with Paul Siderovski Sidcor Chartered Accountants
First thing you need to do is make a choice that you want to build a real business. What do you mean I hear you say? Well, if you are running a profitable agency, the chance of you changing what you’re doing is probably less than 5%. You won’t want to jeopardise the machine that is making you money. Well, you can do both… maintain the profit and invest in actually building a real business.
So, what is the definition of a “real” Real Estate business?
A business that is not reliant on any one person including the principal agent and has the right people in the right roles. This includes sales agents doing the selling, including the principal, and having a General Manager/CEO running the actual business. The goal is to build a sustainable real estate business that is not reliant on you! I have worked with five of the top performing real estate businesses in the country using a simple 5-Step process. One of these being the most profitable real estate business in Australia.
But why would you want to build a business that is not reliant on you?
Well, what the f#$@% are you working for? Don’t you want to work to live and not live to work? Isn’t that the ultimate goal? So many business owners forget to live and enjoy the business as it fills their life and meets their basic needs of achievement, growth and certainty. Add the benefit of living a better life and you have it all!
So what do you need to do once you have made the choice? Outlined here is the 5-Step Process that I work through with my clients:
1. Purpose
What is your agency about? What is the WHY behind it? People buy “why you do what you do” not “what you do”! If you haven’t read Start With Why by Simon Sinek then this is your first step. The WHY is the core belief of the business. It's why the business exists. As a leader of the business you need to ensure that you have set the purpose of the business. It sets the CONTEXT for the business and hence defines all the CONTENT or activity to undertake in line with the WHY? The best performing real estate business in Australia’s why is “to be the best we can be”. They are super clear on their purpose and this sets the whole CONTEXT for their business.
2. Commercial vision
Staff want to know where the business is going and what they are working towards. Be specific and ensure ALL staff know the owner’s vision and what they are building. Make the vision clear, specific and measurable so you know when you get there. Not having a commercial vision is like getting the kids in the car and saying we are going on holidays and start driving. The first thing the kids ask is “Where are we going?” Your staff are the same!
3. Values
Once you have a vision, create a core set of values that you live and breathe by, this will ultimately ensure all teams are working in the same way (not just in the same direction)… and it all starts with the leader of the business. If they are not embracing the values and just “talk” the values then nothing will change. Having a distinctive vision and core values in play will attract and retain the right people that resonate with these values, and will exit those that are better suited elsewhere.
4. What about me, what about me?
Once you have your VISION and core set of VALUES, the next thing the staff want to know is “How do I contribute?” and “Where do I fit into the vision?” Ensure your staff have clearly defined roles and responsibilities; ensure their career path is defined and relates to the commercial vision. By commercial vision I mean specific time-framed goals that you are working towards. Link their position in the business to these goals and they will ignite.
5. Communication
How do you communicate in your business? Is it FEAR based or from a place of LOVE? Engagement not only refers to how staff INTERACT with their work, it is also about how effectively employees and directors communicate with each other. This will be the game changer in any business. Make your communication open and honest as staff will mirror the leaders of the business. Engage them in conversation, encourage them to be open and communicate their thoughts, help them to help the business
The founder and Managing Director of SiDCOR Chartered Accountants, has 20 years experience since starting as a chartered accountant with PricewaterhouseCoopers in 1995. Paul started Newcastle-based SiDCOR in 2002. Paul has a Bachelor of Commerce from the University of Newcastle.
At SiDCOR we have 5 core values that we live and breathe by; it’s how we show up each day and how we service our customers:
1. Heart and Soul We love what we do. We love our clients. We treat it like our own. We come from a place of love and treat staff and clients like family.
2. Do what we say we will do We deliver what we promise. Our word is our bond. We take responsibility for our choice and the outcome.
3. Raw and Real We tell it as it is. We tell our truth. We do what is right and fair. Be yourself.
4. Push the boundaries We innovate, work smarter and think outside the square. We do whatever it takes. We go above and beyond and step up when needed.
5. Back yourself and each other We respect, consider and support others. We have your back. We are passionate and believe in ourselves and what we do. We play as a team. Dare to be great.
This process will change your life!!
For further information contact SiDCOR on 1300 743 267, email paul@sidcor.com.au or visit www.sidcor.com.au