{"id":4194,"date":"2023-04-14T16:56:20","date_gmt":"2023-04-14T16:56:20","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2023\/04\/14\/3-real-estate-pillars-for-a-strong-foundation\/"},"modified":"2025-03-13T02:50:23","modified_gmt":"2025-03-13T02:50:23","slug":"3-real-estate-pillars-for-a-strong-foundation","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2023\/04\/14\/3-real-estate-pillars-for-a-strong-foundation\/","title":{"rendered":"3 real estate pillars for a strong foundation"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.realtrends.com\/blog\/articles\/rags-to-riches-donna-palm\/\" target=\"_blank\" rel=\"noreferrer noopener\">Donna Palm <\/a>has worn many hats \u2014 from electrician and hairdresser to veterinarian technician and travel agent \u2014 before she found her calling as a real estate agent and, eventually, broker. With such a diverse background , Palm, who is executive broker associate of <strong>The Donna Palm Group of RE\/MAX Alliance Group<\/strong> in Sarasota, knows a thing or two about working through adversity and remaining resilient despite the challenges.&nbsp;<\/p>\n\n\n\n<p>While living in Florida comes with the challenge of weather events and the lack of homeowner&#8217;s insurance in her state, there are also challenges that agents inside and outside of Florida are dealing with \u2014 uncertain interest rates, low inventory and, says Palm a lack of agent education.<\/p>\n\n\n\n<p>\u201cOne of my pet projects is creating <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/10-reasons-why-education-is-vital-to-a-real-estate-agents-production\/\" target=\"_blank\" rel=\"noreferrer noopener\">training programs<\/a> to help agents learn the things they need to know beyond sales,\u201d said Palm. According to Palm, new agents often jump into the real estate game without understanding real estate contracts, insurance and their referral network. Those pieces of the puzzle can be crucial to keeping your business afloat through a tough market.&nbsp;<\/p>\n\n\n\n<p>As part of her training, building a strong foundation is key to real estate success. Palm says that mastering these three real estate pillars is the best way for real estate professionals to remain resilient and build a prosperous real estate business \u2014 no matter the market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Education beyond showing homes<\/h2>\n\n\n\n<p>\u201cIt\u2019s not just <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/5-fast-and-easy-ways-to-get-real-estate-listings-today\/\" target=\"_blank\" rel=\"noreferrer noopener\">showing houses<\/a>. Many new agents don&#8217;t always understand that they need the mindset of an entrepreneur. &#8220;They don&#8217;t realize that they will be running their own business,\u201d said Palm.&nbsp;<\/p>\n\n\n\n<p>Agents must know how to structure their businesses, plan taxes, understand contracts and more. Many brokerages offer this education, but real estate professionals should look at  online courses and mentorship from veteran agents, as well. <\/p>\n\n\n\n<p>Resilient agents should have foundational knowledge in contract negotiation, according to Palm. They should also be experts in their local markets, have a basic understanding of insurance and market nuances that are common to their community. <\/p>\n\n\n\n<p>In Palm\u2019s case, that nuance happens to be natural disasters. She says many agents and homeowners learn the hard way that a home with an open insurance claim and a mortgage can\u2019t be sold until the claim is closed. And, a home purchase with an open insurance claim isn\u2019t coverable by a mortgage. Those are the kinds of lessons agents don\u2019t want to learn the hard way.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Relationships lead to business<\/h2>\n\n\n\n<p>\u201cYou need to educate your customers and [build rapport.] This creates a trusting relationship and; in turn, they will refer you to others creating a strong and lasting business,\u201d said Palm.&nbsp;<\/p>\n\n\n\n<p>Relationships are the next tier to building a resilient real estate business. When a strong <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/7-tips-to-engage-your-real-estate-sphere-of-influence\/\" target=\"_blank\" rel=\"noreferrer noopener\">sphere of influence <\/a>surrounds you, then your business is more likely to thrive. Strong relationships are built by honest, well-educated agents. <\/p>\n\n\n\n<p>Palm says agents can lose client trust when they aren\u2019t up-front about the home-buying process. Without client trust, that agent won\u2019t win any referrals to keep their business moving in a down market.&nbsp;<\/p>\n\n\n\n<p>\u201cI\u2019ve seen so many top producers fall by the wayside because all they did was focus on sales, or the transaction. They did not care enough about their customers,\u201d said Palm.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-systems-build-consistency-and-efficiency\">Systems build consistency and efficiency<\/h2>\n\n\n\n<p>According to Palm, \u201cYour foundation is the most important \u2014 that\u2019s your education and connections. Then, you have to put your systems in place. I think that goes for every business. If you create that setup, then the money will come.\u201d&nbsp;<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/tom-ferry-coach-simplifies-the-list-of-tech-systems-agents-need\/\" target=\"_blank\" rel=\"noreferrer noopener\">systems <\/a>your business has in place include <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/re-max-ceo-nick-bailey-on-what-technology-to-leave-behind\/\" target=\"_blank\" rel=\"noreferrer noopener\">technology<\/a>, processes and safeguards.  These should all allow you to grow your business more efficiently. Palm witnessed this firsthand as her RE\/MAX offices grew at a breakneck pace pre-2008. She says she didn\u2019t feel like she had the systems in place to keep track of it all or keep moving at that pace.<\/p>\n\n\n\n<p>Agents with the right education and connections to back them up can wisely implement the systems to support their business.&nbsp;<\/p>\n\n\n\n<p>\u201cUnderstand that real estate is always a roller coaster,\u201d said Palm. \u201cI\u2019ve seen the ups and downs of the multiple-offer years, the foreclosure and short-sale years and the high or low-interest rate years. I\u2019m still here, and I\u2019ll be here through everything that is going on now.\u201d<\/p>\n\n\n\n<p>You can be too if you build a solid foundation using these three real estate pillars as the base.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This real estate vet credits three real estate pillars with building a resilient and prosperous real estate business no matter the market.\u00a0<\/p>\n","protected":false},"author":39539,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-4194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>3 real estate pillars for a strong foundation - 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