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Real estate, for all its perceptions and complexities, is a sector based on attraction. How attractive property is to a buyer may influence their attachment to it, and how appealing a company’s ethos is may affect whether it can recruit the best agents. In a business landscape where an increasing amount of startups are having trouble scaling, it pays to be attractive.
Yet many mistake attractiveness for public image, pushed out by impersonal marketing campaigns. Anybody who has left or started a job over the past few years will know that a startup’s appeal stretches far beyond how trendy it is. In property, an industry built on trust (or lack thereof), entrepreneurs and professionals must ensure credibility and reliability permeates every aspect of their company.
Joshua Shull, the owner of Shull Homes, has shed some light on what makes some startup independent real estate agencies fail and others succeed.
Nurture a positive company culture
Entrepreneurs often mistakenly believe that hiring good people will solve their problems. As with personal development, the reality is that your real estate agent should be healthy before you think about bringing others into the equation. In the property sector, that means trusting your staff so future clients and employees can trust you.
“A lot of people like to be doom and gloom when it comes to real estate,” Shull outlined. “But there’s so much good to be said about the sector. To create a positive culture, you should get out of your own way and trust people to do things with the same passion you have.”
The idea of healthy and sustainable delegation is gaining traction among business owners. Workers are said to be more productive and attracted by a listing if it inspires freedom and trust.
Of course, hiring people with the same amount of passion as you is easier said than done. While other factors such as flexible and hybrid working are receiving recognition in the media, the most invested employees are still likely to be the most suitable for your real estate agency.
“A lot of businesses today aren’t small; they’re just incredibly understaffed,” Shull explained. “It’s becoming harder to find agents that resonate with your plan and vision. Attracting young-minded, ambitious, and passionate people that can turn a negative into a positive should be the focus of your recruitment.”
There’s an element of efficiency with which modern successful property leaders treat their businesses. It may have been brought on by necessity, but it can have the effect of scaling your startup agency sustainably and with more positive client outcomes.
Preempt and prevent rejection
Rejection is a part of life, business, and real estate. The obstacles agents face range from failing to land a deal to client misunderstandings. Experts in the sector challenge the common perception that property is about problem-solving. Success is now reserved for those who can minimize obstacles before they snowball.
“In real estate, if you wait for problems to arise before reacting to them, you are already a step behind. Agency owners not only need to foresee company problems, but they also need to predict obstacles faced by their agents.”
The most common overarching issues in real estate are a lack of trust, inaccessibility for clients, and weak agency. All three can lead to a client pulling the plug on their relationship with you. Unlike your business, they won’t suffer reputational damage if they unilaterally back out of a deal. Therefore, it is critical you have the solution to a problem, whether or not it arises.