The great Australian dream, besides owning your own home, is to become your own boss, being able to make your own decisions based on your own values whilst getting to implement all your ideas.
And from the outside it can look like a pretty sexy opportunity.
But it doesn’t always pan out that way.
In my opinion, one of the hardest jobs in the Real Estate industry is that of a selling principal.
Selling principals usually are working the hardest and are getting paid the least.
Trying to juggle the responsibilities of managing and creating a profitable business, the accounts and operations, growing and building an asset in your rent role, managing and retaining your team and trying to recruit more agents plus then trying to juggle all the emotions of your vendors.
Then on top of that trying to generate enough from your personal sales to fund the business, particular in the start up phase.
This position is totally fine to be in if you have a bigger plan that you are working towards. One to build and scale your business to a point that it is more reliant on revenue streams generated from other areas of your business or you are creating a saleable asset of your business and rent role.
If you are deep on the hamster wheel, it’s time to ask yourself ‘is what you are currently doing worth it?’
In answering this you have two choices. To sell, merge or close the business OR dig deep, level up and start implementing what you need to drive your business into the space you want it to be.
If you are ready to level up, it’s time to start thinking about what it’s going to take to build your business into a sellable entity that provides you with a passive income and not just a business that looks good from the outside.
It’s time to commit to understanding and implementing the right business principals in your business to streamline the operations.
And it’s time to start creating profitable divisions within your business – PM & Sales – and understand how to find the additional profit streams from within these divisions (think referrals to connections and insurance, a cleaning business, starting a BC/ OC division, removalists, conveyancing, renovations and project management and the list goes on.)
If you’re starting to realise that you’ve been thinking too small and you’re ready to scale, I dive way deeper into this topic in my latest podcast episode!
Tune into episode #12 to hear all about what you need to be doing to scale up your business and transform your personal brand into a profitable, sellable asset. I share the dos and don’ts and why principals fail and how principals succeed.
This episode aims to change your mindset and start thinking critically about what you want from your business and how to develop your business to achieve that end goal. So, if you are ready to push those margins, grow your business, empower your team, and secure wealth and longevity, then tune in via your favourite podcast channel: https://link.chtbl.com/BuildYourBestLife