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Whether you are a seasoned real estate professional or just starting out, it’s important to understand where you are now as well as where you want to go.
You need to take a structured approach to assess your current situation, envision your ideal business and navigate the various stages of business development to ultimately build a lasting legacy. By taking an honest look at your current situation (the good, the bad, and the ugly) and where you ultimately want to be, you can create a plan that works for you and your business.
Step 1: Assess your current situation
First, take the time to self-diagnose your business and develop a plan moving forward. Contrary to popular belief, the process is relatively simple. Pick up a piece of paper and answer the following questions:
- What works for me?
- What’s not working for me?
- What do I like to do?
- What don’t I like to do?
- How much money did I make last year?
- Where does most of the business come from?
Once you answer these questions, you’ll have a clearer understanding of where your business comes from and what you should focus on to enjoy and grow your business. Double down on activities that are both fun for you and good for your business.
Step 2: Imagine your ideal business
Next, envision your ideal business by answering the following questions:
- What do I want my business to look like?
- How many hours per week do I want to work?
- How much revenue do I want to generate?
You’ll quickly notice the gap between where you are now and where you want to be. The funny thing is, no matter how successful you become, you’ll probably always crave more. This will be a constant regardless of your level of success. In fact, come back to this step often so you can continue to push yourself to new levels of success.
business development stage
Stage One: Money Matters
For new agents, the main focus is generating revenue and establishing a stable financial foundation. This phase is focused on hard work, building a customer base, and closing deals to ensure financial security.
This is also the time to put in place financial systems that will keep you on track for the long term. Find a trusted financial advisor, Certified Public Accountant (CPA), Certified Financial Planner (CFP) or Financial Advisor to assist you with bookkeeping, tax savings and preparation, and investment planning. (Remember, if you are an independent contractor, you will be responsible for withholding taxes.)
The second stage: time control
For more experienced agents, the goal shifts to controlling their own time. Their goal is to work fewer hours while maintaining or increasing their income. This phase emphasizes financial freedom and retirement planning, giving agents a better work-life balance.
You can gain control by adding leverage, acting like an assistant; increasing productivity; or simply setting better boundaries. Choose a strategy that works best for you and allows you time to connect with family and friend groups.
Stage Three: Freedom and Achievement
During this stage, life becomes more enjoyable because decisions are no longer constrained by money or time. Now you can pursue what you really want to do, whether that’s focusing on a niche, mentoring new agents, or indulging in a personal passion.
When someone asks you what you do, try to think outside of real estate. You are more than just your job, and during this stage you will begin to tap into hobbies, interests, and passions that you may have put aside during the early building stages.
Phase Four: Heritage Construction
This stage involves creating a legacy that will outlast you. The focus is inward, focused on creating something meaningful for yourself. This could mean building a well-known brand, investing in real estate, or creating a business model that consistently generates revenue.
Don’t forget to leverage the professional network you’ve built throughout your journey. For example, if you are interested in investing, seek assistance from your trusted colleagues, mentors, and professional partners to help you get started.
Stage Five: Leaving a Legacy for Others
In the final phase, you turn your attention outward, using your experience and success to help others build their legacies. This may involve coaching, mentoring, developing training programs or contributing to the community through philanthropy or educational activities.
There is nothing more valuable than helping others through money, time, and hard-earned wisdom. Whether you provide a scholarship to your alma mater, provide leadership in your community, or teach business skills to young entrepreneurs at your local high school, you will pave the way for future generations to achieve their own success.
stay on track
Doing this exercise regularly a few times a year can help you stay on track and focused on the right things. It ensures your business is serving you and your community well. It’s critical to continually re-evaluate your goals and strategies to adapt to changes in the marketplace and your personal life.
Life is not just about making money and working. Greater financial stability and better time control let you focus on what really matters and leave a meaningful mark on the world. By following this structured approach to evaluating and transforming your business, you can achieve success, fulfillment, and a lasting legacy in the real estate industry and beyond.
Russ Laggan is a speaker, trainer, and Vice President of Development for the Western United States at eXp. Connect with him on Instagram and LinkedIn.
