Having been the leader of a constantly growing real estate franchise group for almost 20 years, I’ve had the opportunity to witness firsthand what works, and what doesn’t, when it comes to running a successful real estate business.
As a result, I’ve been able to identify the five key pillars necessary for success in the real estate industry.
In my experience, thriving businesses all have these pillars in common, and similarly unsuccessful businesses usually lack one or more of them.
That’s why Explore Property incorporates each of these pillars as standard offerings to its franchisees.
I’m happy to share the secret recipe though, so here are the five key ingredients, in no particular order.
Brand and belonging
It’s not just brand and belonging that matter, but the two elements combined that make them so important.
Having a brand that connects with the market is critical from a marketing perspective, but the brand should also create a feeling of belonging for the franchisee.
We all love to belong.
In fact, I believe people need to belong to something bigger than themselves.
It brings confidence too, knowing that we’re part of something where other people are contributing, and looking after other areas of the business.
Brand and belonging are like brother and sister and that’s why we introduced our Explore Property with… concept.Â
The tagline, ‘Explore Property with Andrew Acton’, brings both the agent and the brand together.
Advice and support
Possibly one of the most significant things I’ve noticed in the work I do is the need to feel connected and supported.
I’m not just talking about training sessions, although these are important.
I’m talking about franchise owners, driving home from work in the late afternoon knowing they can give me a call at that moment and talk through a problem.
Having someone you can connect with in the moment, and get support from, is critical.
Good advice and guidance, not just from a coaching and mentoring point of view, but from a big picture perspective.
Where is the brand going? What do I need to do? Leaders need to be able to talk one-on-one, with someone who’s been in the trenches, and understands what they’re going through, now – not in two weeks’ time.
Resources and marketing
Along with the big picture stuff, there are some practical elements required for a successful business too.
The marketing and resources pillar covers both the marketing strategy, as well as the little details – like how the stationary will look.
It’s also the back-end stuff, and it’s not easy to compile.
We’ve done that for our franchisees, and they benefit from having access.
We all want to express ourselves in our own individual way, and when you can tie that into a great brand, that doesn’t want to stand over you, that’s when the magic happens.
Technology and communication
Technology is something you can’t afford to ignore and communication ties directly into that.
Both are critical, but they need to be done right.
It’s easy to get caught up with the plethora of technology and communication offerings available, but it’s important to critically analyse your business and make decisions with purpose.
We see ourselves as a bit of a testing ground; we see what’s out there, what’s the most effective, and pass those findings onto our franchisees.
A successful business owner needs to analyse what their approach is to technology, figure out what key functions they require and ask themselves why they need a particular tech option in their business.
Technology is important, but be clear that it’s a tool only, and you are the driver.
That’s why an individual approach is required.
One of our businesses might want a specific tool, and another business may not, so it’s about being fluid with what suits the type of business you’re building.
It’s about understanding the tools which will empower your path.
Leadership and direction
This is a big one for me.
I believe that if you work among people who are ambitious and are seeking fulfilment and achieving great things in their life, you’ll get taken along with that.
We all need leadership and direction – all businesses, all families, all people.
It’s not just about being overly ambitious though; it’s about believing in your path.
All principals, and all agents, need this.
In my experience, these are all the ingredients required to build a successful real estate business.
These are the pillars we address in our offering to our franchisees; we then empower them to make those same offerings to their employees.
It’s about the big picture; it starts with our corporate brand, runs through to our teams, and flows into individual offices and their teams.
