How to Grow Your Luxury Real Estate Business like a Startup 9 years ago


We’re just about to complete the 1st Quarter of 2015.  How are your sales going this year? What are you doing differently this year compared to 2014? If you find yourself in a rut doing the same old routine, consider treating your luxury real estate business like a startup business.

This is a great way to bring freshness and innovation to your brokerage and to your own individual work. If you do this quarterly, this will consistently eliminate any stagnation, provide a fresh flow of attention to new ideas and create new ways to generate more clients.  Read these 5 tips on how to grow your real estate business like a startup and watch this video to uncover actual problems and symptoms in your business.

Inman has posted this great 5 point list on how to infuse epic, startup like growth for your real estate business. The most crucial point of this is “Don’t do things the way they’ve always been done.” If you are running this mindset, then you will undoubtedly get the same results you have always gotten.

Often with startups there is a potential for, as mortgage tech startup Sindeo’s Ginger Wilcox calls it “rapid, insane, incredible growth.” But if you are a seasoned real estate sales pro, the only way for you to experience that level of growth is to innovate and try things you have never tried before.

Here are some steps to set yourself up for startup-like growth this year:

1. Take everything you know and turn it upside down.

Doing things the way others have always done them is a barrier to innovation, Wilcox said at the latest Inman Select Live event.

2. Set a big, hairy, audacious goal.

Make it huge. If you keep using the same old realistic goals you’ve always had and adding in a slightly higher goal, it will not give you enough motivation to break out of the stagnation. You need a goal that is significant beyond what you thought you could achieve. This is the only way to keep motivated and will also help focus your business in a new direction.

3. Break down the goal into measurable, actionable steps. 

Make the goal accessible by creating small actionable steps that help everyone feel like they are accomplishing this seemingly impossible task. Once these small steps are clear, start setting deadlines to keep everyone on track.

4. Only pay attention to the things that matter.

Focus only on things you are willing to really change. Be brutally honest with yourself. If you’re not willing to change it, then don’t bother measuring it. You have to have your full attention on things that can be changed otherwise you will start to run out of money.

5. Hire people willing to figure it out.

Don’t just hire for skill but also hire for the “Can Do” attitude. Hire people that are willing to figure it out and want to figure it out. The most successful startups are the ones that have people behind it with grit and determination to pick themselves up off the ground and help the business grow at any juncture.

Ready to take your “startup” real estate business to the next level? Watch this video from Cate Costa to dig deeper in your luxury real estate business and find how to focus on the problems not the symptoms of your business.


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