Starting any new business takes a lot of preparation and planning.  Inman News guest columnist, Mabel Guzman, offers these tips for making it a success.

photo credit: mag3737

Guzman opened her own brokerage firm after 13 years of selling residential real estate.  She says that finding partners was easy but setting policies was not.  "It comes down to being flexible, fluid, frank and having patience." she says.

To begin, she drew on her past experiences in business for company policies, past logistics and analysis to identify markets and merchandising expertise to create different departments within the company.

There is no room for egos in the company. Set clear goals in writing and establish roles and responsibilities with your partners.  "With my partners, it is all about honesty, open discussions and analyzing what's working and not working within a program." States Guzman, "Do not throw out capital investments without cause. Break your programs down to understand the roots of their failure and success. Give them sufficient time to gel. Realize recouping your initial investments could take more than three years."

Owner vs. client relationships are a lot different than that of an agent and client.  You have to look at the organization as a whole and decide what is best for the company.

Build an environment with happy employees.   Sure, the paycheck is why we work, but, Guzman says, "every year polls show employees rate personal buy-in, feeling valued, and an open-door policy highest."

Build vendor relationships that are mutually beneficial.  You are focusing on the same customer base, so find ways to work together to increase profits for both of you. "Offerings don't have to directly relate to transactions. "says Guzman, "They can provide economic relief through other products and services. Have clear, concise agreements with expiration/renewal."

Invest in Your Agents:  You want well-educated business people who will grow with you and who work within the company to share information and help to expand your market.  Invest in them and they will be more invested in your business.

"Be patient." says Guzman. "Work on systems first and keep flying at a low altitude as you watch and hear about the challenges your people face. Then hit full speed, pull the nose up, and fly."

Read more at Inman News.

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Posted in MBI Advantages, Marketing, Ownership

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