In our last blog post, 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:
- Human Resources
[Tweet “There is no chance for profit unless you have sales.”]
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. However, there is no chance for profit unless you have sales.
Your commercial real estate sales division is impacted by each of your other divisions. Marketing eases the sales effort. Operations makes sales more efficient, Finance tracks your sales funnel and Human Resources puts you in position to be more effective in your sales efforts.
[Tweet “Sales is the disciplined act of asking for business.”]
Whether consisting of just you or a full sales team, sales is the disciplined act of asking for business. Your sales division, consisted of three components, is essentially your prospecting plan.
3 Components of Your Sales Division
- Identifying your target market
- Designing a value proposition directly impacting your target market
- Delivering your value proposition to your target market, through
- Prospecting letters
- Prospect calls
- Prospect meetings
Designed correctly, your sales division will be a catalyst to the rest of your personal commercial real estate practice.
In our subsequent blogs, we will explore the remaining four divisions more in depth. For now, download this free Personal CRE Business Org Chart to outline the key elements of your business. We will give you all you need to complete this chart over our next blog posts.
Fifth on your list, and often overlooked, is the Human Resources angle. Many real estate professionals have either poor or no choices for putting money aside for retirement, having that money grow, and protecting that money from creditors or even bankruptcy. This is my specialty, and to that end, I can be your “HR Department.” Far too few successful professionals are aware of the tax-favored strategies that are put to use by those in the know. I am happy to answer questions on this topic, and welcome the opportunity to tell you what I do and how we work.