🧠 are you asking the right questions?

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BUSINESS

Are you asking the right questions? 

In a world where businesses are constantly looking for the next breakthrough, Scott Bateman, CEO of Kolmeo and a Harvard Business School alum, shared a thought-provoking message at Elite Retreat: you need to step back and assess the broader market trends to ensure your business strategies align with the direction the world is moving. “There's never been a more important time to rethink things. The business world was on this interesting path until 2020, and between 2020 and 2024, things have been so uncertain that any estimate you would have made in your business would have been wrong. We're seeing the world is stabilising a bit now, so now is the time to rethink your strategy.”

Warning against short-term financial gains 

"The decisions you make can’t be so short-sighted that the long-term brand damage is kind of an afterthought." He urged agents to avoid quick wins at the expense of their brand, noting that missteps, such as charging renters unnecessary fees, may harm business reputation in the long run.

Strategic diversification 

While diversifying services is essential, Mr Bateman advised caution against overextending. "The equally problematic thing people do is they race off to build this empire and try and do 15 different things.” Drawing inspiration from the Disney brand (which started as a film company and now has over 220 companies in its portfolio) Mr Bateman stressed the importance of focusing on one or two key areas at a time. "Start with something really simple that you understand well. Do it really well, and then ask the question about what is the most similar thing to this that would make sense as my next step."

The five WHYS (Therapy for businesses) 

Instead of firing from the hip, Mr Bateman is encouraging businesses to pause and reflect on their next move by using the Five Whys model. Essentially, each question will lead to another until you get to the root of the issue.

“The Five Whys should be working across anything we do. That's the beauty of that framework; it's a wonderful tool for understanding a risk and uncovering risk, but it's also a wonderful tool for evaluating the strengths of an opportunity just as effectively.

“You question all the evidence … step by step with this method, you can actually de-risk anything you do.”

Read more from Scott at Elite Retreat here.

ICYMI, last week, we looked at why expats are ready to splurge on Aussie Properties.

SMART SNIPPETS

Allhomes has launched Australia’s first build-to-rent (BTR) solution in Canberra, allowing tenants to explore a growing trend in the Australian housing market. This innovative platform could reshape how renters search for long-term, stable housing options. For the first time, a hybrid listing model with BTR project will appear on an Allhomes rent navigation bar.

Townhouses take over in New Zealand. Townhouses now account for 45 per cent of all new homes across New Zealand, up from just 6 per cent in 2012. Auckland leads the charge, with 63 per cent of new townhouses built there since 2016. At around $775,000, they're significantly cheaper than houses, and the trend is not likely to change anytime soon.

Building sum insured needs a boost. If you have a rent roll, your landlords need to review their building insurance urgently. With construction costs rising 11.9 per cent in 2022 and material prices skyrocketing, many properties are at risk of being underinsured. Sharon Fox-Slater says building sum insured needs to increase annually, and failing to do so could leave property owners short-changed.

SOUND WAVES

What does business success look like for you?

Today’s curated listen is all about what makes a thriving business. Here’s a hint: it’s not just about the bottom line.

AGENTS ON SOCIAL

It’s crazy to think that in most metro markets, $1,000,000 (yes, all those zeros!) may just about buy you a modest house. And no, that doesn’t include a basement. 💰🤯

@real_estate_dream_team

Open houses in 2024 😆. Too funny 😂😂 ##fyp##foryoupage##foryou##foryourpage##realestatehumor##realestate##chicago##chicagorealestate##huntl... See more

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Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

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