With the year coming to a close, it is always a great idea to expand the ways you grow and improve your business so you can reach your max potential. What better way to start your new year off on the right foot, than to learn new ways of increasing your business profitability?
The real estate industry is constantly developing, so it is always crucial to find new and effective resources to manage your business and produce quality leads. We will be showing you five ways you can reach that potential.
1. A Solid Marketing Strategy
An important part of having a thriving real estate business is constantly highlighting attention to your brand and generating clients. The more marketing, the better. For starters, having proper business cards and signage with easy ways to contact you will help new and current client communications. Any new opportunity to promote your business such as local sponsorships, newsletters, and paid promotions will only strengthen your chances of attracting more clientele. Branding is also a great contributor to your marketing plan as it attracts new business. Billboards, door hangers, flyers, and brochures are all effective brand marketing tools that can bring attention to your business. The right marketing strategy can improve your current business and even take it to new heights.
2. Written Referrals for Future Business
Over time it is always a good idea to start asking for and collecting written referrals from previous clients, to help attract future clientele. Referrals showcase the great work you have done in the past, so when potential clients are debating who should represent them, they can view your history of previously satisfied clients. This makes the choice easier and more obvious for them to pick you; they know if they hire you, they can expect similar results! A list of referrals is a great testament to the future health of your business as it helps build on your reputation in your local market.
3. Relationship Building with Client Base
Every client, current or past, presents an opportunity for extending your network via word-of-mouth. Even if the client does not write a referral, it is still ideal to foster a positive relationship when working with them. Leaving them with a great impression of your performance can still bring in new business! They would likely still recommend you verbally to anyone they know that is looking for an agent. This is why building a positive relationship with current clients and touching base with your past clients is essential to your referral network. Making sure your clients have everything they need will only help improve your reputation in the community and generate new referrals to help recruit future clients.
4. Established Vendor Network
There are a lot of moving parts in real estate that need to be organized before a job is done and both you and your client can relax. You can expect your clients to rely on you for everything from interior decorators for home staging, photographers to market the listing, movers for moving day and much more! Regardless of the type of services needed, having a list of trustworthy and experienced suppliers will make the entire moving and selling process easier for all. Broadcasting this will help generate business as clients would prefer to work with a real estate professional who can simplify the whole process for them.
5. Strong Social Media Presence
With our industry constantly changing in a digital age, one thing that has made a serious impact on real estate is social media. Leveraging social platforms such as Instagram and YouTube are crucial to generating curiosity towards your business. When used the right way, your presence on these online channels can attract potential clients and show off current listings. A big reason why social media has proven beneficial to the real estate industry is that the platforms provide free exposure with widespread public reach. Throw in its relationship-building power, and it’s easy to see why regular posts to social media can grow your business exponentially.
We hope you keep these five suggestions in mind when looking for ways to improve your business and increase profitability in the upcoming year.