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Building a successful real estate business ain’t for the faint of heart.
While it’s the dream of every realtor to build a real estate empire, many fail to understand the intricacies of real estate marketing and end up failing to succeed. Multiple studies show that over 85% of real estate agents fail within the first 5 years.
Alarming, right? The truth is, real estate moguls are not made overnight.
Succeeding in real estate requires a lot of hard work, patience, and determination. Your continual professional growth depends on your ability to market yourself, consistently communicate with your leads and clients, and stay current on the industry trends.
The good news is: growth is within your hands. But there are a variety of actions you need to take to remain ahead of the competition. Here is a candid look at the 7 secrets to growing a successful real estate business that no one talks about.
1. Develop a Niche and Know it Well
A vast majority of real estate agents fail because they venture into real estate without knowing what to specialize in. With time, they flow with the market wave, attempting to be jacks-of-all-trades, only to end up with zero returns.
The real estate docket is very wide, comprising of several segments such as housing (industrial, commercial & residential), vacant land, real estate investment trusts (REITs), and more. The secret here is to carefully select one niche and devote all your time and resources to it.
When you pursue one niche, you gain in-depth knowledge of that particular field, which gives you an edge over the competition. You amass enough market intelligence and this puts you in a better position to beat the competition and become the industry leader.
2. Keep Yourself Informed
Another reason why many promising real estate agents fail is that they rely too much on old industry truisms that aren’t valid in the new real estate world that has evolved tremendously since the 2008-09 financial meltdown.
As Benjamin Franklin once said, “an investment in knowledge always pays the best interest.”
In real estate, market intelligence is perhaps the only weapon powerful enough to give you a breakthrough amidst the prevailing market constraints.
Keeping yourself abreast of the new developments and trends in the real estate industry can not only get you quality leads but also help you adapt to the ever-changing economic and political landscape.
But how do you keep yourself informed about everything happening in the real estate world?
One way is to make a habit of reading property magazines and following industry leaders on social networks. Listening to real estate podcasts, like the ones in this article, is another great way of keeping yourself informed about new developments in the real estate industry.
The good thing about listening to real estate podcasts is that you not only get valuable market insights, but also get to learn from industry leaders—their journey to success, the technology they use, mistakes they made, and more.
3. Employ Smart Marketing Tactics
Did you know you can generate quality real estate leads without spending a dime? That’s the principle behind smart marketing.
As a starter, you may be tempted to blindly dump a huge chunk of cash into marketing, to get your business jump-started. But if you’re on a tight budget, you may want to consider smart marketing methods, such as networking, that are cost effective.
Networking is a surefire way to enhance your business exposure. The secret here is to join established networks such as Business Network International. By joining such networks, you can take advantage of their global referral program to develop meaningful relationships with potential clients.
Successful real estate agents also have meaningful connections with estate attorneys. Networking with wholesalers is also a great idea, as they often buy low priced properties that need fixing, then sell them later at a profit after doing the necessary renovations.
4. Develop Good Communication & Negotiation Skills
The property industry is all about selling, and selling requires impeccable communication skills. If you are an astute negotiator, then you’re just a step closer to becoming a successful realtor.
But how do you become a master negotiator?
The most effective way to master the conversation is to learn scripts and dialogues. Fortunately, the internet has a good collection of free script books that you can use. Many agents have benefited from these scripts and they can work for you too, as long as you can communicate effectively.
5. Embrace Technology
In a world that is ruled by technology, any investor who does not adapt in tandem with the current technological changes is due for a rude awakening.
The benefits of technology in the real estate industry by far outweigh the costs. Take the use of electronic document management systems for example. Since real estate is a paper-heavy industry, the use of internal digitized systems can save a lot of time and resources.
Technology has also led to an increase in positive communication—which is a great thing since the real estate industry revolves around people.
Unlike in the past where calls and face-to-face meeting were the only means of communication, many agents now use email and contact forms as the first port of contact. This way, clients are finding it easy to get property listings, business locations, contacts, etc. Better still, real estate agents are now able to track leads with a CRM system, thanks to technology.
6. Routinely Enhance Your Online Presence
A strong online presence is essential for growing a successful real estate business.
To improve user engagement and attract more leads, experts recommend to constantly update your site with new and relevant content. Studies show that 86% of buyers consider real estate websites the most useful source of information when searching for homes.
Also, learn to leverage the power of social media to expand your content outreach. With a population of over 2.8 billion people, social media is a bus you don’t want to miss. You can start by doing live tours of new homes on your listings.
7. Be Honest & Ethical
Honesty is a rare virtue, and one of the key fundamental principles that govern the success of any business. While being honest and ethical might not earn you leads directly, the two impact your reputation and public image.
There are many temptations to enter into devious businesses, especially in land deals. But those who uphold honesty through thick and thin eventually become giants and industry leaders.
Ready to Take the Next Step?
Now that you have learned the secrets to growing a successful real estate business, take your time to test these ideas to see which ones are most effective.
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