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5 Essential Things to Consider Before Starting A Real Estate Business

5 Essential Things to Consider Before Starting A Real Estate Business

The real estate industry has long been a niche that is constantly thriving. No wonder there are a lot of people who are interested in starting businesses in this industry. One can easily expect success in real estate given that there are a lot of companies and individuals that are evident of real estate success.

However, just like any other business, there is still hard work, perseverance, and bit of luck involved in order to achieve success in this industry. That is why there are essential things to consider before starting a real estate business.

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1. Be Very Specific

The real estate industry is a very broad industry due to its wide scope. If you intend to start a business in this industry, then be specific about the niche that you are going to work in, whether you want to work in housing development, land buyouts, agricultural development, commercial spaces, or be just a simple landlord. Whichever genre you choose, make sure that you are quite knowledgeable about it.

2. Do Some Research and Be Open to Continuous Learning

Even if you already have experience working in this industry, there will always be room for more knowledge. That is why you need to do some research and be open to learning new things.

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You have to keep in mind that this industry is constantly evolving and that some of the things you already know could become obsolete due to changes in the industry. Your knowledge is your greatest asset in this type of business.

3. Capital Money

Once you have chosen a particular niche in the real estate industry that you would like to work in, then you have to secure a certain amount of money in order to jumpstart your business.

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The money that you are going to need will depend on the size of the business that you are planning. You have to calculate the costs involved beforehand, and this includes the amounts that you are going to spend during the first few weeks of the business when there is no revenue coming in. Remember that real estate is not like a retail store, wherein goods are easily sold and bought.

4. Build a Team of Experts

In the world of real estate, businesses rely heavily on real estate agents who provide clients and work on behalf of employers.

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These real estate agents need to possess qualities that can make them efficient and productive. They need to be dynamic enough so that they are able to handle the tough competition in booking deals and closing out transactions for their employers, along with taking action on business plans. It is also important for them to have numerous leads and connections so that they are able to cover a bigger scope. Geography should not be a factor for their limitations and capabilities. You need dynamic real estate agents who can be considered experts in their field.

5. You Must Be Ready for Change

As mentioned above, the real estate industry is constantly evolving, and it is important for you as a business owner in this industry to embrace change rather than avoid it. There are a lot of factors that can quickly cause change in this industry, such as the economy, calamities, stock exchange, etc. This is why a business owner needs to be open to the changes that will be experienced along the way. It is important for them, as well as their real estate team, to be able to adapt to these changes in order to stay competitive.

Following the above tips and using them to your advantage will surely help you to succeed with your own real estate business. Good luck!

Featured photo credit: India Filings via indiafilings.com

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Last Updated on April 8, 2020

9 Tips for Starting a New Job and Succeeding in Your Career

9 Tips for Starting a New Job and Succeeding in Your Career

Congratulations, you’re starting a new job! You’re feeling relieved that the interviews and the wait for a decision from the hiring manager is over, and you’ve finally signed the offer.

Feelings of fear and anticipation may surface now as you think about starting work on Monday. Or you may feel really confident if you have plenty of work experience.

Remember to not assume that your new work environment will be similar to previous ones. It’s very common for seasoned professionals to overestimate themselves due to the breadth of their experience.

Companies offer different depths of on-boarding experiences.[1] Ultimately, success in your career depends on you.

Below are 9 tips for starting a new job and succeeding in your career.

1. Your Work Starts Before Your First Day

When you prepared for your interview, you likely did some research about the company. Now it’s time to go more in depth.

  • How would your manager like you to prepare for your first day? What are his/her expectations?
  • What other information can your manager provide so that you can start learning more about the role or company?
  • What company policies or reports can you review that can get you acclimatized to your new job and work environment?

You’ll need to embrace a lot of new people and information when you start your new job. What you learn before your first day at work can help you feel more grounded and prepare your mind to process new information.

2. Know Your Role and the Organization

Review the job posting and know your responsibilities. Sometimes, job postings are simplified versions of the job description. Ask your manager or human resources if there is a detailed job description of your role.

Once you understand your key responsibilities and accountabilities, ask yourself:

  • What questions do you have about the role?
  • What information do you need to do your job effectively?
  • Who do you need to meet and start building relationships with?

Continue to increase your knowledge and do your research through the company Intranet site, organizational charts, the media, LinkedIn profiles, the industry and who your company competitors are.

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This is not a one time event. Continue to do this throughout your time with the company. Every team or project you engage with will evolve and change.

Keep current and be ready to adapt by using your observational skills to be aware of changes to your work environment and people’s behaviour.

3. Learn the Unwritten Rules at Work

Understanding your work culture is key to help you succeed in your career.

Many of these unwritten rules will not be listed on company policies. This means you’ll need to use all of your senses to observe the environment and the people within it.

What should you wear? See what your peers and leaders are wearing. Notice everything from their jewelry down to their shoes. Once you have a good idea of the dress code you can then infuse your own style.

What are your hours of work? What do you notice about start, break and end times? Are your observations different from what you learned at the interview? What questions do you have based on your observations? Asking for clarity will help you make informed decisions and thrive in a new work setting.

