A real estate business gives you good profits, but it is hard work all the way. Cold calls, customer meetings, hundreds of leads, and a handful of conversions, real estate business is definitely not for the faint-hearted.
But the US offers good opportunities for real estate businesses willing to succeed. And to win, brilliant strategies are to be built from Day One so that you have a plan in place for each step of your journey. Effective strategies help you to manage time effectively, increase lead conversions and expand your real estate business.
Before we start with the strategies, let us shed some light on the real estate statistics in the US.
- Around 5.6 million existing homes and 822,000 newly constructed homes were sold in 2020.
- There are 3 million active real estate licensees in the US, of which 68% are sales agents, 20% hold broker licenses, and 13% hold broker associate licenses.
- 89% of the home buyers & sellers in the US take assistance from a real estate agent when buying/selling their homes.
- Of these, 91% of them would use their agent again and recommend them to others.
With these statistics, we arrive at two significant conclusions-
The first is that real estate is a crowded market in the US.
Second is that real estate agent services are in demand.
To counteract the intense competition in the real estate market, agencies need to be proactive and devise strategies to help them get new customers, sales, and profits.
Networking is crucial to expand your real-estate business. In an event or boardroom meeting, your approach is to find and connect with people who may help you or may need help from you. Build a diverse group of individuals around you while considering how they fit into your business goals.
Have 1-2 goals in mind at every event. Get yourself introduced to people. There is no harm in asking anyone to mentor you or guide you. People love to give advice, and this is how relationships grow in business.
If you are forever busy trying to achieve a particular goal, you miss out on other crucial things. Business success is not achieved by concentrating on one, and in the process, neglecting the rest. Instead, make a to-do list and try to complete tasks based on priority.
While expanding a real estate task, you have multiple tasks at hand, such as dealing with clients, managing your team, networking with people, planning strategies, and so on. Jot down the to-do tasks for a week, prioritize the tasks and make notes on how to achieve them. You can use task management software to include your team in the process and make time management easy and effective.
Engage with the leads through blogs and news articles. Send them emails that contain a CTA, such as click through to a blog post or downloading your survey report. Offering quality content to users is a way of ascertaining your authority and expertise in the real estate industry.
The blog topics can be changes in the real estate law, updates on current mortgage rates, region-specific real estate market news, tips on managing the real estate portfolio, and such useful information. The current and prospective customers will appreciate it.
A customer referral acts as a bonus to attract new customers. Imagine people discussing your brand with their family and friends. Isn’t it free propagation of your brand? A referral is valued by a new buyer or seller, especially when it involves financial transactions.
- Some great ways to boost referrals are-
- Request current and past customers to rate and review your business on social media & local listing directories online
- Offer referral gifts to customers
- Give a discount on services to customers who write reviews
- Send the review link to customers by email and encourage them to write reviews.
- Hold events and encourage people to write testimonials for your website.
Never underestimate the power of referrals. It helps you to get clients in the long run. Work on ways to get clients to rate your services. You never know when it will help you expand your real estate business.
Establishing a solid presence online increases the credibility of your real estate business. A website is a great way to show people that you mean business. It offers complete information on your real estate firm and your work.
In the same way, optimize your social media accounts for conversions. Where is your target audience? Are they on Facebook, LinkedIn, Twitter, or Instagram? Research your target audience and improve your social media presence on platforms where your intended customers exist. Consistent engagement with followers on social media gets you conversions and increases brand awareness. Posts on customer success, video testimonials, new service launches, and live event telecasts boost engagement and get new followers.
When on social media, how can influencer marketing be left behind? Influencer marketing is powerful to target niche audiences and increase brand awareness. With the real estate business more crowded than ever, your strategies have to be effective and a step ahead of your competitors.
Marketing your real estate firm through influencers gets you followers, and more importantly, it builds a community around your brand. People start to recognize you as a brand and gradually develop an interest in your services.
With intense competition in the real estate segment, strategic partnerships with brands that complement your business help you gain a strong foothold in the industry. You can collaborate with interior designers and real estate consulting firms to offer comprehensive service to your customers.
For instance, collaborating with a real estate consulting firm helps your customers make informed real estate buying decisions. Similarly, by partnering with a trustworthy interior designer you offer a range of services to your customers. Such strategic partnership mutually profits the involved stakeholders and delights your customers.
We have listed seven highly-effective strategies to expand your real estate business. Consistency and hard work help you get ahead of the curve, and establish your presence in the real estate market. Do you have any other strategies in mind? Tell us about it.