The real estate market constantly evolves, which means it is crucial for investors to stay-up-date if they want to beat their competitors. Consumers expect their agents to offer them personalized experiences. However, realtors who lack knowledge on the latest industry trends and tech may end up wasting their precious resources. Therefore, apply the following techniques to build a commercially viable real estate venture:
- Manage Your Time Carefully
When you make the mistake of mismanaging tasks on your to-do lists, it can be hard to grow your business. Focus on doing what will take your business to a new level. Distraction is one major enemy to good time management – it’s also among the biggest challenges facing real estate business owners, including agents. It helps to use technologies to boost your time management skills. Additionally, a user-friendly time management tool can allow realtors to complete projects within shorter timescales.
- Get an Assistant
As a real estate business owner, it is likely that a season will come when it will be quite impossible to manage the whole enterprise by yourself. In your own interest, hiring an assistant can pay off big time. Their contribution can prove useful when you need to reach clients, attend important meetings, and still make time to maintain sanity.
If you think you cannot afford to recruit a full-time employee, consider partnering with a virtual assistant instead. A V.A can take care of your calls, and manage your leads even if they work remotely. You can connect with contractor workers through freelancing platforms like Upwork, and assign tasks to them on a project-to-project basis.
- Set Realistic Goals
Goal-setting is critical to real estate success. Surprisingly, about 83% of the population does not set goals at all. Furthermore, the 3% of individuals that set goals fail to jot them down. Writing down realistic goals makes you 79% likely to realize your dreams. Being mindful of these statistics, there is no excuse not to incorporate goal-setting into your everyday to-do list. Setting achievable, timely, and measurable goals gives you an opportunity to weigh your progress. That’s one way to tell whether your business is moving forward or retrogressing.
- Automate and Have an Effective Marketing Plan
Real estate business moguls who launch effective marketing campaigns and automate their processes, are way ahead of their industry competitors. The secret to setting up a successful automated system is to personalize your consumer experience, and reinvent the wheel each time you run a new campaign.
Adopt new technologies and use proven marketing strategies to reach a broader customer base. You will also need to properly define your target audience for the best results. Once you are able to land a strategy that works like charm, you may want to duplicate that process across your other platforms. Your direct mail content can seamlessly transform to a compelling social media post, and vice versa. Finally, embrace new challenges and don’t be afraid to think beyond the horizon.
- Build Strong Relationships
A real estate investor who yearns to succeed may have tight work schedules, but that does not mean they should ignore fostering healthy relationships with their customers. That man’s you should b ready to go a step further after a transaction is made. Get used to the grueling hours and late nights that come with increasing productivity. It has never been easy for any real estate entrepreneur to realize their success overnight. Basically, it doesn’t matter whether you are selling your property for $100k or $200k; treat all your customers with the right attitude.
One right way to establish and maintain working relationships with your customer base is to listen to the unique needs of your individual clients. Real estate businesses that spend too much time worrying about their financial gains to the detriment of consumer demands, often find it challenging reaching their full growth potential. Understand that being a real estate agent makes you less of a salesperson and more of a mentor. So, have the right character to help your clients find exciting deals to improve their user experiences.
- Maintain Your Properties and Use the Right Technology
Refurbishing your commercial properties is a great way to keep them in good shape. Practice good maintenance and repair services, and consider making upgrades to add extra value to your real estate properties. Pressure-cleaning companies like Curb Appeal Power Clean can provide top-quality services to give your Los Angeles properties a new look. Adopting the right tools and technologies is also an actionable marketing strategy to get the most out of your real estate venture.
Create a strong presence on digital platforms such as social media; these become great tools to reach larger audiences. You may also want to build a mobile-responsive website to promote your services. This is a smart technique to stand out in the market and increase your brand outreach.
- Don’t Entertain Fear
Personal fear of failure is an enemy to entrepreneurial success. In a 2016 survey of 1,000 U.S. citizens, this type of fear ranked at the number-1 position. Entertaining fear makes you prone to ignoring risks and big opportunities, a habit that can prohibit you from growing your real estate business. However, when you let go of your fear, you move closer to grasping high-value opportunities. Find a mentor to help you overcome concerns that prevent you from making big decisions. Experienced real estate gurus can break down the pros and cons of some investments and reduce your risk of incurring losses.
- Ask for Referrals
One survey by Outbound Engine found out that a whopping 75% of real estate agents’ businesses came from referrals and word-of-mouth testimonials. To take your real estate business to a new level, concentrate more on referrals with your new and previous clients.
You can get referrals by offering referral gifts, requesting referrals on your site, and using branded materials. Consider testing a range of new ideas to find out the one that yields the highest referrals. By optimizing that idea, you can keep more customers flowing through your business.
*Photos by Kindel Media