Preparing your Commercial Real Estate Business for the New Year

//Preparing your Commercial Real Estate Business for the New Year

Preparing your Commercial Real Estate Business for the New Year

It’s a new year and we all have great ideas and strategies that we’re coming up with to make 2013 the best year yet!  Here are a few tips to help you focus on your “business New Year’s resolutions.”

1)  Write it down.  I’m not suggesting a “vision board” or anything lame, instead write a list of goals and bullet points on how to achieve those goals.  Keeping a notebook full of goals and strategies is essential for focusing on what’s important.   When you’re finished, categorize them into levels of importance.  Be reasonable!  Although hiring an admin assistant may be priority #1, if you don’t have the funds to hire, give priority to a goal that requires less funding and can be done quicker.  Don’t get hung up on the things you can’t get done immediately.  Realism will be your key indicator on what goals are most important.

2) Computer.  Does your computer need rebooting every 2 hours?  Is it so slow you’re afraid to turn it off at night?  Is it infected with viruses?  It’s time to kick that piece of junk to the curb.  Now-a-days computer are inexpensive and there’s no reason to have one that slows down your productivity.  If you’re concerned that your current computer has a virus, get a professional to run virus scanners and give it a cleaning before transferring files to the new computer.  There are many local mom-and-pop shops for computer repair that also specialize in this kind of work.  Give your local repair shop a call and have them check your files before transferring.

3) Software.  If you’re using cracked software of Windows, Microsoft, or any other essential software it’s time to dust off your wallet and pay-up.   Software is getting increasingly sophisticated, requiring real licenses to receive essential software updates.  Without these updates you could be opening your computer up to viruses and malicious code.  Even if you purchase a new computer, without legal software, you’ll be opening yourself up to the same slow-downs.

4) Understanding your place.  This shouldn’t be taken negatively; it simply goes back to realism.  If you rage-quit with your former broker and you’re going into business for yourself, skip leasing a fancy office space and try working at home.  The newer your business, the tighter the budget.  Accept that you’ll be either working at home or in a “shared workspace” situation until business gets rolling.  Clients will understand, they’re business people too.

If you are a broker, be sure you have a simple equation of “1 new agent = $15k profit; 1 established agent = $30k profit”.  Simple equations help you calculate how much overhead per agent you’re willing to dish out.  Agents cost money, the more of them you have the more administrative support you need, office space, electricity, furniture, etc.  Also, be clear with agents on your expectations.  Make sure they know that you will not be generating their leads and how much money they need to bring in to be profitable.

By |2016-11-21T16:20:50+00:00January 2nd, 2013|Essential Marketing|Comments Off on Preparing your Commercial Real Estate Business for the New Year

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