As a Realtor®, you might have heard the term “business rules” and wondered, “What exactly does that mean for me?” Simply put, business rules are personalized policies and procedures that guide your day-to-day operations, ensuring consistency in serving your clients. These rules are not about rigid mandates but about creating a framework that supports your brand, enhances your reputation, and improves the effectiveness of your negotiations.
Why Business Rules Matter
Your brand is a promise of an experience. If the way you serve your clients isn’t repeatable, you don’t indeed have a brand—at least not one that you can rely on to be the cornerstone of your business. Consistent processes, defined by clear business rules, set successful real estate professionals apart. They allow you to deliver the same high-quality service to every client every time.
Consider this: When a client refers someone to you, they expect their referral to receive the same excellent service they did. Without established business rules, it’s easy for service quality to vary, potentially leading to disappointment and a damaged reputation.
Creating Your Business Rules
Start by documenting what your clients can expect from you and what you expect from them in return. This might sound simple, but it’s the foundation of your business rules. For instance, you could have a rule that you update your sellers on their listing status every Monday morning. In return, you might expect your sellers to respond promptly to any offers.
These expectations should be communicated to your clients, perhaps through a “How I Work with Sellers” document. Including a section for their signature formalizes the process and sets the tone for a professional and organized business relationship.
Areas to Consider
When thinking about your business rules, here are some key areas to focus on:
- Business Hours and Availability: Define when you are available for clients, setting boundaries, and ensuring your time is respected.
- Pre-Qualifying Processes: Establish how you determine whether a prospect is ready to engage in a transaction through financial pre-qualification or determining their commitment level.
- Communication Channels: Decide how and when to communicate with prospects and clients. Communication methods include regular updates via email, phone calls, or even text messages.
- Market Data Updates: Keep your clients informed of the latest market trends and data. Your rule might be to provide a market update at every client meeting or send out a weekly market newsletter.
- Technology Use: Determine what technology tools you will use to streamline your processes, whether it’s a CRM system, digital signing platforms, or social media for marketing. Ensure everyone on your team is using the same technology.
- Post-Contract Processes: Outline what happens after a contract is signed. A checklist that includes inspections, paperwork, and contingencies works well.
- Post-Closing Processes: Define your after-sale follow-up strategy. Include closing gifts, a client satisfaction survey, and regular check-ins.
- Marketing Strategies: Document your approach to marketing, including your brand values, brand kit, selected channels, and positioning.
- Staff Roles and Responsibilities: If you have a team, clearly outline each person’s role and what they are responsible for. Doing so will ensure everyone knows their duties and contributes smoothly to operations.
- Professional Development: Set standards for ongoing learning and development for yourself and your team. Attending industry conferences, completing certifications, and regular training sessions are enriching and keep you and your team motivated.
- Budgeting Processes: Have a clear plan for managing your finances, from setting budgets for marketing to allocating resources for professional development.
Taking the First Step
Creating business rules might seem daunting, but it doesn’t have to be. Start small—pick one or two areas to focus on each week. Before you know it, you’ll have a comprehensive set of business rules that guide your operations and set you apart as a true professional in the real estate industry.
By taking the time to establish these rules, you’re not just organizing your business—you’re building a brand that clients can trust and refer to with confidence.
