The real estate industry is a profitable and attractive one to penetrate, but it’s also worth knowing that it’s getting crowded. Because of its demand, stability, and high profitability, many small and big-time entrepreneurs alike are considering the real estate industry.
While this may sound daunting, competition doesn’t always have to be a bad thing in business for as long as you know how to go above and beyond it. Like any other business, there are tried and tested means for you to grow your real estate business, beginning with using the right real estate CRM. It takes a lot of effort, and no success is definitely achieved overnight. But what effort isn’t worth it if it’s in the name of overall business growth and success?
If you’re in the real estate business and you’re looking for ways to grow your business, you’ve come to the right place. In this article, you’ll come across some of the best strategies you can apply to grow your real estate business.
4 Smart Strategies To Grow Your Real Estate Business
Find Off-The-Market Properties
Real estate businesses deal with properties. This means that for you to stay in the industry, you need to be wise about your choice of establishments. This also entails being more strategic about sourcing properties for you to flip, re-sell, or have rented out. If you can’t find properties before other real estate businesses do, you’re making yourself fall further behind the competition.
To avoid this situation, a good strategy you can do is find hidden, off-the-market properties. These are also known as pocket listings and aren’t found on real estate sites or other common sources. There are advantages to banking on off-the-market properties, mostly relating to the cheaper price and the lack of competition.
Off-the-market properties are usually those that are subject to divorce proceedings, court foreclosures, or direct sales from owners who are hurrying to dispose of their property due to an impending move.
Be Purposeful With Your Networking Efforts
If you haven’t been aggressive with your networking efforts, you need to change that practice. Growing your business is all about networking, and this is a no-fail to expand your horizon and connections. You need to have a more targeted approach, with the end view of connecting with those whom you’re sure to help you the most in your real estate business.
If you’ve been struggling with your networking efforts, here are some useful tips you can practice:
- Develop relationships that can lead to more sales and referrals;
- Be prepared whenever you go out or attend events by having your real estate’s business cards ready;
- Attend business networking events even if it’s not necessarily solely focused on real estate.
Target The Holiday Rental Market
Among all the other sectors in the real estate industry, there’s no denying the strong profitability of the holiday rental market. Vacation homes up for rent are the direct competition of hotels as many travelers would rather rent vacation homes now than book hotels. If you haven’t penetrated the vacation home market yet, it’s a good idea for you to do so.
One of the reasons why having vacation homes for rent as a part of your business offers is a good choice is it may reap higher income than monthly apartment rentals do. When you post your vacation homes for rent on apps like Airbnb, you’re charging your tenants on a daily rate. If you have tenants every single day of the month, you may be able to cash in more profits for that same property than if you placed it as an apartment for rent.
Improve Your Time Management Skills
Time management is important for any business, and your real estate isn’t exempted from that need. When was the last time that you evaluated how you’re running your real estate business? If it’s been too long, you could be missing out on strategies and tools that can improve your business’s time management ability.
Your goal should be to have all of your real estate agents on the same page regarding time management. This means each of your agents should be equipped with the skills and tools to market new properties, approach more clients, and close more deals within a specific time frame.
To achieve better time management for your business, you may want to consider exploring these strategies:
- Start all of your tasks early, which means if you have the opportunity to report to the office earlier than usual, as the business owner, it’s worth making that practice. This doesn’t mean you should now spend long hours in the office at the expense of a good work-life balance. It simply means arriving in the office earlier than everyone else does, so you can also leave earlier. Those few minutes by yourself without distractions of employees coming back and forth can buy you more time to focus on tasks that you want to accomplish.
- Give yourself ample breaks, so you don’t burn yourself out. Work burnout is one of the top productivity killers. If you notice that you’re no longer productive toward the end of your working hours, it’s a sign for you to take a break.
- Schedule your tasks to be certain that your real estate business doesn’t disappoint clients by not meeting any set deadlines. Also, see to it that everyone is on the same page with all the deliverables.
- Automate routinary tasks by using invoice software, email marketing software, and accounting software, among others. When you do these, you’d be time-efficient as well as avoid mistakes.
As you take your real estate business to the next level, take the tips above with you. It’s already an advantage that you know your real estate business has the ability to cash in large money. You just have to take it one step further to ensure your business drives in your intended outcomes.
The tips above are no-fail to go about growing your real estate business. Take it one effort at a time, and soon enough, you’ll have a real estate business that’s stable to weather through difficult challenges in the industry.