The real estate industry is evolving at a fast pace. Processes and ideas that worked in the past might not work anymore. Therefore, businesses need to replenish their growth strategies from time to time.
You cannot become a real estate mogul overnight. You may wish to have several deals, but it is better to work on one deal at a time and grow the real estate business methodically. When you use the right strategies, it will reward you accordingly.
So, are you looking to grow your real estate business at your own pace? Here are a few ways that can help you out:
1. Evaluate Your Standing in the Market
Consider different aspects of your real estate business: sales, marketing, goals, and areas that require improvement. Identify the growth you are looking to achieve. Also, consider your resources and budget, then make additions and cuts wherever required. Performing a detailed cost analysis of your business and getting the right figures is also crucial to understanding your position in the market.
2. Build Your Business and Ensure It Is Consistent
Real estate is a sales-driven industry where businesses focus on instant wins. But long-term goals can also bring in a lot to these businesses, for which, you need to invest in websites and branding.
As per studies, 82% of the real estate businesses that made more than $1, 50, 000 last year had their own sites. This clearly indicates the effectiveness of branding and its importance in generating referrals.
Branding is an exclusive feature that identifies your real estate business from your competitors. Once you have got a hold of your branding, ensure every aspect of your marketing effort is consistent, from your real estate brochures and postcards to social media.
3. Ensure You Have a Mobile-Friendly Website
As per reports in February 2019, 50% of individuals used their mobile phones to browse through different websites. This means ensuring having a mobile-friendly site is not just a bonus but a requirement these days.
Google says that 61% of users will not return to those mobile sites where they have experienced problems, while 40% of the same users will visit a competitor site. This data makes it very important for real estate businesses to optimize their sites for mobile devices if they do not want to tank their marketing efforts.
Having a poorly-designed Realtracs IDX site can also hurt your popularity as a whopping 57% of internet users say that they will not recommend businesses with such sites.
So, making a mobile-friendly site is a must if you do not want your business to look obsolete, outdated, and out of touch.
4. Networking Is Very Important
The real estate environment is in itself a huge marketplace. So there is a good scope for you to widen your networking by visiting events and communicating with other business organizations within the same community. You never know, they might be prospective home buyers.
5. Use the Power of Videos
In this era of stay-at-home guidelines and social distancing, virtual tours are both effective and popular. In fact, real estate video marketing leads to direct sales and conversions.
Real estate marketing videos offer homebuyers a more holistic and immersive experience, making their initial interest transform into a real purchase. In addition to this, videos are suitable for social media advertising, specifically on Instagram, where videos are less intrusive and more native than the other social media platforms.
6. Offer Free Knowledge
Do not go for obsolete methods, like gated content where the website visitors are forced to provide their email address in return to access an eBook or blog post. Instead, build your reputation as a valuable and reliable source by sharing knowledge for free.
Do not limit yourself to textual matter only. Spruce up your articles and blogs with visuals like infographics and charts. Infographics are specifically useful when you are writing on boring or dry topics.
7. Work on Time Management
When running a real estate business, you cannot keep crossing items off your things-to-do list. Try arranging your workdays, weeks, and months by working on your time management skills.
Set aside a specific amount of time for marketing, handling clients, and closing deals. When you distribute available time in hand strategically, it shows in the success of your business.
8. Look for Referrals
A whopping 75% of business in the real estate market comes through word-of-mouth and referrals. So, focus on getting referrals from past and current customers to get to the next level of success.
You can do it in many ways like:
- Requesting referrals on your site
- Offering referral gifts
- Giving meaningful customer presents
- Using branded material
- Test different ideas and use the one that yields more referrals
Differentiating a business in the real estate market takes good time and effort. As well as the ability to keep up with the latest technology and trends. Whether you are sharing Instagram stories, sending an email newsletter, or creating blogs, considering the exclusive pain points, interests, and needs of the target audience will help you stand out from your competitors.