A successful real estate business requires substantial work that goes beyond simply purchasing a home, placing it on the market, and hoping for tenants. This is a fulltime job, and it requires a skillset that will help you to get ahead of the competition. Your success, as well as how much you’ll make, depends entirely on what you put into it. If you want to take your real estate business to the next level, you’ve got a road ahead of you that will require diligence to stay on the path. To get you started, we created a list of things you should do to expand your real estate business.
1. Decide on Your Audience
Your intended audience for your property impacts several things. You want to have a specialized target demographic in mind, so you can focus your efforts on one specific area. The following items factor into the audience you’ll attract:
- The location you buy homes in
- The age of your demographic
- The marketing techniques you’ll use
- The budget of your intended audience
- Your audiences preferred communication and payment methods
Connections with other professionals can present a large market of opportunity that you might not have known about. Attend social events with other professionals that work in fields similar to your own and exchange business cards. Having strong professional relationships can lead to cross promotional opportunities.
3. Know How to Market
The next three sections all cover how to bring awareness to your brand through different forms of marketing. This first point covers the simplest bases, which are real estate sites and the social media market. These will lay the foundation for your marketing techniques and allow you to invest in further marketing opportunities as you begin to turn a profit. This starts with your listings.
When you begin to post on real estate sites, such as Zillow or Trulia, a strong listing is imperative. Professionals need to up the ante to stay level with their competition, and your listing is everything. Above all, you need to focus on visuals. You should provide enough high-quality pictures to give prospective buyers or renters with an accurate idea of the home they’re prospecting. Many realtors today use drones to capture pictures and videos from a variety of different angles.
Regarding social media, you should have a page on different sites and cross link them to each other. You’ll want to stay active and encourage engagement. You may also find it worth trying out paid advertising on sites such as Facebook and Instagram.
4. Have a Strong Website
If you want to have a successful real estate business, you absolutely need to have a website. Without one, your brand will disappear among all the rest, and prospective buyers and renters can’t distinguish you from your competition. A few reasons why you should have a website include:
- It’s sets you apart from your competition
- It establishes your brand
- It educates your audience about your brand
- It allows referred customers to look you up
- It gives people an area where they can contact you
- It gives you full control, unlike listings on other sites
5. Use SEO
One you build your website, you should focus on SEO (search engine optimization). This is an incredibly effective way to add authority to your site and drive traffic your way. You’ll build your brand by strengthening the power of keywords, blogs, and back links. It’s important for real estate businesses to ensure they invest in a local marketing campaign, as opposed to a national one, as well.
6. Don’t Overwork Yourself
Although a successful real estate business requires hard work, make sure you don’t work too hard. If you do, the quality of your services will begin to drop, and your brand will suffer as a result. Set working hours for yourself, and take breaks as needed. Your health and well-being are important, and your business can’t thrive if you’re overworked and exhausted.
7. Stay Consistent
This goes hand in hand with the point listed above. At no point should you allow yourself to plateau; the quality of your services will drop if you do. Several factors go into your work’s consistency, and you should never allow your attention to stray from them. Always seek out new ways to improve yourself, and strive to make sure your services don’t suffer as a result of carelessness or neglect.
8. Offer Something Different
What’s your competition doing right now? Hopefully, you keep track of where they are and what they offer in their respective business. This is important because you want to know what they’re not doing just as much as you want to know what they are. If you find a hole in the fabric of their business, patch it up in your own. Something as small as a discount in the first month’s rent, or an extra garage opener, could cause a prospective buyer or renter to lean in your direction.
9. Be Personal
It’s important you don’t give off the impression that you view the people you work with as nothing other than a paycheck. Know your tenant’s names. Check up on them. Ask what you can do to make your services better. You have to show that you care about the people your business affects.
10. Outsource to a Property Management Company
Eventually, you’ll find yourself with a full plate and not much room to budge. What if you still want to grow? If this happens, you need to decide on involving more people in what you do and how to make room for more projects.
One of the most effective ways to free up time is to hire a property management company. If you work with the right one, they’ll take care of items such as maintenance requests, tenant screenings, inspections, and payments. You may even have the ability to keep different business hours, as you won’t receive contact from tenants late at night or early in the morning. The management company you work with will lift some weight off your shoulders, so you can have more time to focus on other aspects of your real estate business.
Excalibur Homes is the solution that those in the real estate business spend countless hours looking for. Our professionals are always at hand to deal with the needs of both you and your tenants. We’re waiting for your call, and we’re ready to take care of everything you may need. If you’re looking for Roswell property management, contact Excalibur Homes today.