Real estate business

Developing Revenue Pillars in Your Real Estate Business — RISMedia

A pillar is commonly defined as “a person or thing believed to reliably provide essential support to something”. While it’s important to develop additional sources of income outside of your real estate career to build wealth, it’s equally important to build pillars of income within your business.

Whether you’re a new agent or have years of experience, consistently developing revenue pillars to support your business is critical to your growth. Relying on just one pillar or two can be detrimental. A change in the market, regulations or relaxation of this particular pillar could be tragic for your business. Developing multiple pillars of income will ensure that your business thrives, and when things change, you can rely more on those pillars that can work at that time.

There are endless possibilities when determining which pillars of income to choose, such as:

  • sphere of influence
  • Former customers
  • Open days
  • Online lead generation
  • Community events
  • Expired ads
  • FSBO
  • Door to door

If you are a team leader or broker, you could include pillars such as:

  • Recruitment
  • Hiring
  • Staff development

As Real Estate Coaches at Workman Success Systems, we support our clients to develop four pillars each year. We put significant thought, focus, detail and intentionality into each pillar so that when fully developed and executed, that pillar alone is strong enough to support 100% of our client’s annual revenue goal.

Developing a pillar to this level doesn’t happen overnight, and that’s why you need to allocate an entire quarter to develop each pillar. Begin by identifying any tasks or activities that need to be completed to launch and operate the pillar. Decide who will complete the defined tasks and a deadline for each task to be completed. Then, block out time on your calendar so that each day you dedicate the appropriate amount of time to completing those tasks on time. Keep in mind that this action plan or list doesn’t have to be perfect, so don’t overthink it. Perfection hinders progress, so act now and keep implementing.

If you don’t already have a strong SOI and a backbone of past clients, we recommend spending an entire quarter developing each as a specific pillar. Once you have these two pillars running, each subsequent year you should focus a quarter on improving and strengthening your SOI pillar and your past clients.

Choose the other three pillars based on an alignment of your strengths and opportunities. For example, if you are good on the phone, you can choose the circle

prospecting and expired as a mainstay. If being face-to-face with someone is your strength, you can build pillars around open houses, door-to-door, or networking at events.

Despite the size of your goals, with each pillar completed, you will come one step closer to achieving those goals. When you execute this strategy, imagine what your business could look like in just two years, when you have eight revenue pillars producing additional revenue.

In 2001, six years after serving in the Marine Corps, mike coke started his career in real estate. In 2010, Coke opened Terra Firma Realty, and since then has been the No. 1 for lakeside sales in south-central Wisconsin MLS, which has more than 3,800 agents. With his “Workmanized” team, Coke has been able to focus on the continued growth of his business while helping him coach his clients to achieve their goals and the success they desire.


Source link