Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.
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26 April 2017 RISMedia's REAL ESTATE In a 2015 blog post, Gary Vayner- chuk, serial entrepreneur, investor and public speaker, stated, "Your plan should be to start paying atten- tion to the white space. Where are things not happening yet that you think could be huge?" This is the mindset needed to take your business to places it's never been. Where are the empty spaces, the opportunities, in which your business can become a pioneer? For example, if you're a real estate agent looking to do business with the abundance of international buyers investing in U.S. real estate, how do you advertise your business and gain access? You need to be able to communi- cate across borders. To do so, con- sider an industry conference about exporting and importing. A conference for exporters and importers will be filled with entre- preneurs from around the world conducting business across the country. These professionals—due to their frequent visits to the U.S.— could be looking for properties in which to invest, and may even be searching for homes to purchase and utilize while they're in the States. Conferences of this nature will also have country representatives describing business trends in their country and the kinds of businesses they're looking for. As a real estate agent looking to expand your busi- ness overseas, there are valuable connections and information to gain from attending. Companies han- dling exporting and importing may also provide relocation services and seek experienced real estate agents for their clients. These are just some of the opportunities that can arise from pursuing business off the beaten path. Similarly, going to an international industry event will allow you to meet and extend your business to inter- national buyers. You can learn how they're buying, where they're buy- ing, and what kinds of properties they're looking for. This is how you can obtain leads and referrals; word of mouth travels fast, and helping one international client find a great property could propel you to an ex- panded book of business. Through the EB-5 Immigrant Inves- tor Program, international entrepre- neurs can obtain citizenship by doing business in and providing jobs within the U.S. By advertising your busi- ness to this market of clients, you can expand your book of business and decisively remain abreast of the latest trends in their buying activity. Are they buying luxury estates? Middle-market residences? Homes to utilize as rental properties? What- ever the case, position yourself to access this information. From millennials and women to baby boomers and international buyers, there are opportunities and trends that are constantly changing the landscape. Innovate your busi- ness and carve out a new path to take your company to the next level. RE Desirée Patno is president and CEO of the National Association of Women in Real Estate Businesses (NAWRB). For more information, please visit www.nawrb.com. Expanding Your Business Through Innovation Commentary by Desirée Patno E very entrepreneur knows the age-old business advice: study your market, know your competition, have a business plan— as well they should. It's decisive advice that works. But what can you do when you have invested in proven business strategies for years, built your business on them, and your profits suddenly plateau?