7 Ways to Grow your Real Estate Business
Real estate broker strategies can be hit and miss however detailed your approach might be.
After all, property buyers are one of the most savvy audiences on the planet.
Apart from the regular investors and builders, a large portion of the audience are first-time buyers. You have to be mindful of a few more components to make the best case as a successful real estate agent.
To attract potential clients and grow your business, you need to figure out optimum marketing strategies for the same. An optimum marketing plan will help you gain more qualified leads and eventually improve conversion rates.
From building lists to creating personalized email flows, partnering with local businesses to optimizing your website - We want to help you figure out the best marketing strategies that fit your brand.
If this is what you’re looking for, you’re in the right place!
Here's some tips and tricks that'll make you stay on top of things when it comes to keeping your sales rolling.
1. Have a well-defined marketing plan
A well-thought marketing plan is the first step to growing your agency.
Scope and Purpose:
What is your mission statement? What are the core objectives of your business? Define them in clear, simple words. This will help bring more clarity in your marketing messages.
Define your audience:
Be very clear on who your audience is. A deep insight into your audience will go a long way in maintaining the relevance of your marketing messages. It will also help cement strong customer relationships.
Find the right channels:
A solid marketing plan is a well-balanced combination of multiple channels of promotion.
The right channels help you to reach and teach your audience to take the necessary call to actions for sales to happen. Today, along with the traditional ways of promotion, you can also benefit from the various forms of digital media that facilitate a measurable form of promotion. Social media marketing, blogging, SEO and website influence are few of the buzzwords that bring results when done right.
Plan your marketing budget:
This helps save time and prevent the business from crashing. A real estate business can be a shaky boat to handle. Knowing your current budget needs, cash flow and other financial considerations is ever important.
2. Grow Your Network
Along with a strong footing in the understanding of the typical customer, you need to be great at networking.
Networking can be about you passionately sharing titbits on your work life with potential customers and partners or cold calling a long list of prospects you want to target for the current season.
Make sure you understand the pain points of your target audience. And leverage that to improve your chances of forming better relationships and therefore inducing a better sense of community in your audience.
This in turn, helps cement customer loyalty and eventually bring in more conversions.
One of the things you can do in the 21st century (thanks to a boon we call the internet) is host webinars.
Webinars are where you connect easily with your audience. You get to share relevant information, especially what you want your audience to know. And your audience, in turn, can put forth their pain points and insecurities about investing in the real estate sector. Webinars are a certainly great way to land hot leads!
Stay connected with the quintessential portals & online journals as well as offline press.
These portals often give suggestions and recommendations to buyers. By becoming a part of them, your chances of lead generation and sales are high.
You can also attend and host community seminars, industry events and large conferences. The potential exposure and publicity is next to almost none since a real estate buyer purchases based on trust and relationships. And what better way to do that than in person!
While the importance of networking for a realtor like you hasn’t changed in the last few years, the way it is done has. When you meet potential customers in your neighborhood, leave your digital footprint. Business cards are dropped and lost. Instead, create a QR Code that points at your contact details and saves your phone number in a scan. This ensures that you are in their phonebooks for a long time.
3. Build a brand
A brand stands the test of time.
Because when you have a brand, it becomes the face of your business that the customer can directly access.
Yet, building a prospering brand takes more than a good font or a logo.
It requires continuous thought leadership in terms of the expertise promised and promoted by the business.
You can use the various social media websites and blogs to create a unique brand voice for your real estate business. Share valuable information with your audiences on these platforms that helps make a better real estate decision.
You could also have blogs. Blogs are one of the best ways to give away your deep insights and know-how about the real estate market. This builds credibility and establishes your authority in the eyes of your buyer.
As your business grows and you find the right voice to market it, a website can help take it further. The Internet is the new store that customers never fail to visit. A well-designed website that represents and showcases your business clearly can add to your credibility and thought leadership.
Along with the website, build and maintain a consistent brand identity that adds confidence and inculcates a positive image for the business through it. Print and keep iconic branded cards that are attractive enough to grab customer attention. This will increase your chances of sales and conversion with time.
To stay on the top of mind of the customers, experiment with display campaigns and remarketing strategies. This will lead to regular lead generation and an increasing probability of conversion online.
