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BUSINESS MANAGEMENT FOR NEW BROKERS

Written February 3, 2016

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Starting any new business takes courage, intelligence, and resourcefulness. Starting a new real estate business is no different. How you choose to manage your brokerage now determines your success in the future. Check out these tricks of the trade from a top Chicago producer:

1. Develop great systems

Don’t reinvent the wheel with every transaction. If you have a method that gets results, turn it into an permanent system, and keep improving it. Be consistent in how you organize an open house or a marketing schedule for property listings. These foundations will keep your business running smoothly.

2. Let go of your need for control

Top producers understand the value of teamwork–being in charge of the business doesn’t mean being a “control freak.” Hire detail-oriented assistants and other staff who might not do things exactly the way you would, but who are dedicated to your goals. They might even provide crucial perspective that you wouldn’t have on your own. You’ll gain time to reflect on new strategies for growth as well as precious time for yourself.

3. Stay adventurous

Be bold! Say “yes” to all new challenges that help you learn and grow. When you don’t know something, know who to ask and dedicate yourself to learning it. Fear can stop you from moving forward. Your success depends on your willingness to get out of your comfort zone.

4. Offer more to your clients

Successful realtors develop expertise beyond real estate. They diversify the scope of their business by building relationships with people who offer different skill sets to their clients. Turning away business without exploring how to capture it is a bad practice, and it can lead to missed opportunities.

5. Treat mistakes as opportunities to grow

Even today’s most successful realtors made costly errors when they first entered the business. Top producers learn from their stumbles and avoid making the same mistakes time and again. Review what went wrong. Figure out how to change the outcome when a similar situation arises. Brokers who are honest with themselves about their mistakes will do the most to correct them.


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