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Business Update- Week 13

what is working? 

This week I would highlight my networking.  I am attending meet up events that are beginning in-person meetings.  This is a network of other business owners and professionals getting together to discuss our different industries with a get to know you attitude.   It is a very social atmosphere.

what is not working?

I wouldn’t say anything is not working, only that generating a sales funnel can take a lot of time.

how do you feel the project is coming?

The project is going great.  I have really learned a lot and I have a new excitement for my business.

what are you learning about running a business?

Running a business is hard, lots of trial and error, but very rewarding.

what are you learning about yourself?

Never be happy with the status quo.  Always keeping learning and growing and loving what you do.

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Business Update Week 12

what is working? 

Marketing is going well. Started an ad campaign to attract Sellers by offering a free Seller’s Guide.  Get your own copy here https://www.francescabelle.com/sellers-guide-landing Received 510 clicks in the last month.  I’m also enjoying writing new content.  Read my latest blog here. https://www.francescabelle.com/the-lonely-buyer-in-a-seller-s-market

what is not working?

My conversion rates on my ads are low.  I’m getting lots of clicks but not enough leads.  The key is to improve my landing page. 

how do you feel the project is coming?

The project is going great.  I have much more focus on building my business.

what are you learning about running a business?

I am learning that everyone I meet is a potential client and therefore potential income.  I must always try to engage new people I meet as new business.

what are you learning about yourself?

I am learning that I really love my business and I want to succeed and build it bigger than ever.

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Business Update- week 11

What is working?

This was a great week! My client that I have been working with since the beginning of this course, has closed a deal! I got my projected sale and everyone is happy. 🥳

What is not working?

I wouldn’t say anything is not working right now. Learning to adjust is key.

How do you feel the project is going?

I feel the project is going as expected with many lessons learned along the way.

What are you learning about your business?

I think the key is to recognize that each transaction is different and will have its own path to success. This doesn’t mean it’s any less valuable if the path is longer and less clear. There is always something to learn from each encounter, relationship, and transaction.

What are you learning about yourself?

I’m learning that sometimes you need to go back to the basics. We tend to forget that the real estate business is all about relationships. Short term and long term. So rather than treating people as stepping stones along a path, treat them as people, build the relationship, be kind and respectful and you never know which one them is going to be the key to your success. 👍

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Business Update: Week 10

what is working?

Creating valuable content. Using my experiences with clients to educate others through social media.

what is not working?

Sales is impacted greatly by current market conditions. Although the market is great for Sellers, many Sellers do not want to be buyers in this market. Financial gains from Selling in this market are lost when trying to buy in this market because of its very competitive nature.

how do you feel the project is coming?

The project is going well.  I am still learning a lot more about the different areas of my business.

what are you learning about running a business?

I am learning that while not actively working with clients, it is still a very valuable time to build connections through sharing information. So it’s important to keep growing the business every day.

what are you learning about yourself?

I am learning that I love trying to find solutions and new avenues to making my business successful.

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#realestate #buyingahouse #sellingahouse #gtarealestate #realestatechick

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Business Update- Week 9

what is working? 

Marketing efforts are working well.  I can see an increase in social media engagements.

what is not working?

Real Estate market has too much demand and not enough supply.  It is taking more time to help buyers find housing within their budget.

how do you feel the project is coming?

The project is going well.  I am learning a lot more time on different areas of my business.

what are you learning about running a business?

I am learning that funnelling sales to my business requires 24/7 attention.

what are you learning about yourself?

I am learning that I love this business and that I really want to be successful.

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Business Update -Week 8

what is working? 

Social media posts and ads are garnering some interest.  At last check my Facebook page has 327 likes and 347 follows.  My last post reached 153 people and had 19 engagements.

what is not working?

Right now, I can’t say anything is not working.  This business requires time and patience and right now it is still early in this 14-week period.

how do you feel the project is coming?

