Gary Keller, co-founder and chairman of the board of Keller Williams, has a common refrain that has changed the lives of countless agents: “real estate agent” is simply a legal term – what you are is a businessperson. The notion that an agent is merely a broker for buying or selling homes is antiquated. To be successful in sales now means becoming business savvy, and part of being savvy means understanding when and how to expand your business.
What is expansion?
Keller Williams believes that a business can grow as large as the owner’s vision will allow it to given the right models and systems. The Mega Agent Expansion program, a vision of Keller’s, is the next opportunity once an agent has mastered their local market because it allows a successful real estate business to scale across market centers, states and even international borders.
Advice on expansion from those who have scaled
If you are on the fence about expanding your business, Mega Agent Expansion Vice President Kristan Cole and industry leaders Ben Kinney and Adam Hergenrother have a message for you. Each describes their personal experiences with expansion and, specifically, how it helped them grow their business.
“You’re going to have to find new pools of opportunity.”
Cole advises focusing on the necessity of expansion only after your business has reached a certain level of success. In other words, she believes in expansion because of success, not success through expansion. But, she notes, relationships are key when the time for expansion comes. “Relationships are the only thing that matter with expansion.” That means learning to pick and rely on the right kinds of people. Finding someone who can take over expansion for you is key. So, a key part of expansion success is finding someone who you implicitly trust to get the job done so you can focus on other aspects of your business.
“Not expanding my business is one of the most selfish things I could do in my life.”
For Kinney, expansion was a geographic necessity. Working in his hometown area forced expansion because his financial goals were bigger than what the small town could produce. But he insisted on dominating his market before moving into other areas through expansion, rather than trying to grow his business and market share at the same time.
Kinney sees refusing to expand as a poor choice made by a service leader. Expansion allows for the personal growth of those you employ. By expanding, you’re giving the people who work for you the opportunity to fulfill their own goals and destinies by stretching themselves in new markets. He believes that the goal is not simply to make a million for yourself, but to be so successful you help others achieve that goal as well.
“Expansion is a journey for you and business is nothing but a conduit for your own personal growth.”
Hergenrother’s discussion drew attention to the importance of expansion as yet another aspect of personal growth. “It’s not about what you get, it’s about who you become when you join our organization.” With that in mind, expanding your business becomes a personal journey, wherein you are able to challenge yourself. And these challenges lead to new growth and understanding. Maybe you’ll make mistakes and fail on the way, but those are all just steps in the process of learning how to expand. A drive for new challenges, an eye for hiring the right talent, and a desire to help those around you grow their business are all integral parts of the expansion process.
It All Starts With a Solid Foundation
While most teams aren’t ready to expand right away, ensuring that you’re growing with this limitless mindset and the right models and systems will ultimately determine the ease at which expansion will be possible in the future.