One way to measure the success of your real estate business is the level of its sustainability and future longevity. The empire that you’ve built has the potential to support your family for generations to come, and that is a very exciting prospect that feeds and inspires the soul.
So, how do you set yourself up for future success and thoughtfully create a business that will stand the test of time? Here are a few key things to consider as you intentionally create structure, strategy and synergy.
Create a culture of shared knowledge
No one person is an expert in all things. By working closely with your colleagues, asking questions, sharing insight and supporting each other when challenges arise, everyone has the opportunity to grow, learn and deliver an exceptional experience to the client.
The same goes for your family business. Talk to your team members — who may also be your siblings, children, nieces and nephews, uncles and aunts — and be open about all things when it comes to your business. Share what you know about your market, the buying and selling processes, what can go wrong, how to talk to clients, marketing tactics you’re trying — no business topic is off limits.
In fact, the more you share and absorb from your team members, the greater your collective success will be. You’re preparing for the future; when you exit your career and head into retirement, you can do it with ease and with everyone on the same page.
Take on a mentor role
Being a mentor to those new in the business is one of the most rewarding, fun and empowering things you can do personally. Embrace this role and dive into being a mentor to your team members. Lead the way, set the precedent and don’t become complacent. In order to create a streamlined business that can navigate challenges with poise and skill, you need to become a leader fearlessly.
We know, this means you have to believe in yourself — and that means not only will your mentee be growing and learning, but you will be, too. It’s a win-win for everyone involved. Plus, your protege might bring some great ideas to the table and new ways of doing things, so be open-minded, listen and don’t be afraid to evolve your business with new energy.
Be part of a brokerage that believes in teams and families
Recently, The Agency brought on an incredible brokerage to its global team: The Agency Hall & Hunter. This family-owned and operated brokerage in Birmingham, Michigan was a perfect match for The Agency because both believe in the value of building teams and the power of working with family.
It’s been great to see both the team and the brokerage benefit from this partnership. If your brokerage isn’t supporting you in your vision of building a team to last generations, you may want to reconsider and find one that does.
Work through the ranks
One effective way to educate everyone on your team is to allow people to start in one role and work through the ranks to grow into their desired position. Having the knowledge of what everyone on the team does and how different aspects of buying and selling real estate work allows people to bring a more comprehensive perspective to their work and decisions.
The great thing about working as part of a family business is that you can be nimble. Change up roles and shift responsibilities when it feels right.
As a real estate professional, you are empowered to create the business you want. That means you get to choose the best people to work with, the best brokerage to partner with and a way of doing things that feels good to you. The most important thing? Be all in and nothing can stop you.
James Harris is a director at The Agency in Los Angeles. Connect with him on Instagram. David Parnes is a director at The Agency in Los Angeles. Connect with him on Instagram.