The project is going well.  I am learning a lot and I’m very excited about growing this business.

what are you learning about running a business?

I have learned that there are many tedious tasks that require attention and are as important as the big tasks to keep your business running.  For example, creating print media or online promotions and writing blogs often.  Creating content can be very tedious but necessary.

what are you learning about yourself?

I am learning that I take my business very personally.  I feel the frustration of my clients very deeply.  I believe I will feel the excitement as well when they achieve success.

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Business Update

what is working? Networking and building a client base is working very well.  Online business profile, blogging, providing valuable information to attract clients.  Promotion and using valuable tools for lead generation and staying in contact with clients is going very well.

what is not working? Navigating the changing landscaping in the Real Estate Industry.  As the market becomes hot for Sellers, it becomes important to be strategic for your buyers.  Continuously staying on top of the changes so that you can be successful for your clients on both ends of the transaction.

how do you feel the project is coming? I think the project is moving along great.  I am learning a lot more about the small details of running a business.

what are you learning about running a business? There is no down time, the business is always front of mind.  It is important not to be passive but very aggressive in your goals.  It is also important not to be a “secret agent”, meaning use every opportunity to let people know who you are and what you do.

what are you learning about yourself?  I am learning that I am not always as outgoing as I need to be for my business.  

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Financial Sources

One of the most important steps in starting a new business is finding a funding source.  When I decided to be a REALTOR®, I researched the setup costs of education and licensing fees and I also made a determination of how long it would take to make my first deal.  This business does not have a quick sales process.  It can take months to find a client, and months to close on a deal.  Cash flow to cover expenses is necessary for the business to continue.  At start up its important to have another source of income, options are

*PT/FT job

*spouse that has secure employment

*leveraging personal assets to acquire a loan e.g. Line of credit 

*borrowing money from close and family or friends (last resort, as repayment may be slow)

*qualifying for a small business loan through gov’t programs

Because my business is service based and does not hold assets, it can be difficult to have banks or investors provide funds, so my choice was to continue working full time while I built my business part-time.  This allowed me to put in place all the start up items needed and begin my networking.  Once I had 3-5 Real Estate transactions and the experience of doing business.  I was able to replace my full time job with my business as a REALTOR®.   

Growing my business would require spending large amounts of advertising and lead generation activities.  Short term loan would be helpful in doing so.  Some examples of how to secure third party investors

* building a Real Estate Team 

* building a large referral network

* building a large funnel of client prospects

* consistent sales over many years

* adding additional service options (e.g. consulting, training, appraisals)

These items will show that the business is not limited to one single individual but rather a number of individuals contributing to sales income through several sales offerings.

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Business Operation Plan

The first steps in starting my Real Estate business  

Education and Licensing (RECO/CREA certified education provider)

Registration with local Brokerage (EXIT REALTY HARE (Peel))

Subscription with local Real Estate Board (Toronto Real Estate Board)

Mandatory Errors & Omissions Insurance

Before making your first sale (getting started)

Business Cards (photos)

Open house signs

For Sale Signs (sold signs)

Reliable Vehicle with proper Insurance

Cell phone/mobile plan

Computer

Tools/Supplies

Provided: Real Estate Brokerage to access specific presentation material, printers, 3rd party resources such as Inspectors/Mortgage brokers.

Optional:  Home office

Start Up Costs

Save money prior to starting real estate business

Work part time employment to fund start up costs

Vision

While starting in the Real Estate business it is important to minimize costs specifically because you don’t know when your first sale will happen.  You don’t want to spend needlessly on items that won’t yield a return on investment.  

At start up, have a second source of income, to help fund your costs and keep you afloat until you gain a foothold in your local market.  

Tips to minimizing costs during start up phase

lean on your brokerage office for as many items as possible.  

Work with Buyers (signs and other materials not needed with Buyers)

Save Advertising costs by going door to door, talk with neighbours, friends, and family about your new business.  Use your whole network to source potential clients. 

