The real estate industry can be incredibly profitable for those who are successful whether the business specializes in resident, commercial, or rental properties. Real estate is competitive so forgetting to handle certain small details can make a huge difference by the end of the year when it comes to profitability. The important part of any business is taking care of the details under your control. Too many founders and managers find themselves trying to solve things that are variables that simply cannot be impacted no matter how hard they try. The following are ways to set your real estate business up for success.
Attract Top Talent
Attracting top talent can allow a real estate company to thrive for years. This talent needs to be drawn into the company with perks as larger companies will be able to offer them more money. Working from home is the ultimate perk and can be done by a large portion of realtors as well as marketer/advertisers. Putting a cap on commission is not a great idea as those who are great at sales want to be paid accordingly. The top talent in the industry needs to be retained in order to guarantee success long term. Lack of talent in sales can results in a multitude of leads not converting and only getting a small way through the business sales cycle.
Digital Marketing Campaigns Need To Convert
Digital marketing in the real estate industry needs to convert as the competition is fierce from studio apartments all the way up to luxury high rises. Local SEO needs to be done for every company even if they are on a national stage. Each specific city where property is owned or being sold needs to be targeted. Companies like Redfin have good marketing teams so competing with these giants will take a bit of creative flair as most companies cannot outspend larger corporations in order to beat them in marketing.
Don’t Underestimate How Physical Looks Impact Closing
Things like a good smile or great skin might not seem important but first impressions are everything. Something like peeling skin can turn a potential client off and lead them to look elsewhere for help. Senvie has skincare products that can keep staff looking young with healthy skin. Things like white teeth can be attained by providing whitening strips. One extra conversion from either of these can pay for the entire staff to have it provided for the year.
Offer Rewards For Referrals
Referrals in the real estate niche are extremely important as an agent that can help a client can help save them thousands of dollars through good negotiation. Offering a monetary reward for referrals will lead former customers to consistently send you business. While money is great doing a superior job for a client is more likely to result in a referral. A former client is not going to refer an agent regardless of the reward to family or friends if you do a subpar job.
As you can see it will take a proactive approach to having success in the real estate industry. Take the time to implement the above so you can set yourself up to be as profitable as ever.