have weaknesses and engage the talent (like a bookkeeper, an accountant or a business coach) they need to succeed for the long term.
- Understand your cash flow and profit-and-loss reports
We covered the importance of cash flow in a previous article. You can read Managing your cash flow as a buyer’s agent here to learn more about why cash is king in small business.
- Learn to adapt
The property industry is cyclical and often volatile, so buyers’ agents who are in the business for the long term need to understand how to adapt quickly to changing circumstances. They will also understand how to take advantage of new technology that excites clients and makes the job more streamlined and efficient.
- Control your business growth
Unless you start your buyer’s agent business with a massive database of potential clients, you’ll be off to a slow and steady start. However, if you start in a boom cycle, you might be tempted to take on more clients than you can help to your fullest extent. So avoid the lure of taking on multiple clients unless you’re certain you have the capacity to help them all and protect their interests.
- Learn to stay motivated and not burn out
Being a solo buyer’s agent can be a lonely road. You’ll work long hours and be making all the decisions yourself. When you join a group like Property Mavens, you’ll be able to share your challenges and hear advice from other expert property buyers. And learn more about the value of reflection and planning your holidays in advance so you have something to look forward to and take those vital breaks.
- Be patient
Remember that you can’t do everything at once. Achieving longevity takes many steps and it isn’t worth rushing them.
- Reinvest in your business
To ensure your buyer’s agent business will last the distance, you need to reinvest in the business. This might be regularly commissioning a new website, upgrading technology, engaging a business coach or embarking on extra training like a valuation course, public speaking, marketing or property fundamentals.
- Ensure you have the right systems and processes in place
Over many years in business, I’ve learned the value of robust systems and processes. Not only do these make my work easier, but also, it’s easier to replicate success.
Join us at Property Mavens Group
Become a Property Mavens ‘Agency Owner’. Currently we are in a growth phase and we’ve got more buyers and vendors wanting help and leads than our team can handle. We’re recruiting property professionals and buyers’ agents to join us.
Now’s the perfect time to make your move but we have limited places available in this strong buyers’ agent business, with leads in Melbourne, Geelong, Bendigo and Ballarat.
Want to know more ? Call Miriam Sandkuhler, on 03 9988 2266.