Managing a real estate like Blueworld City is not always an easy task. Especially if you don’t have much idea of where to start or even what to consider for it.
But do not worry. In today’s text, we’ll understand a little more about this process (yes, it’s a process) and how you can keep it organized.
We know that there are many different aspects of business management. There is no fixed rule that will tell you what you should or shouldn’t do to succeed.
The only thing we know is that, at the end of the day, your company needs to be guided to make a profit and have a positive cash flow for the medium and long term.
And the tools to achieve this, of course, are numerous. And one of these tools is administration. Bureaucratic processes are only part of what makes a real estate company successful or not. There are also other nuances – which are not proposed for today’s theme.
But, as a complement to your studies after this text, we recommend the following reading:
- Best Real Estate Niches;
- Financial management for self-employed brokers;
- Brave New Real Estate Ebook;
Let’s go to the important points to manage a real estate.
Managing a real estate – Step by step for professional management
As we previously understood, there is no revenue or fixed rule for managing a real estate company. In fact, there are completely different methods and managements that manage to reach the same goals and results.
And so, you will need to adapt your real estate to a type of management that allows you to succeed in what you set out to do.
In other words, it is necessary to understand the market and the business in a broad way so that, only from that point on, it is possible to carry out actions that can lead to positive results in the future.
And one of the first tips we can give you is: calm down! Especially if you’re just starting out, managing your real estate property can seem untamed. After all, you still don’t quite know what to do and what not to do.
It’s only with time that you will be able to realize that, in fact, your administration is good and is giving results. The balance between these two items is, without a doubt, the objective.
And as a way to clarify this journey a little more, we have prepared some important points that need to be considered, such as:
- Real Estate Business Plan– It all starts here;
- Work with short, medium and long term goals;
- Hire a qualified team only after setting goals;
- Value your team in a human and professional way;
- Have processes, but don’t make the environment too rigid;
- Adopt good real estate software– It will do the heavy lifting;
- Seek to reinvest profits in order to solidify your real estate;
- Have a good marketing planassociated with your business plan;
- Spend time a week just to think – Nothing else;
Do not worry. We’ll talk about each step individually from now on. So if you want to manage your real estate effectively , read on.
Real Estate Business Plan – It All Starts Here
Having a roadmap or a map is one of the best ways to get to a goal, isn’t it? Well, a real estate business plan is pretty much that.
And your administration needs to start here, as this is what will guide all your company’s actions in the short, medium and long term.
A business plan is really nothing more than a plan of what you want to do with your real estate. The more simplified and efficient this plan is, the better.
So don’t want to overstress this step. Here, you will need to define some basic and important things.
It is in the business plan that you will understand how your real estate company will make money. After all, this document is a way to clarify what the company will or will not do going forward.
Therefore, the clearer all this is, the easier it will be to administer.
Innovating and reinventing is important during a company’s maturation process. However, don’t want to reinvent the wheel in every administration and management process.
Often, doing the basics and the simple is what will ultimately make the business work and prosper. Always think about it, ok?
Work with short, medium and long term goals
Having goals is critical. Regardless of the type of administration you adopt in your real estate, understanding where you want to go is what will, in fact, make the activities have some meaning.
Therefore, this step needs to be taken very carefully so that you can define your real estate’s short, medium and long-term goals very well.
The importance of having goals is so great within the administration, that this is the only thing that can make any result real and “poorable”. And the more aligned the goals are, the better it will be for you to achieve them through work actions.
But what would be a viable goal?
A lot is said about “thinking big” and prospecting big results. However, it is important to understand that everything comes with the effort provided.
And for that, the goals must be feasible. Because it’s no use wanting to sell two luxury homes a day, since you don’t even have them in your product portfolio yet.
The initial goal in this case would be to capture the properties and then think about the second step, which is to sell them. Try to take the steps according to your breath.
If the step is longer than the leg, some falls can happen – falls that could be avoided.
Does this mean that in your administration you cannot have “daring” goals? No. They can exist.
What cannot exist is a relentless pursuit of achieving goals without having the necessary basis for such. Aim to reach 10x. But first, know that there is 1x, 2x, 5x, 8x, etc.
Small achievements every day will give encouragement and the certainty that, little by little, the “big” achievement will arrive.
