What Every Real Estate Business Owner Needs to Read

There is no doubt that the real estate industry is navigating through uncharted territory as the days and weeks continue to unfold since the Covid-19 pandemic hit our shores.

With increased government restrictions in place, the vast majority of real estate business owners now find themselves having to rethink almost every facet of their business model and are seeing a significant decrease in revenue.

But despite the stress and downturn in revenue, there is an upside. Having less sales activity and listings frees up your time to work ON your business, not IN your business. 

Real Estate Principals can be implementing strategies right now that will put their business ‘ahead of the curve’ for when the industry bounces back. And it will. Smart operators will utilise this time to stand back, reflect and work on their business from the inside.

The two key strategies to look at are optimising/redefining your business model and pipelining talent.

We believe that now is the chance to capitalise on some of the best Real Estate talent we have seen on the market in years. By making the connection and commencing a relationship with candidates now, you can build a bank of pre-qualified talent who you can move quickly on (and ahead of your competitors) when you are ready to hire.

This will put you in the best position to secure the top candidates in the industry who would have otherwise been bombarded with offers when the market shifts.  

Business owners should also use this time to scrutinize their business model from the inside out. Work on restructuring your sales and property management departments, reviewing job descriptions, remuneration, commission and KPI structures.

Focus on streamlining your induction and onboarding process, update your office systems and procedures manuals and drill through projects you’ve been keeping on the backburner – like nailing your social media strategy.

This will ensure that both your business and your team will emerge more efficient and ready to capitalise on opportunity on the other side of Covid-19. Those who focus now on that they can do, rather than what they can’t – will come out on top.

Feel free to reach out to the P3 team for assistance with implementing these business strategies and for any employment related needs, to pick our brains, or even just to lend an ear.

The coming months will prove difficult for us all, but rest assured – we will get through this together.

Image Credit: B Plans