How to Grow Your Real Estate Business
The real estate business is as lucrative as it is crowded. In the U.S alone, there are over two million real estate agents huffing and puffing, looking for the next available client. Thus, if you sit unconcerned, hoping your business will hit an upturn, you’re in for a shock.
As a real estate business, you have to be creative and innovative to attract and retain clients. From demographics, buyer persona to marketing trends, you have to keep tabs on a lot of things to ensure you stay ahead of the curve. Here are a few tips for creating an uptick in your real estate business.
Make Sure You Fulfill all Legal Requirements
This point sounds pretty simple, but it is one of the most important points for growing a successful real estate business. Whether you want to be an agent or a broker, you should have the requisite license to operate. Each state has its own laws, so check with your state and make sure you are in good standing. Read more about starting a real estate business in this article.
Network, network, network. Let me add one last one for emphasis, network! There’s nothing like a good recommendation. In the real estate world, networking is everything. Your bottom line and leads are directly tied to the caliber of people you know.
Go for dinners, cocktails, luncheons, launches and the like. Don’t miss an opportunity to be around the movers and shakers in your community. Learn to strike conversations and get to know people better. You should also realize that every client is a potential recommendation. Even clients who do not buy from you, if treated well, can put in a word for you.
Get Your Online Game On
According to the National Association of Realtors, more than half of all people looking for homes begin by searching online using search engines such as Google and Bing. Clearly, if your business does not have a website or maintains an ineffective one, you would be losing out on so many leads.
The first step is to get a user-friendly website. This includes simple things such as color scheme, right placement of buttons, organization of topics, etc. Your website should not be difficult to navigate. It’s always best to keep it simple. With more than half of all browsing being done on mobile phones, it would serve you well to optimize your site for mobile browsing.
Adopt Innovative Marketing Strategies
Marketing is not an aspect of your business – it is your business. If you think that way, you can generate more leads. While marketing trends keep evolving, some, like email marketing, still yield high ROI. Don’t discard them or disregard them just yet.
Seth Godin, the doyen of content marketing, truly struck a chord when he said: “Content marketing is all the marketing left.” Create a blog or a YouTube channel and serve content that is both relevant and interactive. Get on the digital marketing bandwagon. Develop a social media marketing strategy and implement it. Organize virtual tours. Such tours reduce costs and make it possible for real estate agents to reach a wider audience.
You can also take advantage of the boom in real estate video marketing to set you apart from the competition. Check out this guide to find out more.
The real estate business can be as tricky as navigating a mine. As a notorious boom or bust business, it’s unpredictable nature makes it a dicey business. That’s why you shouldn’t take chances when it comes to growing and increasing your business. From ensuring that you tick all the legal boxes to developing effective marketing strategies, you need to use creative marketing strategies to make gains in your real estate business.