A self-described serial entrepreneur, Terri King currently serves as the president and owner of Coldwell Banker King in Asheville, N.C. With more than 15 years of experience, she has excelled in the industry by making it her company's mission to bring expertise, innovation and enrichment to the real estate experience.
Here, King gives her advice for any young entrepreneur trying to make it in real estate, what she sees as the next big trend in the industry, and more.
What first drew you to the real estate industry?
My former career was as a tobacco extension agent. In 2003, as the environment was changing in the tobacco industry, I decided to make a change. My family has been in residential development since 1986 and the real estate market was strong, so it was a logical move for me.
Why did you choose Coldwell Banker?
I was attempting to rebuild my business to come out of the housing crash and I was looking to "hitch my wagon to a star." Coldwell Banker has a long history of being an industry innovator and that fit well with my business model plans.
What was your biggest obstacle when you first got started?
The market had gone to hell so there was an unprecedented loss of faith in the real estate industry. This created some issues for me as I sought a financial partner.
You have fairly extensive experience as an entrepreneur, what advice would you give a young entrepreneur that’s trying to break into real estate?
You are not your business. Your business is just what you do. You are bigger than any venture, whether it is a success or a failure. Also, persist when you know it is right. Persistence will trump talent, luck, position and logic every time.
How has a strategic model of automation, high-tech mobility and optimized location helped you get ahead?
When you start a company during a downturn, survival is critical. These three strategies were instrumental in making us nimble and keeping fixed costs down, so we could survive a down market and thrive in good times.
What’s the next big trend in real estate going to be?
Artificial intelligence (AI) technology will redefine how the broker interacts with the consumer not only in early stages of the deal, but also throughout the deal flow.
Where do you see yourself five years down the road?
I will be operating a "lean manufacturing" model that is built on a platform designed to support the operations of agents business, leaving relationship management as their main focus and responsibility.
Featured image: Coldwell Banker King