With over two million operational real estate licenses in the United States, it is safe to state that this is a crowded and precarious market. In fact, it’s not surprising that many realtors purchase professional indemnity insurance! It often leaves new agents with thoughts like, “How will I ever expand my real estate business?”
The answer: your growth is in your hands. There are many strategies you can implement to reach out to new clients, increase sales, and grow your real estate business.
1. Launch Your Website
When you start as a new real estate agent, it might feel logical to use a broker’s site to launch your services. But it’s not a great idea. Building your site is critical for your business. Luckily, this is an easy and inexpensive thing to do. You don’t need technical expertise to do it yourself.
The sky’s the limit when you have your real estate website. You can use it to do the following:
– Set up a local directory of services your clients need, such as electricians, plumbers, carpenters, locksmiths, etc.
– Monetize it with advertisements.
– Provide detailed property listing information.
2. Build a Blog
You’ve probably heard it a million times, but content truly is king! It costs less than traditional marketing strategies but can generate thrice as many leads. Too many realtors are overlooking this opportunity. Most do not understand how a simple blog can generate leads.
Each time you write and publish a post, you’re handing Google content that it can index. The more relevant and original content (with appropriate keywords) you register the chances of getting your site listed in Google’s search engine results pages increases. To put it practically, if a seller or buyer searches for real estate topics in your particular area, your website might up in the results. Establishing a blog is similar to equipping yourself with professional indemnity insurance cover. It protects and builds your image as an industry expert and builds trust with buyers and sellers.
3. Spend Time on Social Media
There are currently 2.8 billion people active on social media. This platform gives you access to a myriad of marketing options. Information spreads faster on social media than on any other platform. If you want potential buyers to know about your real estate business, set up an account on at least two social networking sites. Select ones that let you share content publish ads, and pursue leads. They should also reach out to wider audiences.
Here’s how to use social media for business growth:
– Conduct live video tours of new properties and homes. If people cannot join during the live feed, the video can be accessed on your Facebook wall at a later date.
– Use Facebook to boost post listings. It will help you reach out to a wider audience. This enables you to target people according to occupation, region, age, etc.
– Every time you make a sale, use your Instagram to congratulate your clients. This makes them feel special. It visually shows how you positively impact others’ lives by making the home purchasing/selling experience more accessible.
4. Protect your Income from Recession
The ongoing Coronavirus pandemic has created financial hurdles for everyone, including realtors. As dreary as it sounds, you need to be prepared for a downturn in the market. Start by getting professional indemnity insurance cover. This is the best way to protect your business. Next, keep in mind the real estate market operates in cycles. This means you must have a backup plan to thrive when the market dips. With careful planning beforehand, you will be able to keep your real estate business afloat.
5. Work on Referrals
According to an OutboundEngine survey, up to 75% of a realtor’s business is generated via word of mouth and referrals. But keep in mind, all agents are doing this. How do you plan to take referrals to the next level?
Instead of focusing on getting referrals from ‘people who know you, work on getting them from past and current clients. Encourage these prospects in the following ways:
– Provide referral gifts
– Offer thoughtful gifts
– Directly ask for referrals on your site
Showcase IDX takes your realtor website template and transforms it into the center of your company, lead creation, and marketing.
6. Include Property Management in your Services
You were adding property management to your service repertoire in an excellent business expansion opportunity. It gives you a chance to acquire new clients from the seller and buyer clients. You can also promote your realtor services. This can be a passive form of income generation if you take the time to look for dependable tenants for clients’ properties. A bonus is when the housing market drops, the rental market surges. This lets you earn and grow your real estate business through property management services. Don’t forget to get professional indemnity insurance to safeguard your assets.
7. Be Purposeful with your Networking
Use a targeted approach to connect with individuals during networking events. For example, when you attend an event, make it a goal to communicate with at least three new people. These can be people who provide financial advice or help or even connect you with potential buyers/seller. Focus on amassing a diverse group of people.
Growing your real estate business is about marketing your services and planning for recession. Professional indemnity insurance is an excellent way to protect your business from unexpected risks. Find out more here.