Episode 189: S2| Rachel Foy’s Entrepreneurial Journey: Overcoming Challenges and Building Hillman Homes
Introduction
Starting a business is no easy feat, but Rachel Foy of Hillman Homes has turned her entrepreneurial dreams into a thriving reality. From overcoming the complexities of real estate to building a boutique firm with a family-like culture, Rachel’s story is filled with valuable lessons. Her journey as a business owner and real estate broker highlights the importance of passion, perseverance, and strategic thinking.
Rachel’s Journey and Motivation
Rachel Foy’s path to entrepreneurship was shaped by a rich history of business influences, beginning with her entrepreneurial parents—her father, the founder of Pearl Vision Center, and her mother, an art collector. Despite working in the corporate world for companies like Fidelity Investments, Rachel longed for more autonomy. This desire led her to pursue an MBA in entrepreneurship from Babson College, where a unique opportunity to consult for Belgium’s best chocolate company marked a turning point in her career. This experience ignited her passion for small business growth and helped develop the foundational skills she needed.
Her first venture into real estate came from personal necessity, as Boston’s astronomical rents pushed her into purchasing her first home. Despite navigating a challenging process that included 36 property viewings and three failed transactions, Rachel’s love for real estate blossomed. By 2002, she earned her real estate license, and after gaining valuable experience and mentorship, she took the leap to establish Hillman Homes. Rachel’s drive stems from her desire to make the real estate process better for others, informed by her own early struggles as a first-time homebuyer.
Strategies and Tips for Entrepreneurs
Embrace Change and Take Calculated Risks
Rachel’s journey highlights the importance of accepting change and taking calculated risks. Despite her love for entrepreneurship, Rachel admits she was initially hesitant to start her own real estate firm due to fear of failure. However, with the support of business coaching and thorough financial planning, she was able to assess the risks and make a calculated decision. For entrepreneurs, she recommends not letting fear paralyze your ambition—sometimes, you just have to “build a bridge and get over it.”
Stay True to Your Vision
Rachel emphasized the importance of having a clear vision for your business. When she started Hillman Homes, she deliberately chose to keep it small, focusing on creating a family-like culture rather than expanding into a large franchise. By staying true to her values, Rachel cultivated a team of 15 agents, all of whom came to her organically, attracted by the firm’s reputation. For entrepreneurs, maintaining authenticity and building a business aligned with your core values can foster organic growth and create a supportive work environment.
Leverage Mentorship
Rachel’s success was significantly influenced by mentors who guided her through the intricacies of real estate development and house flipping. She encourages entrepreneurs to seek out mentors who have industry experience, as they can provide invaluable insights and open doors to opportunities. Learning from others can accelerate your own journey and help avoid common pitfalls.
Current Challenges and Solutions
Currently, Rachel faces the challenge of keeping her agents motivated and engaged, particularly in a post-pandemic world where remote work has become the norm. With agents hesitant to attend in-person meetings, she now relies on virtual platforms like Zoom to maintain cohesion. However, ensuring consistent motivation remains difficult, especially since her agents are independent contractors. During the podcast, Rachel expressed the need for individualized strategies to meet her agents where they are and help them realize their full potential. By encouraging personal goal-setting and maintaining regular check-ins, she’s working on fostering accountability and growth within her team.
About Rachel Foy
Rachel Foy is the founder of Hillman Homes, a boutique real estate firm in Massachusetts, where she leads a team of 15 agents. With over 22 years of experience in the real estate industry, Rachel specializes in residential sales and real estate development.
You can connect with her via her website at hillmanfoy.com or follow Hillman Homes on social media @HillmanHomesMA.
Conclusion
Rachel Foy’s journey from corporate life to real estate success is a testament to the power of determination, vision, and taking strategic risks. Entrepreneurs can learn from her story by embracing change, staying authentic, and seeking guidance from mentors. If you’re inspired by Rachel’s story or want to explore opportunities with Hillman Homes, reach out to her directly and take the first step toward your own entrepreneurial journey!
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