Growing a Business

In order to compete in any marketplace, you have to be aware of your competition — what areas they serve and what services they offer. That way you can locate the appropriate market for your business and formulate a plan to better serve prospective customers.

Broker and Realtor Misti Bruton worked in real estate beginning in the mid-1990s. She took a 10-year break, and then opened AVO Realty in Austin, Texas, at the end of 2015. When she started her company, Bruton considered possible challenges of her industry and if there was anything she could create to help others. She started looking outside the box and assessed if any brokerages had come about, and if any of them had changed their models.

With that knowledge in hand, Bruton was able to determine where and how her company could flourish. Her goal was to nourish growth in her brokerage field and ensure that the agents who joined her firm would be content and equally successful.

The methods that you use to locate the best talent can also be used to locate customers or clients.

“Real estate agents are ultimately my clients,” Bruton said. In terms of locating buyers and sellers for her real estate business, the same avenues work, including social media, community events, networking and word-of-mouth.

Bruton said you have to use all those methods extensively to ensure the visibility of your company and that potential customers have your business in mind when they are seeking a product or service that you can provide.

An email list can be a valuable tool for keeping current customers informed of new products or additional services you’re offering. Your goal should always be focused on how to grow your contact list. You can do that by collecting email addresses at events that your company attends or sponsors, whether it’s a community festival or a chamber of commerce event.

You can also request email addresses on your social media accounts or through incentives and contests, such as being entered in a drawing or a prize. It’s important, though, that you don’t send email messages too frequently, as your contacts will likely hit unsubscribe.

If you’re a member of any business organizations or groups, such as your local chamber, be sure to add those members to your list (with permission). Other members may need your products or services at some time, or they may recommend your products or services to their customers.

Acquiring a smaller company with a similar product or service can be a quick way to grow your business. In an acquisition, your company will fully absorb the acquired company. Before taking this step, however, it is essential to conduct a business evaluation in order to determine the value of the other business. The sales agreement you prepare, which allows for the purchase of assets or stocks, should list all inventory and be reviewed by an attorney.

Being innovative means always being up-to-date with changes in your industry. It also means finding a way to expand your business, whether it’s adding to your product line, adding new services or expanding to additional locations.

AVO Realty primarily serves Austin, San Antonio, Houston and San Marcos, Texas, but plans to expand far beyond Texan borders.

“We want to have agents across the nation in every state,” she said. “Our model is plug and play. We have an agent services hub that anybody can tap into. It doesn’t really matter where they’re at. I know that there are so many people out there (who) are frustrated with their brokerages. I know this because I lived it.”