While Sunday is typically a day of R&R, in the Real Estate world Sundays can be very productive. In the brokerage business (for me anyway) it often is the pacesetter for my week. What a better time to discuss how the business got started.
Aside from the initial "dream", it started with a plan and a budget. Real estate, however, was not my primary choice for a career. I studied Biology in College and graduated with a bachelor's degree in that field, assuming I would be working for a Pharmaceutical company or go to grad school. But real estate was there for me as I was working my way through college. I started working at a title company and learned the business from the ground up. I eventually moved on to a mortgage loan officer and ultimately to real estate sales in 2002. I was determined to learn those main 3 facets of the industry.
As an agent, I didn't have much direction. As a result, most of my experience developed through hard work, independent research, trial and error. Fortunately, my science background provided me with the tools and preparation to perform quality research, which I persistently did. To be an entreprenuer, one must be a sponge, and absorb everything they can and formulate logical opinions and beliefs from this information while continuing to thirst for more. To this day I am striving to learn more, to understand a competitor's philosophy and look at market trends.
After a few years, I got "the itch" to open my own business. I always preferred systems rather than sales. I guess my college background has a lot to do with this. I figured I could open a brokerage that would be truly in an agent's best interest - technologically and financially. While my office would have the latest technology and offer (arguably) the highest and most diverse compensation plans in the industry, I realized that wouldn't be enough. My mission statement (the premise for any business plan) was incomplete, yet the answer was right there the entire time. I focused on service. I told myself I would run a company structured with the benefits of a large national corporation, yet the personal care and attention a smaller family-run business is known for. When an agent calls or needs something, I am there. I violated business management 101 and allowed my "open door policy" to stick. I allow being contacted 7 days a week, 24 hours a day. I write the checks. I review the files. I get involved. When someone has a concern or a problem, they can come to me. My value-proposition would simply be "me".
What sounds very elementary is really quite obscure in this industry, in my opinion. Many brokers hire managers and staff to intercept much of the communication and issues. I admit this seems ideal, but it doesn't seem fair. Agents deserve to go to the top for answers and help, and I encourage that. So, there it was, my mission statement, the premise of my plan: RE/MAX Home Experts offers the most advanced technology and highest compensation in the industry with unmatched personal service.
I was fired up! Ready to get started. I chose the RE/MAX franchise due to it's flexible nature that enabled me not to be restricted with corporate red tape that may prevent me from accomplishing my mission. Now came the big question: How can I do this within a tight budget?
I think the part about being a sponge and thirsting for more is key. Thristing for more is a sign of enjoying what you do and when that's in place, other pieces of the puzzle can fit in place. One thing tough about in your position, I think, is the many areas of the business you have to have the structure for like buying, selling, finding Agents, accounting, etc. Maybe in a future pieces you can address what you think is the toughest aspect of the business and what is the most important?
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