If you have been operating a real estate business for some time, you have probably noticed that you are hardly alone. In fact, you may have noticed that competition is fierce in your chosen industry; to this effect, the National Association of Realtors estimates that there are more than 85,000 real estate brokerages actively operating in the United States.
With such a large number of real estate professionals engaged in this lucrative activity, you should always strive to operate your business in manners that are not only efficient but also competitive. Here are five recommendations you can follow to make your real estate franchise really stand out among the rest:
1 – Effective Networking
You would be surprised to learn that many realtors never take the time to cultivate and foster their professional network. You should always keep in mind that the real estate industry thrives on the relationships created by means of networking.
Good networking begins with the team you work with. Even if you work independently, you will eventually settle on working time and again with the same appraisers, home inspectors, title agents, and other professionals who help you advance to the closing stage. Be sure to stay on the radar of these business partners by following them on social media; you should also introduce them to your clients when the time is right so that they know that they are in good hands.
2 – Offer Perks to Your Clients
The power of perks, freebies and thoughtful gifts is something that you should try with every client. Perks and gifts do not have to be spectacular; however, they must be meaningful and adequate. For example, if your client has signed a purchase contract on a new construction property, you should look into the possibility of providing an extended home warranty as a gift. Most new construction homes will have a warranty in place; find out if a third party offers a service agreement or a warranty extension for a year or a few months, this will not be an expensive perk for you to cover and it may result in well-deserved referrals.
3 – Become a Specialist
If you are a military veteran, catering to former service members could be a profitable niche. To become a specialist, you will need to learn as much as possible about the relocation process and the financing options available from Veterans Affairs. You can also become a local specialist in terms of luxury condos, municipal or county redevelopment grants, REO properties, short sales, FHA loans, and 203(k) renovation projects.
4 – Brush Up on Your Social Networking Skills
Building a strong social media presence should be one of your priorities as a real estate professional. The last thing you want to do would be to treat your Facebook or Twitter accounts as echo chambers; you should only post social media updates that will be truly useful and beneficial to your prospects and existing clients. You should also check your feed and look for opportunities to engage with your followers by wishing them well on their birthdays, commenting on their achievements and offering your professional opinion when applicable.
5 – Advertise on Legacy Media Outlets
Too many real estate agents have chosen to focus exclusively on internet marketing; this could be a great opportunity for you to promote your brand on traditional advertising outlets such as billboards, newspaper ads and radio commercials. Find out if local talk show hosts will invite you to their programs to discuss matters that are important to the communities you serve.
The five recommendations listed herein will help you get on the right track towards running a more effective real estate practice, but you should also remember to connect with seasoned colleagues at your next conference or business networking event. You should never stop learning about ways to improve the management of your realty company.
by: Sia Hasan