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As a business owner, it is important to continually build and improve your business. Often times improvement comes from taking a step back and working on the business and not just in it. In order to construct the business of your dreams, a complete understanding of the industry as a whole is essential. By adhering to these following steps you can make a positive impact on your business.
When you first start the improvement process for your business, you must look at the big picture. What is the consumers perspective and how can you meet their perspective and exceed their expectations? It is necessary to spend a couple hours a month gathering this information and understanding how it affects your job and ultimately your business. Realtor.org provides information and data on trends, the economy, mortgage changes, insurance, and many more helpful facts in each state. This information will provide you insight into the market and what is currently selling; allowing you to be more successful in your business. In addition to Realtor.org, other new sources that provide a big picture of the market are: Forbes.com, InmanNews.com, and Rismedia.com. Understanding the big picture is crucial to improving a business, but it is only the first step.
The next step is to look at the market on a state and local level and focus on the other professionals operating in your industry. How are you and your business viewed locally? Do you have a positive relationship with other professionals working in your industry view you? These are critical components of building a strong and successful business. Work on creating a network of industry professionals, home inspectors, appraisers, contractors, etc., you can rely on in order to provide clients with the best possible service. Creating a network through social and professional interaction will facilitate positive gains in long-term because they are likely to recommend you as you are to recommend them. Build up relationships through Social Media as well. Social Media now plays a significant part in all business promotion and access to new networking opportunities. Following their Social Media accounts can provide you with knowledge on them, their passions, the core value of their business, and their personality, that can help you build stronger and more lucrative relationships. Network with industry professionals for the eventual benefit they may provide your client. Your business is focused on the client and how you conduct yourself in your business is essential to client satisfaction.
Once you have an overall understanding of the market and the other professionals in your industry, you must gain a detailed knowledge of your local market. Knowing the average days on market, average sales price, percentage of properties listed and then end up expired, the list-to-sale ratio (how many listings it takes to make a sale), how close to original asking price properties are sold at, the ratio of transaction where both sides are done by the same person? By understanding how your local works in detail will allow you to improve and provide clients with the best possible service.
Although understanding the market a large and local scale, it is essential to have a strong perspective on yourself. Know your strengths, know your passions, and work on those every month. By focusing on improving yourself, you will also be improving your employees, and your business. Clients and other industry professionals will be able to see the confidence and professionalism from your business and your business will expand. Once you have an understanding of where you stand in your business and community, focus on making a business plan that will act as your guideline for day-today operations. As part of your plan look back on where your business has come from, the struggles and advances, the negative and positive, and grow from there. Learn from the mistakes but focus on your strengths and the individuals that impact you to be better for your business.
Now that you have an understanding from the big picture to a personal level, look at your business and work to improve it. Take your new knowledge of the market, local industry professionals, and structure your business around those factors. Clients will appreciate a company that is knowledgeable and able to provide high quality service. Continue improving your business by taking time each month to review the market and how it affects your business, and your business will maintain its growth.
By: Tami Bonnell