Real Estate Business

How to Run a Successful Real Estate Business

April 23, 2019

To be a successful real estate agent, you must run your real estate business like a business. While this seems logical, it sometimes may be easier said than done. Read on for some key tips on how to create a strong real estate business that not only survives, but thrives.

Know the Market

Good planning is the foundation of your business. Market research conducted about the area in which you will be operating your business will inform your business plan and help you to determine your niche, as well as how to position yourself within it. Determine your target audience, and what are they buying and selling, and position yourself accordingly.

Plan, Budget, and Plan Again

Using the market research that you conducted, create a business plan that will guide your decisions that pertain to the growth of your business. The purpose of the business plan is to set goals and direction for your business, as well as to assist potential investors and lenders when seeking financial support to grow your business.

A part of your business plan must be to determine a budget for your business, with the understanding that it may take several months for you to begin generating revenue. And a part of that budget should go towards marketing, which will allow you to build credibility as a trustworthy brand. Gone are the days of pushy salesmanship, Instead, strong photography and compelling writing tells your clients’ story, and builds your personal brand. Use social media as a tool to grow your business by running ads, sharing content and driving leads.

Stay Current on Trends

Be a lifelong learner. The more that you know about real estate, the more you are able to help your clients. Staying up to date on current trends in the real estate industry enables you to better understand changes in the market, as well as in the behaviors of buyers and sellers. It also is essential to understand new technology being used in the industry. Mobile apps have revolutionized the home buying process, changing the role of the real estate agent in the process. New technology also is giving agents more data and allowing them to work more efficiently on behalf of their clients.

Build Your Network

Networking events help you to grow and expand your business. You should actively engage in purposeful and targeted networking with other real estate professionals who are willing to share ideas and experiences, and can mitigate concerns. Doing so enables you to create business partnerships, connect with experienced industry mentors, and develop mutually beneficial business relationships.

Be Active in Your Community

Use your career to help others and to make an impact on your local community. While helping others will not only make you feel good about doing good, it also will give you the opportunity to meet like-minded real estate agents. In addition to working with charitable organizations, you should be sure to attend community events, and join local memberships groups like the chamber of commerce and other business associations.

Nurture Client Relationships

Develop client loyalty through strategic contact; and nurture repeat and referral business through the development of these client relationships. Building customer loyalty results in long-term tangible results, oftentimes resulting in your client becoming a promoter of your brand.

Say What You Do, and Do What You Say

Develop your own personal service guarantee and stick to it. Your guarantee can differentiate you among the industry, signal quality, and professionalize the internal management of any necessary service recovery. Developing a service guarantee forces you to focus on the customer expectations of your business, and creates clear standards and alleviate perceived risks by your clients.

Manage Your Day, Don’t Let It Manage You

Work smarter, not harder. Prioritizing your daily tasks by using a time management tool will help to keep you focused and on task. The Eisenhower Matrix recommends putting each of your tasks into four different categories, based on the urgency of the task: Do First, Schedule, Delegate, Don’t Do. Your daily schedule must be adaptable to allow you to react when necessary.

Cultivate Quality Partners

The home buying and selling process is a complex financial transaction that requires the involvement of a variety of professionals. It is important to identify quality partners that you can rely on to assist your clients and that have their best interest at heart.
Contact us today to learn how Ohio Real Title can partner with your real estate business.