By: Karen G. Hatcher, CPM®
“I am sovereign in my business and I am determined to succeed. I take risks, learn from my mistakes, and keep moving forward. I am always looking for new opportunities and they are attracted to me.”
This year marks a significant milestone for Sovereign Realty + Management as we celebrate 15 incredible years in the real estate business. Throughout this time, our company has been committed to providing exceptional service and delivering impressive results to our clients.
As I reflect on the past 14 years of managing my real estate business, I am immensely grateful for the countless opportunities and blessings that have come my way. This success is largely due to hard work, dedication, and a strong belief in myself. Furthermore, I appreciate the valuable lessons learned throughout this journey.
Obtaining my real estate license in 2007 and launching Sovereign in 2008 seemed like a bold move during tumultuous times. The real estate market was unstable, and the economy was in recession. However, I found it to be the perfect moment to start when the industry was at its lowest point. This experience taught me two fundamental business principles: operating leanly to control costs and focusing on my core niche.
Since its inception in 2008, Sovereign Realty + Management has experienced significant growth and established itself as a leader in the real estate market. What began as a small, ambitious venture has evolved into a renowned firm with numerous industry accolades. The Sovereign Realty & Management team proudly holds the prestigious No. 8 ranking in the Atlanta REALTORS® Association’s 2022 Top 10 Units – Team list, along with a multitude of other achievements and awards.
Our company is dedicated to maintaining high standards of professionalism, education, and excellence. By doing so, we help our clients reach their property investment goals and attain their dream homes.
In this article, I will discuss key lessons that have helped shape my successful real estate journey:
- Treat Your Company as a Business: As someone passionate about numbers, this has always been my sweet spot with both real estate and business management. Remember that I started by operating leanly, controlling costs, and ensuring my business had proper financial structures in place, such as separate accounts and paying myself through payroll. By doing so, I could also offer my team more benefits like a company IRA matching program. Take your time and hire a consultant if needed to ensure your business is set up and operates like a true enterprise.
- Build a Strong Foundation: The most important step in creating a thriving business is to have a robust knowledge base. This includes understanding market trends, industry trends, local demographics, and for real estate entrepreneurs, various property types. I gained this information by not only joining my local Realtor(R) association but also attending events, education classes, and joining a committee.
To further elevate myself, I earned my MBA with a concentration in Real Estate. This provided me the tools to build out my company with a high-level executive approach that C-level graduates would apply to a Fortune 500 company but customized for my small business.
Following market trends in single-family investment property, I earned the Certified Property Management (CPM®) designation from IREM®. The more knowledge you accumulate, the better equipped you’ll be to make informed decisions for your company and clients.
- Persistence Is Key: Success rarely happens overnight; it takes time, effort, and dedication, but most importantly, an intense belief in yourself. Investing in your education, nurturing your spirit, and curating a supportive circle will fuel you through adversity and emerging trends.
Staying focused on your goals and persevering during challenging times is crucial. The ability to adapt and maintain a positive outlook, even when faced with self-doubt, can make all the difference in achieving success.
- Prioritize What Matters: Providing an exceptional client experience is at the heart of any successful business. In real estate, cultivating strong relationships with clients can lead to repeat business, valuable referrals, and even lifelong friendships.
To achieve this, set expectations, stay proactive, listen attentively, respond promptly, and work diligently to meet their goals without compromising your health or family life.
- Hone Your Negotiation Skills: Negotiation lies at the core of every business transaction. Mastering negotiation techniques can result in favorable outcomes for buyers, sellers, or investors. While I took my favorite negotiating class in grad school, the National Association of REALTORS® offers similar courses that I highly recommend.
Different strategies apply depending on which side of the table you represent, but following a consistent process leads to the best alternative to a negotiated agreement (BATNA).
- Keep Up With Technology: Staying up-to-date with advancements in technology can streamline your operations, increase efficiency, and save money.
While I’m not always an early adopter of new technologies, I research them from the outset and observe reactions from industry peers before making informed decisions about implementation.
Stay ahead of the curve while balancing the learning curve that introducing new technology can impose on your team and clients.
- Network Relentlessly and Find Your Tribe: Building a diverse network of industry professionals (brokers, lenders) and other real estate entrepreneurs pave the way for lucrative partnerships, knowledge sharing, referrals, and personal and professional growth. Attend conferences, volunteer on committees, join online forums, and seek out opportunities to expand your network continuously.
- Embrace The Journey: Running a successful business requires unwavering dedication. The countless hours spent building something without a blueprint eventually become a labor of love. Your venture comes to embody your love, vision, culture, goals, and the impact you wish to make in the world. Loving the journey enables you to prioritize mental health and allocate time for your loved ones. Business is not my life; rather, it’s the tool that enables me to create my desired life and learn how to live sovereignly.
- Support Your Community: Over our 15-year history, our company has consistently valued community involvement as an integral part of our ethos. We are committed to giving back through various philanthropic initiatives, supporting local charities and educational institutions.
Another key component of our stable success is our exceptional team. We have built a group of highly skilled professionals with the knowledge, expertise, and passion for helping clients navigate the ever-evolving real estate market. Our team works diligently to establish long-lasting relationships with clients, built on trust, honesty, and transparency.
From organizing fundraisers to participating in community events and volunteering our time and resources when necessary – we continually strive to positively impact those around us. If not us, then who? Our Motto: “Improving Lives, Transforming Communities.”
Inspired and want more? Join my exclusive mailing list right now! Be among the first to learn about new and reasonably priced housing purchase opportunities, down payment assistance and local Real Estate Investing Masterclasses!
I’m super excited for us to continue on this journey together! 🏠💕