By Bob Corcoran
Consistency is the oil for the engine of business. Peek under the hood of the great businesses and you’ll see consistency causing a smooth purring sound. For McDonalds, no matter where in the country you are those cheeseburgers all taste exactly the same. With UPS, when was the last time you had a problem with “big brown” getting your package either to you or to your client? And Starbucks has that exact aura and taste in every single store.
Ask any of the leaders of those companies why they’re successful and I guarantee you’ll hear the word consistency uttered sooner rather than later.
So how do you achieve consistency in your real estate business? Here are nine ingredients of consistency:
1. Review your business. Take an inventory of your current situation to see if you are in the position to accomplish what you truly want to achieve. Are you selling the number of homes you expected to? Are you selling homes in the price range that will lead you to your financial goals?
2. Clarify your vision. Write a vision statement that spells out clearly what you see your business providing for the customer. Then write a mission statement that explains how you intend to achieve your objective or vision. Set achievable sales goals and monitor them weekly.
3. Analyze the market regularly. Keep an eye out for any upcoming changes in the market. Then, reevaluate your target market and understand how that market will evaluate your services and make decisions.
4. Examine the competition. Know exactly who your competition is and how you compare. Look at how they’re different from you and why you believe you can get a client to choose you over them. Look for any opportunities that put you in a better light and determine what risks your competitors pose.
5. Develop a sound business strategy. Know what your strengths and weaknesses are and describe them in detail. Then outline how you plan to capitalize on both. Spell out who will implement the strategy and how because you must have accountability from a coach or peer.
6. Outline your services. Rank your services by how much money each brings in and how you can improve each one. Also, look at how you’re positioning those services to the buying public, and analyze how you list homes and work with buyers or sellers.
7. Energize your sales and marketing. Outline specifically all the ways potential clients know you exist and why they should choose you when they do learn about you. Examine your marketing and advertising strategies to ensure they’re potent.
8. Add efficiency to your operations. I regularly help clients set up systems so their businesses run on autopilot. I also help them determine if they’re spending their time on dollar productive activities versus wasting time. Do you have job descriptions, an ideal weekly schedule and a daily activity record? These items will help keep you on track.
9. Get a handle on your numbers and finances. Do you know your average price per sale? Do you know your average time on market for your listings? Do you know your profit and loss numbers? Budget projections? You must have a firm grasp of all your numbers and track them regularly.
And finally, wrap all these items up into a single solid business plan and you’ll be well on your way to a business that gives off that sweet purring sound – smooth, fast, efficient and profitable.
Make a commitment to do it today. Best of luck to you!