What are the main communication channels?[2] What communication mediums do people use (phone, email, in-person, video)? Does the medium change in different work situations? What is your manager’s communication style and preference? These observations will help you better navigate your work environment and thrive in the workplace.

4. Be Mindful of Your Assumptions

You got the job, you’re feeling confident and are eager to show how you can contribute. Check the type of language you are using when you’re approaching your work and sharing your experiences.

I’ve heard many new employees say:

  • “I used to do this at ‘X’ company …”
  • “When I worked at “X” company we implemented this really effective process …”
  • “We did this at my other company … how come you guys are not …”
  • “Why are you doing that … we used to do this …”

People usually don’t want to hear about your past company. The experiences that you had in the past are different in this new environment.

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Remember to:

  • Notice your assumptions
  • Focus on your own work
  • Ask questions, and
  • Learn more about the situation before offering suggestions.

You can then better position yourself as a trusted resource that makes informed decisions tailored to business needs.

5. Ask Questions and Seek Clarification

Contrary to common belief, asking questions when you’re starting a new job is not a vulnerability.

Asking relevant questions related to your job and the company:

  • Helps you clarify expectations
  • Shows that you’ve done your research
  • Demonstrates your initiative to learn

Seeking to clarify and understand your environment and the people within it will help you become more effective at your job.

6. Set Clear Expectations to Develop Your Personal Brand

Starting a new job is the perfect time to set clear expectations with your manager and colleagues. Your actions and behaviors at work tells others about your work style and how you like to operate. So it’s essential to get clear on what feels natural to you at work and ensure that your own values are aligned with your work actions.

Here are a few questions to reflect on so that you can clearly articulate your intentions and follow through with consistent actions:

Where do you need to set expectations? Reflect on lessons learned from your previous work experiences. What types of expectations do you need to set so that you can succeed?

Why are you setting these expectations? You’ll likely need to provide context and justify why you’re setting these boundaries. Are your expectations reasonable? What are the impacts on the business?

What are your values? If you value work life balance, but you’re answering emails on weekends and during your vacation time, people will continue to expect this from you. What boundaries do you need to set for yourself at work?

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What do you want to be known for? This question requires some deep reflection. Do you want to be known as a leader who develops and empowers others? Maybe you want to be known for someone who creates an environment of respect where everyone can openly share ideas. Or maybe you want to be someone who challenges people to get outside their comfort zones?

7. Manage Up, Down, and Across

Understanding the work styles of those around you is key to a successful career. Particularly how you communicate and interact with your immediate manager.

Here are a few key questions to consider:

  • How can you make your manager’s job easier?
  • What can you do to anticipate her/his needs?
  • How can you keep them informed (and prepared) so they don’t get caught off-guard?
  • What are your strengths? How can you communicate these to him/her so that they fully understand your capabilities?

These questions can also apply if you manage a team or if you deal with multiple stakeholders.

8. Build Relationships Throughout the Company

It’s important to keep learning from diverse groups and individuals within the company. You’ll get different perspectives about the organization and others may be able to help you succeed in your role.

What types of relationships do you need to build? Why are you building this relationship?

Here are some examples of workplace relationships:

  • Immediate Manager. He/she controls your work assignments. The work can shape the success of your career.
  • Mentors. These are people who are knowledgeable about their field and the company. They are willing to share their experiences with you to help you navigate the workplace and even your career.
  • Direct Reports. Your staff can influence how successful you are at meeting your goals.
  • Mentees. They are another resource to help you keep informed about the organization and your opportunity to develop others.

Other workplace relationships include team members, stakeholders, or strategic partners/sponsors that will advocate for your work.

Learn more in this article: 10 Ways to Build Positive And Effective Work Relationships

9. Keep in Touch With Those in Your Existing Network

“Success isn’t about how much money you make; it’s about the difference you make in people’s lives.” – Michelle Obama

You are part of an ecosystem that has gotten you to where you are today. Every single person and each moment that you have encountered with someone has shaped who you are – both positive and negative.

Here’s How to Network So You’ll Get Way Ahead in Your Professional Life.

Make sure you continue to nurture the relationships that you value and show gratitude to those who have helped you achieve your goals.

Summing It Up

There are many aspects of your career that you are in control of. Observe, listen, and make informed decisions. Career success depends on your actions.

Remember to not assume that your new work environment will be similar to previous ones.

Here are the 9 tips for starting a new job and succeeding in your career:

  1. Your Work Starts Before Your 1st Day
  2. Know Your Role and the Organization
  3. Learn the Unwritten Rules at Work
  4. Be Mindful of Your Assumptions
  5. Ask Questions and Seek Clarification
  6. Set Clear Expectations to Develop Your Personal Brand
  7. Manage Up, Down, and Across
  8. Build Relationships Throughout the Company
  9. Keep in Touch With Those in Your Existing Network

Celebrate, enjoy your new role, and take good care of yourself!

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Featured photo credit: Frank Romero via unsplash.com

Reference

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