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So your real estate business is going well, the listings are coming in thick and fast, and your rent roll is steadily growing.
That’s a great spot to be in. But what’s next? Chances are you’ll hit a point where you’re at capacity. In order to meet the current demand or expand further, you’ll need extra resources in the form of additional staff or external support.
How does that realisation make you feel? Excited? Nervous? Do you see it as a natural next step, or is it all too hard?
Your reaction to that question is important. Why? Because if you have a negative perception about employing staff or contracting external support, it’s costing you both money and freedom.
You cannot shrink yourself to greatness
I’ve been fortunate to have had the experience of business ownership for over 37 years, and I look forward to decades more.
The number one lesson I have learnt in that time is that you cannot shrink yourself to greatness.
What I mean by that is you cannot grow a business on your own; you need a team of people around you.
That team of people, whether they are staff you employ or people you outsource to, allows your business to grow, expand and evolve.
But too often when people reach that point where a team is required, they balk and approach it with the wrong business mindset or perspective.
Expense or investment?
If you view and have a mindset that the money you spend in the hiring of employees is an “expense” rather than an “investment”, you will struggle to build a profitable and sustainable business.
In fact, if you do not seek support, your business will either flatline or in most cases, go backwards.
Importantly, failing to invest in that support costs you profitability. It means your business cannot fulfil its potential. It also curbs your freedom in terms of work/life balance and future business growth opportunities.
Shift your thinking
Growing a team isn’t an expense to your business. It’s an investment.
And growing that team may not always involve employing people, either. Yes, in some cases the best course of action is to hire people to fill specific roles. But in other situations, it might see you outsourcing to people who may do certain tasks more efficiently and effectively.
However you choose to approach it, once you shift your thinking to see a team as an investment not an expense, you can measure the return on that investment and consider the value that it brings.
Success isn’t always about the profit
As part of this shift in thinking, consider the following: The way you measure success should not just be confined to the profit your business makes.
Success is also about work/life balance and winning back your time while leveraging your ability to do more and do it effectively.
Having a team around you allows you to concentrate on the tasks that truly matter. It helps you innovate, seize opportunity and better cater to your clients, so you can enjoy a business that suits your lifestyle and your aspirations.
If you’re not growing, you’re going backwards
Yes, it’s a leap to bring on staff, to outsource tasks and create a support team around you. But it’s an important investment in efficiency that allows your business to grow.
The reality is, if you’re not growing, you’re going backwards. So shift your thinking, assemble your dream team, and enjoy the success and freedom that comes when you don’t shrink yourself to greatness!
Manos Findikakis is the CEO of Agents’Agency.
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