Setting targets is certainly not a new business strategy. It is generally viewed as a first step towards realizing the corporate objectives of an organization. What however marks out firm A from B, when it is time to take stock, is the kind of human and material resources deployed to achieve the goals, along with the management of such resources.
Running a complete real estate firm is much more dignifying and profitable when these resources are holistically harnessed.
Vision and foresight are needed when you consider nursing an ambition to lead a mega real estate firm – offering complete professional services which involve surveying, engineering, architecture, project financing, construction and property consultancy – that could compete with some of the best in the world. You should also know that it would not be a mean task, considering the financial and intellectual implication. But with determined, you can actualize your dream.
Setting up the firm had little to do with money. What is considered paramount is the vision as well as adopting the necessary strategies. You can start any business based on your resources (finance). Its success will however depend on your vision and the approach. The vision is to set up a truly multi-disciplinary professional practice that will house under the same roof, architects, engineers, surveyors, town planners and valuers, among others.
To achieve that, you must develop or nurture a body of knowledge that encompasses all the fields. The thing is to try to generate ‘a supermarket’ where all estate products can be made available to the generality of the public.
To set up a real estate firm which will gain acceptance and stand the test of time, a graduate in that field of studies may need to have worked in a number of firms to garner the necessary experience, especially to be able to direct the affairs of the company well.
In every career, there is always a learning period. It may not be possible for somebody to leave school and immediately go into consultancy; you have to learn the rope.
You have to join the firm that offers that wide range of experience. And if that is not readily available, you can change your job two or three times, among different areas of specialization, within the real estate business. This is necessary to equip you adequately to be able to tackle and aspect of the business when the need arises. Without that you may not function well.
Working in two or more frontline firms will exposed you to site meetings and generation of drawing among others. That period will put you in the thick and thin of the job and undoubtedly prepared you for the great challenges of the real estate business.
A number of experienced professionals, preferably in different aspects of real estate, may also come together to form a formidable team. This is in line with a guide provided by Dr. Steven Sjuggerud in ‘The Key to Getting Started in Real Estate Investing’.
To build support of mega-firms, owners of smaller firms should rather consider mergers to form mega firms in order to handle complex projects. The firm will blossom with each member of the team deploying his or her expertise to every project. To succeed in this, practitioners have to eschew greed, seek recognition first by doing quality job consistently, then money will naturally come.
The location of the office is vital for the corporate image of the firm. Closely linked to this, are the facilities to work with in the office. In terms of deployment of Information and Communication Technology, it is not cheap in addition to the payment of rent. But, once you are able to prove that you can deliver the professional knowledge and services, people will pay for them.
The kind of expertise and attention to details given to the first set of projects, and indeed all projects handled by the firm, will determine the perception of the public towards your organization.
Indeed, this will make you see every project as a form of examination. Give it your best and expect the result will come with the next project. So, when you advertise your services, it is just a mere formality. The real advertisement is in the quality of your job and the expansion of the business.
Before long, the business will multiply by hundred folds through creativity, diligence and consistency of the entire workforce.