Your business should be working for you, but if you spend your days juggling listings, leads, showings, and open houses, and still struggle to keep afloat, then you are working for your business. Twenty-five year real estate veteran and international trainer, Brad Korn, has teamed up with Michael E. Gerber to write The E-Myth Real Estate Agent: Why Most Real Estate Businesses Don’t Work and What to Do About It, which will be available in the near future. During his recent Secrets of Top Selling Agents webinar, Korn previewed insights from his book, including how Gerber’s 5 Core Principles of Business can be used if you’re ready to be the boss and steer your business so you can live the way you want to live.
1. The Principle of Life
Your real estate business is more than just a job. It is a tool you can use to create the lifestyle you want. Korn points out that “there isn’t anything else…that anyone on this call could just hang up the phone and go get a job in, and make more than they will be able to make selling real estate.”
2. The Law of Objectivization
“You are not a REALTOR®. You have a real estate business.” Treat your services like a product. This will allow you to take a step back and think objectively to reinvent and reshape your business to achieve your best results.
3. Working ON the Business, Not IN It
According to Korn, most real estate agents have been taught to “go get the next deal, get the next deal, get the next deal.” This perpetuates a cycle that leaves agents constantly trying to come up with the source of their next paycheck. Instead, Korn suggests taking a look at your business as a whole and focusing on building your systems, procedures, and database rather than “merely cranking out products or services.”
Figure out which tasks go into each of your transactions and then take time to build a system to accommodate your business. “View your business as an integrated system and the system does the work; people just run the system.”
5. Business Development Cycle
Your business requires continuous development. “As you pull yourself out of your business and you’re putting systems in place, you’re going to see things that are missing or how you could make them better.” Evaluate your business systems and strategies every year and re-work them to be even better.
Implement these core business principles to build a stronger business that will work for you. Looking for more ways to build your business? Ask us about Local Connect availability in your area! Local Connect puts you in touch with the right consumer at the right time. You can reach us at 888-651-8956 or by email at firstname.lastname@example.org.