How To Build a 7 Figure Real Estate Business
Even the most experienced agents can fail in real estate if they don’t innovate. Age-old advice like ‘work your sphere of influence’ or ‘ask people for referrals’ will help you reach initial success but if your strategy stops there, you could be leaving money on the table.
We sat down with Jess Lenouvel to discuss what it takes to build a successful 7 figure real estate business. As a real estate agent with 13 years of experience who built a multiple 7-figure business that sold over $300 million of property in under 5 years, Jess knows exactly how to create massive wealth in real estate, and now, she wants to help you do the same.
Implement what you learn.
You've read countless business books. You've listened to business podcasts. You've consulted with business coaches and researched all the best practices. So why aren't you seeing results in your business?
Two words: Information Overload.
"[It's] a problem," Jess explains. "People are constantly bringing in new information but they're not implementing anything."
At Curaytor, we have a saying: "debate it, then do it". In other words: take action. If you've recently learned a new sales pro-tip or discovered a new marketing tactic, don't waste too much time thinking about it before trying it out. In order to grow your business to 7-figures, execution is key. And the truth is you won’t know what works unless you try it.
Make time to build a system.
If your day is jam-packed with serving clients, prospecting and nurturing your database but you don't carve out time to build a solid marketing system, it's time to get off the hamster wheel and start automating.
According to Jess, the things that can be automated should be focused on first, like back-end systems and lead generation.
To create automation in your own business, determine where you can:
Establish Standard Operating Procedures
Eliminate Unnecessary Tasks
The goal here is to set up a great functioning marketing system now that feeds you in the future.
Hire The Right People.
Outsourcing is necessary if you want to get back to what you’re good at and build long-term success for your business, but beware of hiring prematurely or hiring the wrong people.
“A lot of agents hire too early and end up with an assistant that they’re babysitting because they’re handing things off that the assistant isn’t really capable of handling as well as they can.” Jess says.
You can avoid this mistake by identifying your strengths and weaknesses and hiring people who are the opposite of you.
In the book Rocket Fuel, authors Gino Wickman and Mark C. Winters discuss the power of a Visionary/Integrator dynamic in business. Visionaries are magnetizing, dynamic and great at building connections, while Integrators excel at managing the visionary and handling the back end of the business.
As the real estate agent and visionary, you want to hire an integrator: someone who is systematic, methodical and will take care of the operations - like an assistant or project manager.
It’s equally important that anyone you hire has a clear understanding of your mission, fits the company culture and is just as committed to the success of your business as you are.
Ultimately, Jess explains, “it’s about hiring the right people and putting them in the right roles.”
Create Relationships That Scale.
Once you’ve got your systems in place and have hired the right people to help, you can get back to focusing on your marketing. Here are four ways to make all of your marketing more effective:
- Get to know your target demographic:
- Do market research and send out surveys
- What are their pain points? Fears? Desires?
- Position yourself as the expert
- Craft relevant, value-first marketing campaigns
- Analyze the results of your marketing campaigns and take the data from them to improve the next one
For Jess, marketing starts with relationships. “This is a human business. People don’t want to be treated like leads. The people who win in marketing are the people who treat people like people.”
To do this, Jess suggests taking a psychological approach that mimics the growth of a real human relationship using three buckets:
Your marketing message. What are you saying to your leads to attract them into your world and convince them that they have something that they need your help with?
The strategic distribution of your marketing message. Use retargeting to show your best content to your leads so that they're seeing you on a daily basis and ‘feel like you're everywhere’. It is through omnipresence that you build your audience and network of people who know, like and trust you.
The human element of your marketing. Show up for your audience by being transparent and authentic in your content. Spend time building relationships with that audience by connecting with them on a human level and creating community around your brand.
If you want more great insights like what you read above then be sure to check out our latest addition to the How To Build A Million Dollar Real Estate Business series here!