When we think of sustainability we often think of the environment and renewable resources. I believe that we need to take that and apply it to our real estate business. It’s not that I am advocating that every rehab be a “green house”, but I am urging that we create a business model that is good not only for ourselves but for the people around us, and that the business renews itself.
How would we accomplish that? I’m not saying that it is an easy thing to do, but we need put a lot of thought into our business plan and our goals so that we can put them into action.
First, we have to have a solid business identity. If we don’t know who we really are, how are other people going to? I don’t mean: “I rehab houses”, or “I’m a Real Estate investor.” I mean something more along the lines of, “I buy distressed houses in good neighborhoods, bring them to or above the community standards and resell them at a competitive price.” Baile Properties is not the best-known brand in the business, but it is growing and thus, the number of people who recognize the company is growing. You need to hit a certain level in order to have sustainability. Figure out what that level is and grow towards it.
The company leadership needs to be committed to the people who work with and for the company. This may sound like a complete turnaround from the old business model where the workers were loyal to the company. When we create an environment where the people we work with feel empowered we can create a company that succeeds. Even in a one-person business, we cannot do it alone. We have Title Agents, Real Estate Agents, contractors, and everyone else that is part of our team. We must be as committed to their success, as it relates to our business, as we are to our own.
Under-promise and over-deliver. This creates an environment where people will talk about how good you are. Part of a sustainable business is growth through advertising. Word of mouth is probably the most powerful type of advertising we have. When you give more than you promise, people remember you. Then, when someone they know needs a service that you provide, your business will be the first that they promote. I’ll likely always remember the names of the people who have under-promised and over-delivered for me. The other side of that coin is that I also remember the people that do exactly the opposite, the ones that over promise and under deliver. I don’t work with them any more and I never refer people to them. Which list would you rather be on?
Flexibility and adaptability are key. If you cannot adapt to changes in the market, or even changes during a project, then your company will not be able to weather the unpredictable storms. You need to be constantly looking at what can go right, what can go wrong, and make adjustments to the business according to what is happening. Your business model needs to have the flexibility to survive when things get rough and needs to be adaptable to be able to take on new strategies when necessary.
Finally, create a road-map for your success. Entrepreneur Magazine wrote an article on creating a business plan. There are plenty of sites that will help you write one, as well. It is essential that you have a business plan to both have a road-map for your success as well as to show potential business partners. Along the same line is goal setting. You need to assess where you are every year, set the goals, and have a solid plan on how to accomplish your goals. There are goal setting workshops out there as well. With a business plan and rock solid goals, your business knows where it is going and how to get there.
If anyone has more questions or wants more one-on-one coaching, don’t hesitate to contact me. This is a passion for me and I truly enjoy sharing what I know with others. Thanks for coming by and getting a bit of the education. Until then, remember that you, too, have that inner warrior that it takes to achieve greatness and success. Feel free to drop me a line at Coaching [at] BaileProperties.com.
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