Once my business has had some sales, 

focus on lead generation and networking.  

Continuous source of clients.  

Begin lead generation activities like marketing/advertising.  

Use Tools to stay in contact with past clients.  

Begin a referral program.

Ongoing assessment of sales and expenses. Put money back into the business at every opportunity.  Must keep foothold in local area.  Networking, Communication, Marketing, Referral Program are key.  As Sales grow, consider bringing in employees to handle administrative tasks, or partner with other agents to handle excess clients.

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Creative Advertising

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Customer Persona

About Them

They are between 25-60 years old.  Gainfully employed, in good financial standing. Household Income $100,000+ per year.  Understands the value of home ownership.  Interested in working with professionals, not a do-it-yourself kind of person.  

Use Case

Young growing family, looking to upgrade from their existing starter home.  Current house has increased considerably in value and will have a large down payment for new home.  Two income family of $160,000 per year.  Two middle school aged children that need a bigger yard and close to the high school they plan to attend.  They don’t understand the real estate market completely but do understand the importance of using a professional to help sell their existing home and purchase their new home.  They ask friends and family for referrals and check out local agents online.  

Previous Solution & Pain Points

They previous bought a starter home at an open house.  They didn’t have an agent of their own, they just worked with the Seller’s agent.  The house was within their budget, so they didn’t negotiate or understand whether they were paying a fair price compared to other homes in that neighbourhood.  They also weren’t told the importance of a home inspection.  They just took the Seller’s agent word that there were no issues with the house.  Once they moved in, they had a leak in the bathroom upstairs.  Turned out that the roof shingles were nearing end of life and they need to replace asap.  This was an added cost they didn’t know they would need.  They also discovered that they paid the same price as a house that had 2 car garage and 3 bathrooms.  Their home only had 2 bathrooms and 1 car garage.  They could have saved $10K+ if they had negotiated.   Understanding that they needed a professional to help, they were sure to use one on their next transaction.

Benefits

Considering many factors when selling or buying a home.  A Realtor can educate them on what they need to consider.  Making sure that they are getting the right home at the right price.  Also understanding the elements that make up a purchase and sale agreement, what they are obligated to under the terms of the contract.  The benefit of having no surprises and an easy trouble free experience.

Buying Trigger

Discovering defficencies in your newly purchased home that could have been avoided if a professional Realtor was used.  Having a very frustrating or disappointing experience in the past with another Realtor.  Negative experiences are not soon forgotten and making sure that you do your due diligence the next time around.

Buying Process

Take a list of referrals from family and friends and researching those agents online.  Or choosing an agent from local advertisers.  Research as much as possible on social media and online websites.  Call 2-3 agents and request a phone interview.  Ask about 1. Experience 2. Strategy to getting the best price (buy or sell) 3. Services provided and cost if applicable. 

Choice Factors

Meet agents in person and choose an agent that understands their needs, has experience, comes across very trustworthy, and an easy to get along with personality.

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Local Competition

Competitor 1.

Website experience-  This competitor spends upwards of $50K per year on social media, online and print marketing, and gaining online leads.

Market positioning: Main positioning is the formation of Real Estate Teams.  They use a team of staff to cover all aspects of the market.  As a client, you may only deal with the agent at the time of signing contracts, then one of the team members will take over your day to day service.

Reviews: Only positive reviews are posted online.  

Pricing: The commission price is the same for all agents.  Some team agents will charge more because of the high level of service.

Social media: Huge presence on social media.  Instagram, Twitter, Facebook, TikTok etc.  

Strengths: My competitor’s strength is his wide reach in the market.  They use TV, Radio, and Celebrity Referrals to gain an edge.  For their customers they promote knowledge and experience and this goes a long way in customers believing they can do the best for them.

Weaknesses: The biggest weakness is that as a customer you do not get the personalized service from this agent.  Other support staff will answer your calls.  You will only deal with the agent when contracts get signed and offers are made.   They do not work with buyers, only sellers.

