Opening up shop? Essentials for a first time real estate principal

The coming of a new year often sees the establishment of new businesses, and the real estate industry is no different.  If 2012 is set to see you open your first real estate franchise business – congratulations on your decision and welcome to the game. 

As the new principal of a real estate franchise your role will no doubt see you strive to both continue your success as a real estate agent, as well as manage a busy and thriving business.  There will be exciting times as listings are achieved and sales are made, and there could also be challenging periods where activity is slow and team morale is not as strong as usual.  As the leader of your team it will be part of your responsibility to keep your office on track and eager to move ahead. 

For first time principals there are a few essential concepts that you may find helpful as you navigate your new roles and responsibilities. 


Set an overarching strategy and goals

An all-encompassing business plan is necessary for any business, whether new or established.  Determining what it is you plan to achieve from the get-go should better position you to actually achieve these targets over the specified period.  A strategy can include your revenue, sales and listing targets, as well as plans for employee growth.  For the best results, monitor this strategy at set points (for example, quarterly) and assess your actual position as compared to that which was forecast. 

Communicate and meet with your team

No matter how large or small your team, aim to meet with them at regular times (for example at the beginning of each week) to go through your expectations and their work list.  Not only are such meetings essential for keeping your staff on task and motivated, it also allows you as Principal to remain aware of the progress of the business and where extra effort may be needed. 

It is also important that the relevant targets of your business strategy be communicated to your team so as to give them an understanding about where the business is going and the goals that you hope to achieve.  Providing such insights into your aspirations for the real estate business could serve to motivate your employees to contribute to such growth. 

Give thanks and motivate

Start-up businesses can sometimes be hard to get off the ground, no matter what the industry, and your team will no doubt play a significant role in ensuring the overall success of your business.  As Principal, remain aware of their contributions and acknowledge their work – even a verbal thank you can mean a huge amount to a hard working employee. 

As you are no doubt aware, the real estate industry can be a hugely rewarding one to be a part of.  With a solid strategy and good communications platform in place, you will be well on your way to ensuring the success of your new venture.

Posted by George Tarbey on 12/01/2012 at 10:11 AM | Categories:


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