Hire a qualified team only after setting goals
It’s no use: alone, we won’t get anywhere.
We will always need people around us to help make the “wheel turn”. And since we need to get help from others, it’s critical to find the best people for every role we need help with.
It is from this reasoning that we need to start building our real estate team , in a way that each professional is allocated to a specific function, according to their abilities.
After all, a dental surgeon wouldn’t be skilled at performing a cardiac procedure. And vice versa. Is not it?
This is a metaphor that can even be applied to everyday corporate life. After all, assigning the wrong people to certain roles can give you the wrong impression of their capabilities.
And of course the results won’t show up.
But, how can we make this correct allocation of professionals in our real estate team ?
Basically, respecting our business plan and established goals. It is much easier to find a professional to resolve a problem once the problem is identified.
Therefore, establish your short, medium and long term goals in accordance with your business plan.
And with that, start assembling your professional team, with key parts for each activity.
Value your team in a human and professional way
Managing a real estate company without valuing the team is certainly something that has no future. After all, it is the team that will do the work as a whole and, in fact, will reach the proposed objectives.
So, this is one of the most important tips you can put into practice. Before thinking about the best management structure, the best system and the best processes, think about your team.
Valuing the team in a professional and human way is what will really make things work.
Your team needs to be motivated.
And for that, they need to understand that they are working with purpose. In other words, much more than receiving a good salary, people need to feel good – and not merely used to it.
So offer “out of the box” benefits so your team wants to be with you. Offer days off, bonuses, trips, courses, etc.
Seek to understand each person who works with you individually. After all, each human being has its individualities. And it is from these individuals that you will gain the trust of each team member.
Go beyond a good salary. Think outside the box and provide what each of your employees really needs.
For example, if a particular team member has just had a child, why not make his work more flexible so that he can only work at the times that best fit the new routine?
Nobody is a robot. As much as we try to separate the personal from the professional, we have achieved little. After all, everything is interconnected, whether managers want it or not – we are human.
Have processes, but don’t leave the environment too plastered
To effectively manage a real estate company, it is necessary to have management processes and models. It’s no use doing one type of administration today, and another type tomorrow. Following a plan is critical.
However, it is also necessary to understand that the plan cannot be plastered to the point of making everything inflexible and immutable.
Think about the plan of big phone companies for many years was to sell landline lines. Obviously, they couldn’t continue on this same plane, could they?
Therefore, look for a management style that follows the business plan , but flexibly. As we mentioned earlier, there are numerous ways to achieve goals. Each company will be unique and will develop creative models to adapt to their own reality.
For example, if your team works best from home and that’s where the team does the most, why force face-to-face work at the office? Remember that the most important thing is to follow a plan and a goal. So, always have this visible and up to date.
Adopt good real estate software – It will do the heavy lifting
Of course, for all good management, it is also necessary to have a good system. Writing down a task on paper and knowing that you need to do it during the day is already a system. Analog, yes. But still a system.
And thinking about facilitating processes and optimizing time, you must have a good real estate software , so that it does the heavy lifting.
Storing information, serving as a database and keeping files and documents organized is what will make your goals achieved as soon as possible. And having all this at hand, of course, is very important.
Making an investment in process optimization is something that will give constant results in the medium and long term. Don’t hesitate to do so.
Seek to reinvest profits in order to solidify your real estate
This is a tip closely linked to the exponential growth of your real estate company. And it is, of course, part of good administration.
Therefore, always seek to reinvest the profits that your company will have during the first months and years. This is what will give the wheel enough breathe to turn faster and more sustainably.
Of course, we all want a profitable company in order to make a living from it.
However, it is critical that you see the business in the future. After all, at some point the future will arrive. And the only way to get good results in the future is by planning and focusing on what is important for the financial health of the business.
Spend time a week just to think – nothing else
And finally, perhaps the most important tip of all that we could study today. Managing a real estate is a matter of organization, goals and financial health. But more than that, you need to do this: think.
Take a few hours out of the week just to think.
Think of everything, think of systems, think of the market, think of what real estate represents today, imagine it in the future. Just think.
Stopping to think, without having to perform a task here and another there is something that can take your business to another level.
Real estate is made of people. And harnessing the ability to think is what will bring the real competitive edge. Count on Ville Imob to help your real estate grow and make good sales.