Why It’s Critical in This Market to Run Your Real Estate Business Like a Fortune 500 Company
What do the words “Fortune 500” mean to you as a real estate business owner? According to Investopedia, the term Fortune 500 refers to a list compiled by Fortune magazine each year that highlights 500 of the largest companies in the United States compiled. These 500 companies are ranked by their annual revenues by fiscal year, and the list includes both public and private companies using publicly available revenue data. If your company makes it to the Fortune 500 list, it’s a mark of success and accolade.
Whether you’re chasing the Fortune 500 list or not, in real estate, you’re always aiming higher and chasing your next phase of growth. But to ensure your real estate business lasts in the long-run, especially in the twists and turns of the current market, you need to start thinking like a Fortune 500 CEO.
Running Your Business Like a Fortune 500 Company
CEOs and leaders of Fortune 500 companies don’t just wake up one day and find they’ve landed their companies on the list. It’s the result of hard work, mistakes, learnings, and plenty of grit. Does this sound familiar to you? It should, since these are the same ingredients you’re likely mixing together to build a successful real estate business. These companies are also founded on principles of process, having strong systems in place, and investing in efficiency.
In real estate, we usually see “rainmakers” and champion closers highlighted. Process, who? These pros are what we think of when we hear the words “real estate agent”. They’re people-oriented, natural-born hustles, boots on the ground out in the field, and closing deals left and right. Hitting these closing targets is a win in real estate, and it does directly impact the bottom line of your real estate business. But is simply chasing your next close sustainable for ensuring success in the long haul?
Why You Need to Scale Your Business Like a Top Company
The short answer? No. If you want to achieve success at scale, you need to invest in understanding, tailoring, and growing the meticulous, more process-oriented stuff, too. While business operations may sound boring and not be as thrilling as getting a tough deal over the finish line, they’re still crucial to focus on. These are the things that serve as the foundation for your business’s growth, much like Fortune 500 companies. It’s how you can boost your real estate business’s productivity, keep operations on track, and ultimately ensure it can scale and evolve with the market.
Don’t worry — you don’t need to dust off any spreadsheets or try to start from square one in the name of operating like a top-tier CEO. Running your business like a Fortune 500 company is actually well within reach.
Smart Tools to Help Your Business Grow (and Keep it Growing)
Like we said before, these Fortune 500 companies didn’t hit the acclaimed list overnight. Having smart systems and strong processes in place helped these companies achieve repeat success, allowing them to scale their operations, hiring, and boost their revenue over time. This leads to explosive growth. So, how can you replicate this approach to growth and scalability over time? With an arsenal of smart, intuitive tools designed to work with your business at each and every stage.
Consider a platform like kvCORE. It’s jam-packed with foundational real estate tools agents and real estate businesses can’t afford to skip out on (literally). The kvCORE platform has an AI-powered CRM, built-in lead generation, automated marketing tools, customizable IDX websites, crucial integrations, and so much more — all within one single tool. It was designed to be easy to use and equally powerful, so agents can get more time back to close deals, and brokers can rest assured their front office operations are running seamlessly. The kvCORE platform can scale with your business, helping sustain its growth through powerful, automated, intelligent smart tools.
To continue to keep your real estate business running like a well-oiled machine — or a Fortune 500 company — you also need to dig into the details usually located in your back office. This is where transaction management, billing and bookkeeping, commission handling, and brokerage-wide reporting takes place. It’s natural to gravitate towards platforms that claim they’re the latest and greatest, but these can be time-consuming to use, expensive, and not connect with tools your business is already using. In the spirit of operating like a top corporation, you need to ensure these foundational pieces of your business are operating at their highest caliber.
Enter: Brokermint. This is a platform developed specifically to support a brokerage’s back office. It takes all the time-consuming yet critical back office tasks needed to keep your business running smoothly and makes them simple, streamlined, and easier to manage. By streamlining back office operations, you can generate maximum efficiency, and in turn, maximum profit. What better way to emulate a Fortune 500 company?
If you’re ready to put yourself in the driver’s seat of your real estate business’s scalability and success, you need powerful technology that can get you there. To learn how kvCORE can get your front office on par with a top corporate company, click here to see its innovative features. To get your back office running like a well-oiled machine, and help your real estate business scale and grow, be sure to schedule a demo for Brokermint today.