RISMedia's Real Estate Magazine

FEB 2018

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.

Issue link: http://remag.rismedia.com/i/930707

Contents of this Issue


Page 33 of 110

RISMedia's REAL ESTATE February 2018 29 {Business Building} So, what are the driving forces be- hind business growth? More than any tool or resource, it boils down to the actions you take as an agent and/or business owner. Here are three main actions any entrepreneur can take to drastically grow his or her business. Build Customer Loyalty For agents, customer loyalty leads to repeat business. It leads to more referral business. It leads to positive word of mouth that attracts new buy- ers or sellers. For business owners, it's just as crucial, as loyal agents (a brokerage's most direct customer) help create an environment that serves both recruiting and retention. So, how does one build customer loyalty? There are many ways, but fortunately, the most effective is also basically free: improving customer service. Pay attention to your customers. Care about what they say. Return calls and emails promptly. Smile and greet people when they walk in your door. Communicate. Admit your over- sights or errors. Follow up. Check in. Send thank yous. Sounds easy, right? It is. It's also amazing how many businesses fall short in this area. Know Who's in Control Many uncontrollable forces can in- fluence a business: market condi- tions, changing demographics, local and national regulations, even the weather. Truth is, for the most successful, enduring businesses, these exter- nal factors largely don't matter. For within all the variables involved in running your operations, the one constant is you. Business owners who take per- sonal responsibility for their out- comes are positioned to thrive in the face of external challenges that leave others falling by the wayside. Blaming others (or external forc- es) has never solved a problem or increased results. Owning your re- sults—good or bad—empowers you to make necessary changes and cre- ate your own destiny, no matter what may be happening around you. Focus Your Attention Every agent and broker has the same amount of time in a day. What they choose to do with that time makes all the difference. Think of it this way: If you want to improve something in your business (or life), consider what can result if you commit just 60 minutes a day to that one thing. Given a five-day work week, this adds up to 20 hours a month, and 240 hours a year. For an eight-hour work day, that equates to 6.5 weeks a year! The implications are enormous. What could you accomplish with 6.5 weeks of focused time? How many more clients could you reach? How far could you take your social me- dia presence? What kind of impact could you make in your marketing? What might your website look like? Note: It doesn't have to be fun. Drop the excuses. Commit. Do it. The beauty of the actions above is that they're not only highly effec- tive, but they cost nothing. A small change in your mindset could be all it takes to create a thriving, growing business. RE Geoff Lewis is president of RE/MAX, LLC. For more informa- tion, visit www.remax.com. 3 Essential Actions for Business Growth by Geoff Lewis O ne of the universal truths in real estate (or any industry) is that business growth drives business success. There's no two ways about it. A stagnant operation may be able to limp along for a while, but eventually, it will stall out and fail.

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