Whether you’re looking to strike out on your own and set up your own real estate shop in 2023, or you already have an operation in place and want to expand, one thing is for certain: running a successful real estate business isn’t a walk in the park. And given the recent cooling off in the industry, the goal of scoring major wins and big successes has been somewhat more difficult.
However, there are always ways in which you can reach higher and put essential pieces in place to run your business efficiently and cut out what’s not bringing you as much return on investment as you’d like.
In this blog, we’ll go over certain areas to focus on when looking to not only survive a downturn but expand your business and run an efficient operation.
Network and Develop Partnerships
The age-old adage, “It’s who you know,” applies to real estate more than other industries. Real estate brokers and agents depend heavily on networking to help themselves get more clients and grow their businesses. But given the social disruption of the last few years, it’s fair to ask about how you can effectively network and reach new contacts. Fortunately, we have some ideas when it comes to streamlining your networking efforts:
1. Look at Your Surroundings
If you look up and down the block you live on, you’re looking at potential earnings. The people you live near can give you their business or work with another agent.
2. Attend Events and Conferences:
Industry events are in full swing, which means that’s a plus for your business’s digital Rolodex. Industry conferences can connect you to everything from service business partners to fellow agents to mentors and learning opportunities–all providing the potential to connect with potential clients better.
3. Social Media:
By using social media, you are offering potential clients a window into your business and your day-to-day while connecting on a more personal level. Each post needs to add value to your leads by persuading them to work with you, so keep this end goal in mind every time you add new content to their feeds.
The Power of Customer Relationship Management (CRM) Software
A CRM will help organize and manage your contacts and can automate portions of your communications. But beyond contacts, a CRM can allow you to set notifications to alert you when you need to contact certain clients, send out gifts, plan a client appreciation event and many other things.
This tool also helps provide insight into customers’ buying habits and illustrates how you can reach your customers more efficiently and directly. Taking into account the rather lengthy and complex process of buying or selling a home, this is a truly helpful tool to have at your disposal.
Transaction Management Software
Yes, more software. But with these tech-friendly options, you’re literally shaving off hours of your day that you can devote to working with clients or promoting your business. With options like HomeSmart’s RealSmart Agent app, agents can control every step in their transaction process, keeping everything they need at their fingertips.
You’re now able to track your transactions more easily, and completely paperless. What’s more, RealSmart Agent also allows brokers and agents to access broker compliance from anywhere and review important documents securely while on the go.
Automate, Automate, Automate
Many real estate professionals use an email marketing automation tool to send buyers new listings. But this time-saving efficiency tool can do more than just send messages. Using this kind of software, agents can stay in touch with former clients, which can help out with referrals. Agents can segment lists and inform previous clients about new listings they may be interested in, seasonal greetings and more.
In today’s real estate climate, it’s important to study what’s a true return on investment and value for your business. If there’s something that can be automated or streamlined to help you maximize your business operation, you would be wise to invest. Having these tools and options at your disposal will only help to trim the fat of your business and let go of what isn’t helping you bring in income and future clients.