4. Meet and greet
In real estate, most investors and property buyers are busy individuals multitasking their way out the whole real estate endeavour.
So you'll need an efficient system to arrange meetings and appointments.
A proper scheduler is a must to manage multiple meetings in a day or a week. You should also be able to squeeze in a short meeting if need be during non-office hours.
Or you can use a sophisticated tool to book more meetings seamlessly and increase the likelihood of conversion & sales through a smart technique and a robust tool to set you apart from the competition.
You can also turn this into a promotional opportunity -
Set-up meetings, coffee-dates and short conversations with the bloggers, influencers and people that command audience attention in your niche. Record, photograph and create fascinating content through this and put up on your social media. Take permission of the bearer and also insert real-life testimonials on your website as well. Social proof plays a pivotal role for real estate buyers.
5. Email still works
Anyone who tells you emails are dead, is lying.
Email marketing is very much alive - and completely relevant! Here’s what emails can do for your real estate business:
- Build a database of buyers
- Show authority and expertise
- Nurture potential clients and sellers
- Have more control over the information you give out
- Automate your flows
- Engage your audience
- Increase sales
And all you have to do is:
- Create your email lists (via your website, paid promotions and so on)
- Segment your audience (for optimised messaging) based on demographics, location, family size or past behaviour of existing customers
- Devise email marketing campaigns:
- Transactional flows: automated flows that trigger when your user takes a specific action. For instance, sending a welcome campaign if/when a potential prospect sees your ad and subscribes to your list.
- Promotional campaigns: email sequences where you share relevant discounts and offers on your services.
- Newsletters: sending consistent information about listings, open houses or maybe just your blog with your two cents on the real estate sector (like neighborhood guides)
- Lead nurturing campaigns: specific (can be automated) sequences of emails that are sent with the purpose of moving your buyer further down the sales funnel.
- Referral campaigns: campaigns that ask for reviews that can further be leveraged to build and cement authority.
You can even share client success stories via email to further your buyer (and potential buyer’s) trust in you.
Bottomline is that emails are one of the sureshot ways to get through to your customers in the way you’re first supposed to - emotionally. They let your buyer know you’re not just there to make a sale but build and consolidate a relationship.
Once you’ve swayed them enough, sales will follow.
Want to get a head start on using email for your Commercial Real Estate Business? Grab our 3 best templates to get you started.
6. Time is money
Time is always of the essence.
To manage the multiple needs, budget constraints and availability of your customers, proper transaction management software and time management are a must.
Know when to stop when it comes to urgent matters that eat up unnecessary time.
Focus on accomplishing important tasks that’ll shape your future schedule and fetch you some real meetings with potential buyers and investors. Without this, there’s no real business happening.
A great way to manage time – in the 21st century – is through software.
Find and use these apps to help yourself do what you set out to do.
You can also think of hiring an assistant to share your workload.
Time management is one of the most difficult skills to master for any profession. For real estate businesses, it's doubly so since the minds of the customers change owing to the climatic, economic and political conditions from time to time.
7. Referrals are king
There’s no better thing than word-of-mouth marketing.
In the digital age, this could be testimonials or reviews on social media platforms or forums and other relevant communities.
Their importance could make or break your business.
An OutboundEngine survey involving more than 500 real estate agents states that around 75% of the agent's business is a result of referrals and word of mouth.
Make sure to:
- Create and run campaigns that encourage your audience to provide you with referrals in place of an interesting gift.
- Think of ways to send creative greetings and goodies during major events, festivals and occasions during the year. The greeting card and the gift will act as a salesman for your business whenever it is noticed by a prospect.
- You can also gather referrals from your competitors, partners and the community of agents. For example, another agent would send a customer to you since you might be in a position to deliver better service. And you could return back their favour with some other customer that would receive a better deal from him.
Starting a real estate business and sustaining it for a long period of time can be a real challenge. The real estate jungle is a densely populated one with no dearth of cutthroat competition. And the real estate buyers and investors are always looking for more. It may take a toll on your sanity while servicing these demanding customers and the competitive market. Hopefully the above tips and ideas will set you free from this headache and navigate the deep waters with caution and skill.