Management Tips to Make Your Real Estate Business Stand Out
For self-starters and hard workers, few businesses offer more of an opportunity for growth and success than real estate. If you’re already managing your own real estate business, that means you’ve already laid down a solid framework for success. Here are some management tips to increase your business’s presence, boost client activity, and generally stand out as superior in a crowded profession.
Devote real work time to a marketing strategy
Being associated with realtors, having your name on a database, and running a fairly popular social media account is not real marketing. You can’t think of marketing as something you do on the side of your “real work.” It is your real work. As the proprietor of your own real estate business, at least half the battle is standing out among the crowd. You can be the best real estate agent in the world, but if nobody knows who you are, it’s all for naught. If you ever have to tighten the budget, Realtor Magazine says that marketing is most certainly not where you want to make the cuts. Check here for over 50 creative ways to up your marketing and promotion game.
Set up appointment reminders
Few things kill a real estate business’s momentum more than client no-shows. It’s not just that you’re losing out on that particular client, but you’re also losing time and have to deal with the dreaded open time slot where you could be signing someone on, but aren’t. Setting up some sort of personalized appointment reminder system, like this one from Square, can help. People forget things. It’s a fact of life. But you can reduce the instances of missed meetings by being proactive.
Focus on employee retention
If you create an environment where your sellers and other employees want to work, then they will work harder for you. As the manager of your real estate business, it’s your job to ensure you attract (and keep) good people with top talent. Some proven ways to do that in the real estate world include work flexibility, perks and rewards for hitting targets, promoting further education, and offering them strong PR/marketing efforts to boost their own personal brand. For more on this, check here.
Think about doing more with houses than just listing
One thing to consider that will not only put extra revenue into your pocket (during those unavoidable slow times), but also serve as a way to generate leads for you and your team, is flipping houses. As the leaders of a real estate business, you have a leg up on other house flippers who go into it without any expertise in the field. You know how to do the math. You know the markets in your area. You know the specific neighborhoods and are uniquely qualified to pursue this lucrative side venture.
Consider a niche business model
Real estate is a competitive market, and even solid agents with solid teams find themselves washed out by the sheer volume. If you find your business in a place of stagnation, it could be time to consider a jolt of electricity direct to the heart. This could take the form of a shift to niche real estate.
What is meant by niche? Think of it as specializing. Is it better to be okay at everything or really, really good at one thing? That’s a philosophical question for your business, but if the answer is the latter, you can consider only dealing with certain types of housing properties or houses in specific locations or specializing in the types of clients you take on.
In the end, you should want your business to be more than a real estate company. Think of yourself as a wish-granter and dream-maker. You help find people their little slice of happiness and facilitate others who wish to move on to fresh, new things. Put more effort than even you think is necessary into marketing, focus on having happy, satisfied employees, and consider getting creative through side projects or niche business models.