Detoxing your Real Estate Business

[ John Knight on Real Estate Uncut ]
by John Knight Published

Handling and managing a business can be both exciting and exhausting. Whether you’re a start up or have been in the industry for quite some time, the road to continuous pursuit of growth [in all aspects of your business] will never be smooth – it will be a long, slow and bumpy journey but who’s to say we can’t make the ride worthwhile?

In this podcast, I talk about toxicity that needs to be cleansed off from your business and why with Real Estate Uncut’s Kevin Turner.

Here are toxins you should start looking at and cleansing from your business...

Toxic team members

Let's start of by elaborating about the first thing you should be taking out – toxic team members.

In this business journey you’re taking, are you bringing the right things with you? Have you dropped the things that weigh you down, that get in the way of reaching your destination?

If you don’t have the right people on the bus, it’ll slow your journey down or even stop you from getting to where you want and need to be. 

Learn more as I discuss more of the following…

  • The gorillas in your office
  • That PM who puts road blocks up to any change
  • A misaligned team member

Listen to the full podcast here.

Toxic clients

In business, there are challenges that slow or stop business owners from reaching their goals. As I discussed previously one of these things include toxic team members – one wrong person in the bus is considered a hurdle and no one needs someone who will turn the other way negatively affecting the whole journey.

Toxic team members are just few of the ‘toxins’ in the business that should be ‘cleansed’. Did you know that some clients are considered toxic too? Well, maybe, we do know that but do we also know that we should be steering clear of them?

It’s time to work with people who are more aligned with your vision – team members and clients alike. Tune in as I chat more with Kevin Turner about the following…

  • What to do when a client goes ‘rogue’
  • It is trouble if a PM doesn’t want to deal with a landlord
  • The impact on a team can be devastating

Listen to the full podcast here.

Unproductive properties

The question is… how is a property considered unproductive? It’s easy... these are properties that continue to exhaust all your resources yet don’t bring you and your business profit in return. I don’t know how that sounds to you but that’s just a complete waste to me – of time, of energy and of everything else that you’ve got that you could be utilising for something much more productive.

To make things worse, there are landlords that ignore you and refuse to take your advice. It all boils down to returns… are you investing significant resources on the right property?

The solution is to rank properties according to gross annual income. The good news is there is more than just one solution so keep listening as I discuss more of the following…

  • Focus on the bottom 10%
  • Ask the PM to list the properties that cause them the most grief
  • Differentiate between the property and the people connected to the property

Listen to the full podcast here.

Unmanageable management/principals

One thing that will keep any type of business going is learning to adapt to change, changes that are sure to better the business. Implementing change isn’t easy yet it is inevitable. You know you just have to succumb to it even if it means rethinking existing processes. But implementation becomes more of a challenge when someone from your management team refuses to accept necessary changes.

Let me take you through some things you can do to deal with people and circumstances like this as I share more insights about the following…

  • The classic roadblocks
  • Smash through the brick wall and get them back on the bus
  • Family businesses that fail to deal with succession properly

Listen to the full podcast here.

Broken systems and bottlenecks

Just like the human body, there are systems in the business that are vital to keep it going. One broken system affects the body’s ability to function well as a whole and the concept is no different from running a business.

How do you keep systems in your business in perfect shape to avoid bottlenecks? Find out more as I talk about more of the following...

  • You can only scale so much if you are trying to squeeze more through a broken machine
  • Review processes. Unnecessary processes = waste
  • Check on the performance reports you produce

Listen to the full podcast here.

Originally posted at reuncut.com.au.

John Knight
read more by John Knight

John uses his business improvement and strategic planning skills to help his clients improve their position and boost their profits. John helps his broad client base with his unique business improvement services, strategic planning skills and wealth of knowledge on compliance matters.

Further to his business improvement offering, John provides company and business valuations for various purposes including company purchase/ sale, entity reorganisation and matrimonial or dispute resolution.

John is an expert in all things real estate and has built a reputation in the industry for being far more than just an accountant. He also has an in depth knowledge of the Dental sector and works closely with dentists and dental practices to streamline their accounting processes.

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