How to Grow Your Real Estate Business
Trying to make it in the real estate market can be an intense journey. With the current economic conditions hinting at a possible recession and the competitive nature of the market, it might seem like it’s impossible to grow and develop your business. Yet, certain agencies are seeing an increase in revenue year after year by implementing several strategies at once.
Today we’re going to share some of these strategies so that you can also learn how to grow your real estate business. If you’ve been stagnating lately or have even seen a decline in sales, you’re going to love this article.
But first things first, let’s start from the basics.
What Is Real Estate Business All About
The real estate market has always been characterized by its volatile swings and property bubbles. But the fact of the matter is, real estate has always been doing well regardless of the economy. The caveat, though, is that in order to stay relevant, you need to remain persistent and motivated because ups and downs are inevitable.
You have to go out and earn the business each and every day. You need to introduce yourself to the neighborhood where you listed and sold a home. Estimates show that 87% of new real estate agents fail within the first five years of their careers. If you take a passive approach in this industry, you’ll end up being a part of that statistic.
Okay, so maybe you have the necessary drive and motivation, but what about the competition? More than 2 million real estate licensees active in the U.S. sounds like a lot of competition to deal with. Yet, there’s still room for more people to find success due to the fact that there are 5.6 million commercial buildings and 87.4 billion square feet of floor space available – more than enough to go around. Even with all the rumors of a property bubble being just around the corner, today we have a growing real estate market that offers enough opportunity to thrive and grow.
Let’s talk about additional strategies that will help you on this journey.
Improve Your Time Management
We can’t emphasize enough how much time efficiency affects the growth of your real estate business. Being your own boss provides freedom, yet it can be detrimental if you are susceptible to distractions. If you’re always playing catch-up, you won’t be able to get anything done. So what can you do about it?
Being meticulous in your planning can go a long way in improving your time management, as well as other aspects of your career as a real estate agent. As long as you map out your ideal plan at the start of every week, it’s okay to adjust it on the go.
You should also consider using some of the various time management tools that are available today. List-making applications will provide you with a visual overview of tasks that need to be completed within a set amount of time.
Finally, you can opt to hire an assistant to help you manage your schedule and handle setting up your appointments. You don’t even need to have a full-time assistant on staff. Instead, there are virtual assistant services you can hire that are just as good.
Hiring help will give you more time to reach more clients, focus on other aspects of your business, and, most importantly, maintain your sanity.
Track Your Leads
In order to grow your real estate agency, you’ll want to remind yourself that you’re in the business of people and communication. So what you want to do is work on improving and streamlining the relationships with your current and potential clients. One of the most efficient ways of doing this is by implementing a CRM system. Not only will a CRM system help you track your leads and manage your contacts, but it will also automate the transaction process and provide you with up-to-date, reliable information on your progress.
Having a CRM system is essential for keeping track of all your company’s relationships and interactions.
Use Email Campaigns and Social Media to Your Advantage
Both Email campaigns and social media are tremendous tools you need to start using to your advantage. Engage your current and potential clients by sending them an email with a specific goal. Whether you’re promoting your latest deals or just advertising your service, e-mails are a great way to showcase your expertise and knowledge of the area.
On top of that, you want to stay active on social media. If you’re really serious about developing your business, social media is an irreplaceable tool. Use it to raise awareness by running ads, posting content that offers value, and reaching out directly. Some examples of using social media to your advantage include:
Showcasing properties by posting pictures and videos of tours
- Promoting listings and utilizing precise targeting options to target a specific area and audience
- Showing your success by sharing information on closed deals
- Staying in touch with your clients through various social networks is also a great way to improve relationships and ensure repeat business.
Ask for Referrals
Speaking of relationships, you should definitely consider reaching out to some of your past clients and asking for a referral. Word of mouth is still considered to have the highest conversion rate, so if you’re not asking for referrals, you’re missing out on potential growth. There are numerous ways to drive referrals, such as offering small gifts in return.
Your main takeaway from this article should be that implementing only one of these strategies will not be enough to grow your business. You’ll need to test several of them in order to see what works for you. We hope this article answered some of your questions on how to make it in real estate. If you’re interested in learning more about how we can help you with your journey, make sure to visit our services page.