I’ve got a question for you. Why are you interested in the real estate business?
Think about it. Think about what you want out of your real estate career. Think about your goals. Think about your purpose in the real estate world.
“Efforts and courage are not enough without purpose and direction.”
—John F. Kennedy
It won’t work if you just try and try and try some more. When you don’t know your purpose along your journey, then you will find yourself flailing and losing your way. Losing your way over and over will keep your goal just out of reach.
You need purpose.
What It Means to Have a Real Estate Business Purpose
Your business purpose is a concise and clear description of the overall goal of your company. It explains why your company exists, how it functions, and what it hopes to accomplish in the long run. This statement defines the scope and mission of your company’s daily operations. It allows all stakeholders—from customers to business partners to government entities—to have an understanding of what objectives are being pursued.
You need to understand that your business purpose should not be confused with your vision or mission statement. While vision summarizes goals that may take years or even decades to achieve, the business purpose details tasks and objectives that can be realized during a more immediate period of time. The vision often ties into the broader interaction with society.
For example, Google's mission statement is “to organize the world's information and make it universally accessible and useful.” This comparatively long-term goal aligns with their purpose which states that their aim is “to provide an efficient search engine.” It encompasses the daily operations that carry out both its short-term needs as well as its longer-term trajectory toward its overall mission.
Narrow Down Your Purpose
The difference between the general and the specific business purpose is a crucial one. With a general business purpose, a company or organization is basically stating that they are organized to pursue lawful activities within their state of operation.
This type of language is often sufficient for most states. However, in other states, a more detailed explanation may be needed as far as industry and roles within it. This statement should identify what type of activities take place within the organization, such as production or services provided.
On the other hand, some people prefer to have an even more detailed purpose in order to better communicate what they do and how they serve their customers or clients. This type of statement can be much more intricate and elaborate compared to a simple general business purpose.
For example, it could include details about the types of products made or services offered by the organization, along with descriptions of customer needs and how the organization plans on addressing them. In any case, both options are essential for businesses looking to explain their duties and activities properly either at the local or national level.
Ensuring Your Business Purpose
Maintaining a clear and effective business purpose is essential for any organization. Your business purpose defines the reason for your company's existence and can have a huge impact on its future. However, it is possible for a business to become so estranged from the original mission that it impacts its ability to reasonably fulfill it, which may require a member or shareholder to petition the court for judicial dissolution.
Although a petition for judicial dissolution isn’t an ideal situation for any company, there are measures you can take to help ensure your purpose remains intact. Regularly assessing and refining your current mission statement is one way to evaluate how well your business is operating with its stated vision.
Understanding the implications of this process will ensure that you maintain control over how your corporation approaches its primary objectives and guard against dissolution becoming a necessity down the line.
Contracts, etc.
It is very important to the health of your real estate business that you create contracts and other agreements that are legally binding and enforceable in order to protect both parties involved and also provide a means for handling disputes.
You also need to remember that there may be other contracts or agreements which could come into play with regard to your business purpose. Ensuring you have all details laid out clearly between parties is essential in order to protect everyone involved and keep your business operating smoothly.
Purpose Statement Ideas
A purpose statement is an important part of a larger organizational mission and vision. It is often stated in the form of a quotation or slogan, which can be found on the Home page or About section of many Fortune 500 companies. Such statements illustrate the social good that comes from the products created and sold by these companies. Rather than simply providing goods and services as a means to an end, these purpose statements emphasize what those ends are, improving customers' lives and those around them.
These statements reflect values and principles held by the main people in charge. As a real estate agent, that’s you! They are often carefully crafted to reflect how they want to shape their industries, bettering the lives of their customers while also demonstrating a notable commitment to moral or ethical business practices.
Through these defining statements, companies strive to define not only their role in society but also solidify their message about who it is that they intend to become. Purpose statements showcase a company's core values and principles and articulate exactly why customers should choose them over competitors.
Developing a Clear Vision
A clear vision serves as a guide for the organization and its stakeholders. It should reflect your company's overall mission and purpose and be developed in such a way that it is both achievable and measurable.
When setting out to construct a purpose statement, it's important to consider what your business stands for, what makes it unique from its competitors, and how it plans to make an impact on the world. It should be thoughtfully crafted because it will serve as a reminder to everyone involved in the organization why they are doing what they do. Your purpose statement should be concise and provide direction for both employees and consumers.
Your People Are an Investment
The people within your organization are the heart and soul of your business. Investing in them is a key factor to ensure that you have a team who is passionate, driven, and committed to achieving your company’s objectives. By creating an environment where employees feel valued and respected, it will be easier to attract individuals who will bring their talents and expertise to the table and set your company on a path to success.
If you already have employees, be sure to include them in the development of your purpose statement and make sure that their individual goals are taken into consideration. This will help ensure that everyone is aligned around the same vision, which will ultimately be beneficial for all parties involved.
Goals You Can Hit
Once you have identified your purpose statement and established a clear vision for your company, you must set realistic goals that can be consistently monitored and evaluated. This could include establishing short-term objectives such as increasing customer satisfaction or reducing the cost of goods sold, as well as longer-term goals like expanding into new markets or launching new products.
The key is to make certain that these goals are attainable and don’t require too much investment or resources. Doing this will help solidify the continued success of your company and ensure that you are staying true to the purpose statement that you have developed.
Building an Actionable Plan
After establishing a purpose statement, a clear vision, and realistic goals, you need to build an actionable plan for how these objectives will be achieved. This plan should take into account the resources available to the company and establish timelines for each goal.
It should also be detailed in terms of which team members are responsible for completing tasks and how progress will be monitored. This will give everyone involved in the organization a roadmap to follow and help ensure that all objectives are achieved in an efficient and timely manner.
Set Expectations
Once you have crafted your purpose statement and set clear goals, everyone in the organization needs to be aware of what is expected of them and how they can contribute. In order to do this, you should develop a comprehensive communication strategy that outlines the purpose of the company, its objectives, and its values. This strategy should be tailored to different audiences so that all stakeholders are informed, as well.
Spread the Word
Once your purpose statement, goals, and plan are in place, it is important to ensure that all stakeholders are aware of what the company stands for and its objectives. This can be achieved by implementing a comprehensive marketing strategy that focuses on communicating the company’s purpose and values to both potential customers and employees.
Hosting events or workshops to educate people about your company’s mission can help to create a sense of community and foster an environment of collaboration. By doing this, you can ensure that everyone is aware of the company’s purpose and is working towards the same goals.
In Conclusion
Your purpose must be clear and you must be all in for it. If you’re not clear and you’re not even buying what you’re selling, then your clients will feel it and your business will struggle. Knowing your purpose will keep you focused and it will help you to be on the same page with anybody who works on your team.
And, as always, I am here to help. If you need a mentor to guide you through this process, please get in touch with me. I want you to be successful and make the most out of your real estate career.
Mastering your craft often means leaning into the people who are further down the road than you. You can learn from what I’ve done wrong and benefit from what I’ve done right.
The real estate market is growing and changing almost daily, so finding a mentor and subscribing to as many blogs and mailing lists (such as this one) are a fundamental part of your understanding of what will be required for you to succeed as a real estate agent.
I’d love to chat about working together! Please reach out if I can help take your career from good to great!
You can do this!
