Are you running your real estate practice like a business? Or is being a real estate agent just a side hustle for you – something you do in your spare time?
According to the U.S. Small Business Administration, only half of small businesses survive five years or longer. So, if you’re planning to be a real estate agent long-term, it’s probably a good idea to run your business like, well, a business, especially in today’s highly competitive housing market.
HousingWire spoke to real estate agents around the country to learn what business strategies have been key to their success – and helped them boost their bottom lines.
Naomi Lempert Lopez, Real Estate Agent, Coldwell Banker Real Estate, San Francisco, Calif.
I do a monthly roundtable with agents in different markets to share information. We all went to high school together and found ourselves sharing information and communicating about business, clients and transactions, so we started the group five years ago to add accountability and structure to our conversations.
We start the year with business planning, setting monthly and annual goals for transactions, price points, business growth and development. We check in monthly on our progress and market trends and discuss particular challenges we are facing or opportunities we are seeing. It is really valuable to share perspectives and insights, and since we are in different markets and are not competing, this has become a trusted source of detached and neutral feedback and advice.