Adding Scale to Success
Every agent will experience a lull in business at some point in their career, and they come to the realization that even with the occasional successful win or two, business is not taking off as it should. The answer lies in scaling. While it might take additional hours and energy to simply grow a business, the requirements are somewhat different when it comes to scaling a business.
Scaling can’t be done by an agent spreading themselves thinner than they already are, but by reassessing and realigning their business softwares and processes better to their newfound goals. Here are a few ways agents can add scale to success:
1. Evaluate current business position
Agents must evaluate their entire business history and identify how it’s doing currently; that means reviewing past sales, expenditure, hours worked, marketing metrics etc. This is the only way they can successfully forecast future performances and business aspirations.
2. Get into the mindset
Getting into the mindset that business is about to start shifting its stance also means having key players in an agent’s life get on board: team members, assistants, even family members.
3. Get funding or reassess finances
Scaling ventures take time to plan and money to grow so, depending on the strategy and goals, new financial budgets could now include new softwares to help manage growth volume, hire new staff or experts, adopt new proptech etc. The saying that ‘it takes money to make money’ holds true here.
4. Focus on a niche
This is really important, because agents who scale successfully are sure of what their brand is truly passionate about, what they can bring to the table better than competitors, and where they excel at generating revenue. So whether it’s luxury housing or moderate-sized apartments or working class neighborhoods, identifying one’s niche is paramount.
5. Build a super team
Adding to a well-oiled machine doesn’t have to mean employing 15 more people. It simply means finding and hiring smart people who can get you closer to meeting your goals. Finding partners, experts or mentors who can advise or assist an agent every step of the way is also a great way of delegating tasks and generating even more ideas.
6. Adopt relevant infrastructure
Adopting relevant infrastructure to support scaling means carefully choosing the tech that won’t disrupt the status quo so much that the whole system topples, but upgrades what’s working so that it’s able to handle more business, faster. These technologies can cover a wide variety of activities: lead generation, tracking, nurturing, transaction management etc. Ideally, automation of many tasks will reduce manual labour more efficiently and at a lower cost.
7. Leveraging digital and social media marketing
Because social media platforms are almost always where you’ll find your audience in some form or another, agents need to actively carve their place in the digital realm and make sure they’re building bridges between their social media profiles and their website/CRM. Not only that, Facebook and Google ads can’t be ignored when it comes to serving as powerful lead generation tools in their own right. It means agents who are aiming to scale must also take into consideration testing and perfecting ad copy and other persuasive media, whether done in-house or elsewhere.
8. Responsive follow-up
In the same way, social media posting too must ‘level up’; posts must be timely scheduled, entertaining or educational, directed towards targeted audiences, and followed up with behavior-based messaging.
9. Building a strong referral system
More than 92% of top-performing agents attribute their professional success to their strong referral base. These top performers gain most of their business from repeat clients. Agents can start to grow a stellar referral base by becoming deeply involved in local and volunteer opportunities, working alongside professional and community channels, and continuously growing local market expertise. Agents who do this well often are those who write prolifically on their website blogs, share their knowledge via webinars or video content, or even host live Q&As, etc.
10. Quantify, Qualify, Measure
Verification of every step of the process is key to scaling to success effectively. This means choosing relevant KPIs for every team member and process, measuring regularly, comparing, and finding out complications and successes in the system.
Scaling to success takes time, energy and perhaps a few mistakes along the way, but it’s a wholly necessary process for the digital agent who realizes they want to level up from the plateau that every career inevitably gets to at one point or another.
For more tips on ways to multiply successful practices, see our recent blog:
How to Identify and Replicate Success with Data.
In property, a lot of information is transacted at every decision point, from the initial search to final purchase, but are we equipped to handle so much data?