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Busting the top 5 myths surrounding starting your business

(BROKERAGE NEWS) Growing your company based on success stories of others can lead to some common misperceptions, don’t believe the myths you hear!



desk office scheduling myths

Growing your company the right way

We’ve all seen the dramatic tales of college kids chugging Red Bull, coding a site, and becoming billionaires, and we’ve heard a myth (or twenty) about companies that went from idea to fame in mere weeks, but the truth is that those are exceptions to the normal business rules. We’re all familiar with the success stories of entrepreneurs that were perfectionists and filled with passion.

These exciting stories often become the basis of comparison for many professionals and entrepreneurs, and risks are taken and avoided based on the success journeys of predecessors. So what are the most common myths surrounding how to grow a company?

We asked Himanshu Sareen, CEO at global technology consulting firm, Icreon Tech, Inc. to dispel these myths. Below, in his own words are the five most common myths about growing a company:

Myth #1: take every project that comes your way

Although ambition is crucial for growth, it can also be a downfall. For a great deal of up-and-coming businesses, it is fairly easy to bite off more than one can chew. Landing an international Fortune 500 client may seem like the turn-key solution to grow a business, but use caution. The same goes for contracts with monetary value that is below a certain threshold.

While small in size, such projects can quickly take up valuable time and resources.

Remain practical and focus on what is feasible in terms of the organization’s bandwidth. If a business dives in too deep, they may very well find themselves out of their league. My best advice would be to choose projects with a sustainable long term vision in mind.

Myth #2: ignore culture, it can wait

Holding off on establishing a solidified company culture can equate to significant obstacles down the road. As a company grows and adds on members there is less and less time to focus on establishing a company culture. By focusing on culture, meaning the attitudes, expectations, and environment of a company, a business can better position itself for growth down the road.

And don’t just think about ping-pong tables and trendy branded T-shirts.

As a business grows, founding members are the arbiters of culture. Such critical players are the one’s in place that are in charge of approving new hires, and they should live and breath the essence of the team.

When a business places culture on the back-burner, the major impediment that results rests in the hiring area. Without a team that melds and collaborates effectively, growth is guaranteed to be stymied.

Myth #3: don’t sell until the product is perfect

Maintaining the delicate balance between expanding the sales pipeline while simultaneously building the logistical capacity to deliver, is a constant struggle. There is a pervasive mindset to refine until perfection before heading to market. Although such caution is warranted, focus on a parallel approach to aggressive growth and delivery. Rather than holding off on sales and revenue growth while a product or service is refined, a business should drive forward and build as much as possible.

Although growing and simultaneously expanding to compensate is a challenge, it is preferable to going through the cyclical phases of focusing solely on sales and re-adjusting to attend to growth. Temptation to yo-yo between the two can severely hamper expansion. Such an approach can easily kill positive momentum. There needs to be a constant and vigilant parallel focus on gaining new business and building the resources to deliver.

Myth #4: there is no room for bad decisions

Experimentation is the key to innovating. And with any experiment there is a chance of failure. But do not fear failure. Although it is a played out quote, failure is one of the greatest teachers in life. Facebook famously centers their operations on the mantra of ‘Move Fast and Break Things’. Making mistakes is a vital part of the process needed for growth.

Businesses can only expand by stepping outside of the comfort zone.

Expansion requires delving into emerging markets, executing new marketing campaigns, or taking a chance on ‘outside the box’ hiring prospects. Although failure may occur, it should not prevent valuable experimentation.

Myth #5: credentials are everything

While top-tier graduates and stellar resumes may seem like the secret weapon for success, credentials are not the only qualifier for greatness. Often times the qualities of a high-performance rockstar cannot be properly communicated through a resume or cover letter. In-person communication and personality are critical. Flexibility, communication, and work-ethic are what you need as a smaller company pursuing growth.

In some instances, focusing too heavily on credentials can end up turning you into the 2008 New York Yankees. This also ties back to the importance of establishing culture from the outset. With an established culture a business will be able to attract the valuable team members needed to truly meld with the team.


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Real Estate Brokerage

Why real estate brokerages are not startups

(REAL ESTATE) Brokerages are popping up nationwide that are sleek and modern, and also misinformed as they call themselves startups. Let’s talk about the technical definition.



real estate startup

Businesses that are just starting out often refer to themselves as startups (which is inappropriate given that startups are funded differently, scale differently, and have completely different KPIs). Take real estate brokerages, for example. An increasing number call themselves startups, but when you look at the definition of a startup, can you really call yourself one?

Small businesses and startups have very different definitions (and there’s no shame in being a small business or an “innovative brokerage”). Let’s discuss.

1. Startups have a different goal altogether.

Typically, startups are about growth. They’re designed from day one to scale extremely quickly. Small businesses are often limited by a target market or geographic location. There’s nothing wrong with that, but they aren’t scalable the same way an international software brand is. Think about scaling in terms of a beauty salon versus MatchCo, an app that uses technology to create a foundation just for you. A franchise does not a startup make.

2. Startups generally seek outside funding to accelerate growth.

Startup founders often give up equity shares to generate funds before becoming profitable. Small businesses are typically self-funded, bootstrapped into profitability, and owned by one or a select few. A small business venture is typically less risky than a startup, too. The idea behind a small business venture is profit, and you want the business to last. Startups are structured to be sold or acquired once it hits critical mass – a “startup” is temporary.

