In our recent blogs I shared how we work with our commercial real estate coaching clients in building their personal commercial real estate business. We instill the perspective that each is his/her own Chief Executive Officer of their own business. Yes, you are the CEO of Me, Inc. And as the CEO, just like the CEO of Amazon, Facebook or any other company you can think of, including your own brokers’, you have five divisions to support your pursuit of profits.
These five divisions include: Sales, Marketing, Finance, Operations, and Human Resources.
In this final post of the series, I am going to focus on the most personal, or is it personnel, of them all—you. You see, you are your company’s greatest asset. As such, it is essential that you are improving yourself continually. Your competition is improving themselves, your clients’ needs are always changing, and the market will always shift. It is vital that you grow as well. Grow yourself personally, and potentially grow a team around you.
As I noted in my initial blog of this series, you must implement each of these five divisions in your personal commercial real estate practice. Missing one of these essential elements could potentially stop your business and you from growing and ultimately producing profit.
Remember, what you did last year, or any year in the past for that matter, will not necessarily create the same results in the future. In fact, they most likely will not.
Your HR division must always be operational, not just when “you have the time”. Not improving yourself is nothing more than an excuse, and ultimately the biggest mistake your peers make when they find themselves in a rut or with little prospects in their pipelines. However, there are 5 paths of self-improvement you can take in your commercial real estate practice.
5 Elements of Your Human Resources Division
- Coaching – Leveraging someone who has walked in your shoes, an accountability partner and someone to share best and next practices.
- Training – Self implementing – Learning new approaches, via webinars, books, lectures
- Mentoring – Seeking guidance from a mentor – your personal board of advisors
- Goals – Establishing the 2 to 3 most essential elements to move your personal business forward, and then consistently following up on these aspirations, through achievement.
- Team Meetings – All companies require formal meetings to evaluate progress. Meet with yourself, a partner, mentor, associate or coach.
Remember, these five paths are mutually exclusive. Many of your top performing peers combine several of these five elements into their practice. Whether you elect to implement one, two, three, four or all five, the key is that you continue to grow. If you become stagnant, so will your company.
This concludes our blog series “The 5 Divisions of Your Personal Commercial Real Estate Practice”. In our subsequent blogs, as we have done over the past years, we will continue to explore the elements of each division in greater detail.
If you haven’t already, download this free Personal CRE Business Org Chart and outline the key elements of your personal commercial real estate business. Keep this in front of you during your day and remember to always work to fortify each division.