BPP WEBLOG
Build your business through leverage
Posted 22.05.08 by fionablayney
As the end of financial year hits and agencies across the country are working towards finishing the year on a high, momentum builds for the serious agents who are now considering how can I ensure that 2008/09 is the best year in my career or business yet.
With business planning brings the search for new opportunities to build on your existing success. So where does one look? Many agents often start researching their local or other market places and seek to identify gaps in the real estate service offering. My question is why? Why exert energy breaking into new markets if you have not achieved the desired results in your current space.
Whilst there are many leverage points in your current market, today let’s consider the internal leverage opportunities in your business.
Consider the different elements of your business, the people, the departments and the relationships. Do you get the most out of every potential customer opportunity? What are you doing to ensure that every potential transaction in your market place crosses the desk of someone in your office? Do you leverage the opportunities that you already have?
As an example if we look at the relationship between the sales division and the property management division I your typical office we can see that we don’t always manage our relationships effectively. Here are some key questions to see how you rate;
- Is there a database with combined sales and property management contacts?
- Do you identify landlord clients as investors in the same fashion and communicate with them as you would a recently identified purchaser?
- Do you identify and communicate with landlords as potential vendors?
- Do you identify and communicate with tenants as potential purchasers?
- Do you assist your landlord clients to build their property portfolios?
This list could go on, however if you have answered NO to even one of these questions you are wasting valuable opportunities within your existing business. Research has shown that people do business with people they know and like, someone they have a relationship with.
I suggest you audit your business to identify all the possible opportunities within the existing model. Build on these relationships, this will not only provide a great service offering, it will create more touch points, referrals and potential business. When the business works as a cohesive team the greater the results will be.
Build business the business by leveraging what you already have.