3. Startups disrupt the industry.

Think about these companies – AirBnB, Google, Dropbox, Facebook, even Apple, a long time ago. In their early days, they were startups. It was risky to invest in these companies as they were trying something new (not iterating on something like the real estate practice which is one of the oldest professions in America), but they have outshone their competitors. They disrupted the marketplace. That’s what a startup does. And it doesn’t always work. Sonitus Medical attempted to disrupt the hearing aid market. They raised almost $90 million in funding before the Centers for Medicare & Medicaid Services decided the product wouldn’t be covered. The company held an auction and closed its doors. Brokerages have experimented with paying salaries, going paperless, or having all agents working remotely – these are all fabulous innovations and iterations, not disruptions.

The takeaway

We’ve been on the forefront for over a decade of ushering in the era of indie brokerages, paperless real estate brands, and counter-culture companies, but brokerages are simply not startups, and this is not up for debate. Iteration is not innovation.

Don’t call yourself something you’re not – be an “innovative broker” and rock it, because you’re not a temporary company seeking to scale so rapidly that you’re acquired for your indisputable disruption.

And finally, don’t fall for real estate brokerages pitching themselves as “startups” when they’re misinformed and really mean they’re simply, and beautifully “modern.”

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Real Estate Brokerage

Why you must suddenly improve your behavior during showings

(TECHNOLOGY) No longer just for secret lair owners, doorbell cams are on the rise. Make sure you’re on your best behavior when showing a property or your clients will know.



ring doorbell showings

Everyone is watching you all the time, and no, this isn’t paranoia speaking. Many homes now have security measures in place beyond a basic alarm.

As a real estate agent or broker, when you’re showing a property, keep in mind the age old adage: if you don’t have something nice to say, don’t say anything.

More homeowners are installing security cameras, which can broadcast audio and video directly to their smartphones. So even if your client is at work, they can see and hear everything you’re doing if they want to tune in to their camera stream.

Although most listing clients get feedback from tours, they could theoretically check the quality of salesmanship before you even enter the front door during showings., for example, offers real time info with video doorbells, floodlight cams, and security cameras. All their products broadcast HD video directly to an app available for Android and Apple customers.

Users are alerted any time someone comes in range of the security camera or approaches the door. With two-way audio, homeowners can answer the door remotely through the app.

Amazon recently purchased Ring for a cool billion dollars, so expect to see ownership on the rise. Thanks to some heavy investing on Amazon’s part back in December 2017, Ring products are already integrated as an Alexa skill, so users can interact with Ring security products through their Echo devices.

Google-owned Nest cams pick up motion as well, and even simple indoor motion cams will alert owners of someone’s presence. With the power of wifi and a security camera, homeowners can track your activity on showings.

Avoid the classic theater nightmare scenario where an actor gets caught trash talking backstage because oops, their microphone was on an the entire audience heard everything.

You don’t want to put yourself or company in a compromising situation because something that should have been said in confidence got captured on a doorbell cam outside, or a security cam inside.

Of course, you are already on your most professional behavior when you’re showing a home, cameras or not, but keep in mind that it’s now even easier for clients to monitor their home’s interior and exterior activities.

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Real Estate Brokerage

Brokerages rarely write an internal communication strategy, here’s how

(BUSINESS) Almost no real estate brokerages have an internal communication strategy, but absolutely should.



internal communication strategy

It’s still early enough in the year that you can start fresh personally and professionally. Help your organization start fresh by taking into account what’s happened in recent history and where you want to go. From there, you will determine what steps are necessary to achieve your goals.

Writing an internal communication (IC) strategy can be the first step in mapping your goals and is virtually unused in the real estate industry. According to All Things IC, an “internal communication strategy is like a map, an outline of your organization’s journey. It’s the big picture of what you want to achieve.” This can be done by a brokerage, or an independent agent alike.

Great! So, where do you start? First, know what an IC strategy needs to address. This includes the where, how, what, and why.

Write down the current state of the company, then state where you’re headingm or where you’d like to be. Create a list of objectives to support this.

Then break into your “how.” Explain how you are going to get to where you want to be, as well as how long it will take and why.

You’ll then venture over to a “what” by outlining what is involved along the way to your goal. Then, throw in a little “why” by explaining why this approach is the best for the job.

Go back to “how” and tell how you’ll know when you’ve reached your destination. This part will require tangibles, measurements to support a change in reaching your goal.

Finally, give one more “what” and address what will happen if you don’t change the way you’re currently operating. If things are working for your organization, that’s great! But, there is always room for improvement.

For an internal communication strategy, it is important to include the following: a title, an issue/purpose, structure, executive summary, audience segmentation/stakeholder mapping, a timeline, channels, measurement, communication objective, approval process and responsibilities, key messages, and an appendix.

Now, what was missing from the initial inclusions was a “who.” So, who should be the one to write this document?

Well, it needs to be someone with a strong understanding and implementation for internal communications. This can be done internally by someone on staff who is an expert; or, it can be outsourced to an expert. Regardless of who writes it, make sure it is clear and concise for the audience at hand.

What is most important to remember is that writing an internal communication strategy is just half the battle. Your work is not done once this document is agreed upon by the leadership team. And finally, you must be willing to enforce what’s written on these pages and be ready to make the changes you’ve outlined.

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