This is the Solo2CEO podcast, and we are here with Tamir Mori, a licensed real estate broker and the owner of a successful real estate services company. Let us know more about this hardworking man whose commitment to his job is incomparable. Here is Tamir Mori.
Can you tell us about your company, and what sets you apart from others in the real estate industry?
I am the owner of Cornerstone Real Estate Services, a residential real estate company operating in the New York metro area, including Long Island, Queens, and Manhattan.
Currently, we have about 20 employees. The main thing that sets us apart is how we operate as a team. Although we are individual agents, we work together, supporting each other and growing in the real estate business. We make sure that no one is left behind, and we focus on integrity and commitment to the success of everyone in the company.
Describe your journey from starting your business to where it is now.
The journey began with the idea to build a flexible business that would allow me to spend time with my family. I wanted to create my schedule and be present for my family and kids as they grow up.
In 2012, I officially started the company, but the groundwork began in 2010. I transitioned from my previous employment in the mortgage business, using my existing client base to kickstart the real estate company. It took about 18 months to two years to get everything set up, so it was essential to plan for that initial period without any significant income.
What happened to your mortgage business when you started the real estate company?
I made a clean break from the mortgage business to avoid any conflicts of interest. I referred all my mortgage business to other professionals, maintaining good relationships and receiving real estate referrals in return. As my real estate company grew, I continued to refer mortgage businesses to my agents to support their success.
How did you go about hiring your first employee?
I wanted someone who would fit into our team and represent the company well, so I was very careful with my first hire. It was more challenging for me to hire new employees because I was looking for the right one. As soon as I hired them, I provided mentoring, helping them build their online presence to expand their reach. My focus was on building a strong reputation and a professional brand for my company.
How did you manage to grow your business further?
As we continued to grow, I made sure to provide accounts and referrals to my agents to help them succeed. I made it a point to emphasize the importance of maintaining a professional online presence as part of their brand.
This helped a lot in the growth of the company and helped us maintain a strong reputation in the real estate industry.
How important was the role of hard work in your journey?
To start and grow a business, hard work is crucial. It means being dedicated, persistent, and putting in the necessary time. In the beginning, I made lots of phone calls every day and worked hard to build relationships and find customers. Hard work is what sets the stage for success, but it's also important to know when to change your focus and adapt as the business grows.
Can you tell us more about the different revenue streams developed for your business?
I have six different revenue streams that generate business in various ways. One of them involves a partnership with a major bank in the States. They give us foreclosed houses to fix up and resell. This requires a different approach than cold calling, as it involves going to the properties and managing the renovations.
Another source of business comes from leads I buy from various online platforms. These lead sources help me market my business online. I have partnerships with lead generation companies, where I either pay per lead or give them a percentage of the deal at closing.
For each of the revenue streams I have, there is a dedicated team assigned to handle it because it requires unique focus and management. For the lead generation, I have a dedicated salesperson for that specific account.
How important is having multiple streams of income in a business and how do you ensure its success?
Having multiple sources of income reduces the risk of depending on just one source. If one source doesn't work out well, the others can help keep the business going. It also allows businesses to explore different ways of making money and reach more customers.
Having multiple streams of revenue gives stability and flexibility to a business. It ensures a steady flow of money and lowers the risk of depending on only one source. It also helps the business adapt to changes in the market and what customers want.
You need to pay attention to both how much money each source brings in and how many deals are made. Some sources might bring in more money per deal, but others might have more deals overall. Find a good balance and not rely too much on just one source.
What factors should be considered when evaluating streams of revenue?
There are two things to look for when evaluating streams of revenue: how much money each stream can bring in and how consistent it is over time. You want to make sure that the potential earnings from each stream match your financial goals. You also want to consider how much business each stream can bring in and if it can keep going in the long run.
How can you identify and develop different streams of revenue?
Analyzing the industry, target market, and customer preferences are ways to identify and develop different revenue streams. You can also explore new products or services, expand into new markets, leverage different advertising platforms, or establish strategic partnerships. Experimentation, testing, and analyzing metrics are important to know the success of different revenue streams.
How should business owners understand their role in the business?
To know their best roles in the business, they should understand what their strengths and weaknesses are. Knowing what their talents are and their expertise would give them an idea of where to focus. They can also hire workers to delegate tasks for the smooth functioning of the business.
Have you experienced any challenges with buying leads in the past?
Yes, I have. There were times when the leads I bought ended up being inactive after a few months, which hurt my return on investment. So, I had to think about whether it would be smarter to buy leads in smaller groups.
It's really important to have the right people or accounts handling the leads. If you're not personally working on them, you need to make sure someone capable is taking care of them and managing them well.
How do different advertising methods, such as paid ads, social media, or print ads, impact businesses?
The effect of advertising methods can differ depending on the type of business and the people it wants to reach. Paid ads, social media ads, and online marketing can be cheaper and reach a wider range of people, especially for businesses focused on transactions.
On the other hand, print ads like billboards or local publications can work well for businesses that are known locally or want to target a specific group of people.
When choosing how to advertise, you should consider what the business wants to achieve, how much money it can spend, and who its target customers are.
What is the difference between social media and online advertising with location-based advertising?
Social media and online advertising are not tied to specific locations, which means they can reach a wide range of people and be effective for businesses that offer products or services in multiple areas. However, if a business operates in a specific location, you may want to advertise in that area where potential customers can access what they offer.
For businesses that operate online, the great thing is they can reach a larger audience, potentially across the entire country or even worldwide, through online advertising. Take Amazon, for example—they don't need to advertise exclusively in New York because they serve customers all over the world. On the other hand, print ads work best when targeting specific local audiences, like promoting the best restaurant in New York City by placing ads where many people pass by.
Have you tried paid ads on social media for your business?
Yes, I have used Facebook advertising and partnered with platforms like Google. Although these methods generated leads, they weren't always targeted to my specific location, resulting in minimal business. Targeted advertising is crucial, and it's important to consider the cost-effectiveness of different advertising strategies.
Have you used video marketing in your business?
Initially, I created generic commercials for my real estate business, but they didn't generate substantial results. Instead, I found more value in utilizing video for speaking engagements or industry events where I could reach a targeted audience. Video marketing is popular nowadays, especially among younger generations who prefer video content over reading.
How do you decide between print ads and online advertising for your business?
Know what type of advertising you can use by looking at your target audience and their specific needs. Location-based businesses may benefit from print ads that target local customers, while online businesses can reach a broader audience through online advertising. It's a must to analyze the effectiveness and return on investment (ROI) of each method for their particular industry.
How important is the intake system and handling customer inquiries when advertising?
The intake system and customer handling are crucial aspects of any business. When advertising, consider who will be responsible for handling incoming leads or inquiries. If the business owner handles these calls personally, they must ensure they can handle additional inquiries while focusing on other aspects of the business. The effectiveness of advertising depends on how well the leads are managed and converted into customers.