In Episode 74 of the Wandering But Not Lost Podcast, co-hosts Matt Emerson and Jan O’Brien continue their series on how to move from being a Realtor into becoming a real estate business owner. Today we look at the important factors that play a role in the basic operations of your business. In Wandering Zen, we explore the 3 downtowns of the Las Vegas area!
WBNL 52: Be a Real Estate Business Owner – Operations
Operations refers to the day-to-day activities of being IN your business!
- For real estate, it’s taking listings, showing homes, writing and negotiating offers, managing the escrow to closing, communicating with other agents, lenders, escrow and all other parties to a transaction including the buyer or seller
- How much time are you spending IN your business?
- Do you make time to work ON your business?
Solopreneur vs. Team
Leverage the power of a transaction coordinator or assistant
Create an Operations Manual
A Real Estate Operations Manual ……Why you need one!
- Written procedures for the primary pillars of your business operation will provide consistency, efficiency
- It’s a reflection of your expectations and standards for all team members
- Create checklists, job descriptions and clear tasks for every member of your team
- Your manual becomes your training document when onboarding new team members
- It is a Key asset for your eventual Exit Strategy
- You can build it as you go (don’t get overwhelmed … it is a process!)
- Leverage your admin staff to help you create the written procedures as required
- What are those key pillars of any business?
- Business Plan & Goals
- Database Management & Referrals
- Lead Generation & Marketing
- Client Service Pre, During and Post Sale
- Financial Management & Operations
For Real Estate Agents, Teams and Brokers:
- Listing System
- Buyer Sales System
- Recruiting & Growth Plan
- Hiring System
- Retention, Training, Coaching
Download and customize the tasks and then add written procedures for any tasks that take 2 or more steps in the manual template based on how you conduct business:
- Listings (Sellers)
- Sales (Buyers)
- Lead Gen – Database
- Lead Gen – Farms
- Lead Gen – Social Media, Internet
- Marketing Networking
- Team Admin
Here is how we recommend you get started working on this project;
- Work on Listing & Sales tabs first (use any checklists or procedures you already have in place)
- Revise and customize the tasks for both areas (essentially everything you do from A to Z when working with a buyer and seller)
- Use the columns to identify who is responsible for the tasks now (and who would do what for future team members and growth)
- Next, write the procedures for any task that requires 2 or more steps. Use screenshots to illustrate steps if applicable. You can also use screen capture software to record video tutorials (Snag-it, Camtasia, Screeenflow)
Use your CRM! A great CRM is more than a contact management system!
Design and follow a perfect week
Wandering Zen – The 3 Downtowns of Las Vegas
There is so much more to Las Vegas than the strip so on your next visit, make a point of getting out and exploring the other things that Vegas has to offer.
Links to get you started on your adventure:
Downtown Las Vegas
- Downtown Henderson
- Lovelady Brewing Company
- Water Street District
- Revisit Podcast 71, where Jan gets her IPA in Henderson
- Hoover Dam