Competitor 2

Website experience-  This competitor hires a website company for her website. As a result all the information posted is managed by a third party customer.  

Market positioning: Main positioning is many years of experience.  This competitor has been in the Real Estate business for a very long time and has developed a loyal following and a strong referral network.

Reviews: Very positive reviews.  She is well known and does a great job for her clients.

Pricing: The commission price is the same for all agents.  Some team agents will charge more because of the high level of service.

Social media: Online presence is limited to facebook, but she uses a subscription tool called rankmyagent to gain credibility with her reviews.

Strengths: Main strength is years of experience and knowlegdge.  Strong repeat business network.

Weaknesses: Lack of social media presence and a website that offers a personal touch.  

Competitor 3

Website experience- 3rd party website creator.  Comprehensive site that can generate leads easily.  

Market positioning: Uses a “farming” tactic, which is to focus on a particular area or two and only market in that area.  Large marketing budget but very focussed on her farm area.

Reviews: No real reviews posted.

Pricing: The commission price is the same for all agents.  Some team agents will charge more because of the high level of service.

Social media: Strong presence on Facebook.  Uses facebook page to do more local marketing and new listing alerts

Strengths: Very knowledgeable and experienced.  Strong repeat business network.

Weaknesses: Not a huge online presence which is very important as new buyers and sellers spend more time online.  Also does not work with buyers only Sellers.

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STRENGTHS AND WEAKNESSES

When I first thought about writing a blog about my strength and weaknesses, I immediately thought, this can’t be good for business!  But I’ve had a change of heart.  Why wouldn’t my potential clients want to know what my strengths and weaknesses are?  I actually spend a lot of time already talking and advertising about my strengths.  But It is just as important to have an honest conversation about weaknesses with yourself.

Strengths

Hard working - I go over and above for my clients!  I really do.  I do more for my clients than just taking care of the Real Estate transaction.  I find them movers, cleaners, I spent months helping my clients sell their furniture online because they were down sizing.  I source renovators, painters and interior decorators.   I become their sounding board for any problems they may be having that have nothing to do with the Real Estate transaction.

Negotiating - I’m a great negotiator!  I think it’s because I come from a family of strong female negotiators.  When I was young I was witness to my grandmother, my aunts, and my mom, negotiating the price of everything they ever purchased.   I used to get embarrassed but as I got older, I understood that negotiating is a valuable skill for almost everything you do.  

Educated, knowledgeable, organized - I couldn’t pick just one, but they all mean the same.  I am super focused and in tuned with my industry.  I watch the market carefully.  I look for trends.  I assess the best path for the successful outcome for my clients.  Each client is different of course, so what works for one client may not work for another.  So I have to be super aware of the needs of my client and make sure that the decisions I help them make, are in line with their needs....not my pocketbook! This is a very distinguishable strength from other professionals in the industry.  My commission is the last thing on my mind.  A successful outcome for my client is the most important thing on my mind.

Weaknesses

Controlling - I said it.  I am too controlling.  I would like to improve where I allow the process to work.  Real Estate can be quite fast paced, supply and demand can change week to week.  I can get quite controlling on how we proceed and how fast we can get to that successful outcome.  

Asking for help - I am not a good delegator!  I do every aspect of my business by myself.  I am the marketer, the web designer, I stage my Seller’s homes, and I write my own blogs.  In order for my business to grow, I must delegate these tasks.  I should focus my expertise to what I do best and that’s working with clients and buying and selling properties. 

Downtime - I work every day for 12 months of the year.  I am always buying or selling or looking to buy and sell, or thinking about the next time I buy or sell.  When I’m not working directly with clients, I am focussed on other areas of my business.  I do need to take a step back every so often and re-evaluate.  Sometimes I run the risk of doing the same things over and over and not evaluating the benefit or reviewing my objectives to make sure they are still in line with my goals.