Scaling your business is an exciting venture, but it also comes with its own set of challenges. Developing a plan to grow your business thoughtfully ensures longevity, and that your brand and customer experience is seamless and not compromised.
At our brokerage, we have taken a very strategic approach to our growth model via a franchising model and corporate office expansion plan. Our goal is to grow without sacrificing our boutique feel, and keep the high-touch offerings and tools available to our agents and clients.
Whether you’re expanding your brokerage, team or personal real estate business, here are a few pointers for growth that you can use to ensure an organic expansion — without sacrificing experience.
1. Know who you are
Having a strong brand identity is a crucial first step in growing your business. If you don’t know who you are and what your mission is, you will get lost in the shuffle.
To expand your footprint and scale your business, you need to have a clear understanding and a defined vision for your company. You also have to know what sets you apart from your competitors.
2. Hire right
I can’t stress enough how important hiring the right people is when seeking to expand your company. Personally, we take a very concerted approach to partnering with the right people in every market we serve. We consider all our staff, agents and clients as family, and we operate as one.
Aligning with partners who share in your vision and mission will ensure your brand translates seamlessly across markets. This will establish a strong foundation for healthy relationships and outstanding customer service.
3. Take your time
Don’t feel like you need to grow quickly to be successful. Taking your time and being thoughtful about your expansion is the key to success.
When we started, we were a small firm with a handful of agents. Looking back at our genesis, and how far we’ve come as a company and a brand, it’s very rewarding to witness our strategic growth. Expanding at a steady pace instead of rushing will minimize any lapse in experience.
4. Be flexible
In the luxury real estate industry, being flexible is paramount. In this ever-changing market and fast-paced industry, it’s important to remain nimble. Scaling your business is no different.
There will be challenges and unexpected circumstances, and you have to remain quick on your feet and adjust course when needed.
5. Perfect your product
Perfecting your product, making sure that what you’re building is unmatched and that you’re blazing a trail will be the secret sauce to scaling. Your clients, agents and staff will feel the difference and know that no matter where they are in the world, if they partner with your brand or company, they are receiving the same level of service.
To conclude, taking steps to scale and grow your business is one way to elevate your brand to the next level. However, the more you grow, the more challenges you’ll likely face. There will be a lot of factors you’ll have to consider to ensure your brand identity and experience are seamless across all markets.
Perfecting your product, staying flexible, being thoughtful about your expansion, hiring the right people and knowing your brand inside and out will ensure your success when taking your company or brand to the next level.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.