Picture this: your business is thriving. Your employees are happy and you’re hitting your monthly sales goals. Every day, new leads are pouring in.
You feel unstoppable!
But even when your business seems to be firing on all cylinders, you risk falling victim to small, easy-to-avoid mistakes. Are you prepared to tackle them headfirst?
Don’t get trapped by these 6 simple mistakes that real estate leaders make.
Being busy is good, right? When you’re drowning in clients, however, you might suddenly discover that you’re in over your head. Although “too many clients” may sound like an agent’s dream, if you don’t have the necessary systems to support the increase in business, there’s a chance you’ll both lose out on money and damage your reputation.
The fix? When you’re knocking it out of the park with clients, be sure to grow your team in tandem. Always make strategic hires to give you the support you need. Similarly, be sure to develop onboarding systems and processes for new employees. The space between, “I’m handling it,” and, “Who is this person again?” isn’t as far apart as you think.
Your business is bigger than just your revenue.
The fix? Make sure you’re considering your ROI for lead gen sources, ROI for general marketing, transaction costs, and time – for example, how much time are you spending on different areas of your business? How much could be delegated to someone who is paid at a lower rate?
You know the saying: “You get what you pay for”? If you’re only looking to hire employees that will accept the lowest possible pay and benefits, then you’re going to get less-than ideal results from your team. In fact, you might have to hire more employees just to tackle the job that a single, well-paid employee could do.
The fix? Ask yourself what you’d be willing to pay your dream employee, and then see if that measures up with the average pay for an employee with the same skill level and experience your role requires. If it does, great! Can you afford to pay an employee that amount? If not, you may have to be willing to make concessions when you make your hire.
Remember: when you pay an employee what they’re worth, they’re more likely to be loyal and stay with your company long-term. It’s an invaluable investment.
“I’m too busy to hire someone new” is probably one of the most common excuses we hear from real estate leaders. We know it might be tough to admit, but if you want your business to grow, you’re going to need to make a hire.
The fix? Enlist the help of a team like Hire LAB to speed up the hiring process and make it less time-consuming so you don’t have to miss a beat. There’s never a perfect time to hire, but the longer you wait the more you run the risk of making mistake #1 (juggling too many clients) and getting in over your head.
Even the best leaders make mistakes (and over the years we’ve seen a lot of them). Heed our advice and watch your business blossom into something bigger than you could have imagined. Want to discuss hiring and leadership strategy in your business? Click here to set up a clarity call with the team at IFR.