Almost the entire real estate industry works on a commission, meaning slacking is never an option. In fact, to survive and thrive, you need to keep up with the innovation and keep growing. Here are the top five strategies that will help you get there quickly.
1. Utilize social media marketing
Everyone’s on social media, including potential homeowners and property investors. This means that putting a word out there makes more sense than you may initially assume.
First of all, you must be present on most platforms. Instagram, Facebook, and TikTok are a must, but so is LinkedIn. This way, you’re promoting and actively networking within your field.
Since Pinterest is a huge platform for interior design, it’s only logical to try to push some of your properties there.
Even YouTube shorts can be extra compelling and suitable (as a format) for real estate promotion.
This is more work than you expect, so it might even be worthwhile to hire a social media manager or at least put your assistant on this task. Speaking of which…
2. Hire a virtual assistant
As a real estate agent, you have so many things to do and a limited time and energy. Someone with your skills has a hefty hourly wage, which means your time has a relatively easy value to quantify.
Now, wasting your time on menial tasks is a huge waste of your potential. We’re not suggesting that the tasks you’re “wasting” your time on are irrelevant - in fact, they may be crucial for the growth of your business. We merely suggest that someone else could (and should) do it.
For instance, you should get an assistant. Nowadays, you can even get a remote assistant (virtual assistant) to help you out. In fact, due to the delicate nature of work there’s to be done here, you can even get a virtual assistant in the real estate field, which means you get someone specialized in these tasks.
This means you’ll get someone specializing in real estate research and analysis, prospect searching, and more. This way, you get competent and qualified help and still don’t have to overpay for it.
3. Consider integrating VR/AR tours
The potential for VR and AR in real estate is through the roof. However, the majority of businesses are still not using it right. Therefore, it might be a good idea to consider early adoption to get the competitive edge you so desperately need.
VR is indispensable since it can host virtual reality house tours. In the past, a person would go through dozens of properties before focusing on a single place. Then, they would (maybe) visit this place in person. This is because traveling on a real tour takes a lot of time and money, especially if you were to do so with too many properties.
With VR tours, this can only take a few minutes.
The biggest bottleneck is that most of your clients don’t have a VR headset. In the future, it might change, but at the moment, it’s still a huge bottleneck.
Then, there’s the advantage of using AR. This means that you can use your phone's screen to see what the place will look like after you make your changes (get new furniture, repaint the walls, etc.).
These are some powerful persuasion tools that you shouldn’t ignore.
4. Better website management
Regardless of what else you decide to do with your marketing, it all starts and ends with your website. Therefore, you need to become better at designing and managing your site.
First of all, the business asset is the most responsible for the first impression your business makes. Therefore, it must load quickly, that it’s responsive, and that it’s navigation is intuitive (and CTA clear). In other words, your users need to get exactly what they were expecting from the moment they enter and know how to use your site without being instructed on how to do so.
Keep in mind that the efficiency of your website speaks volumes about the efficiency of your enterprise as a whole. If it’s slow, laggy, non-responsive, not secure, or causes errors, this is what people will assume of your business, as well.
Your website is your main information and sales funnel. This means that your revenue is bound to grow with better website management. A website directly impacts the conversion rate, which is, on its own, far from insignificant.
5. Flexible financing options
Let’s not kid ourselves and admit that price is definitely the biggest bottleneck in the real estate industry. Properties are expensive; in fact, for the majority of people, this is the single biggest investment of their lifetime.
Now, if they can’t afford it, they won’t buy it. It’s that simple, and lately, it’s getting harder and harder to afford a home. Even mobile home prices are rising.
However, with more financing options, you may provide even those with a bit worse finances a chance to join in. For instance, you could offer them:
• Rent-to-own: This way, they live in the property (like it was a rental) and pay slightly more, but a portion of the rent payment goes towards the eventual purchase price. This way, they will eventually own the place.
• Seller financing: Instead of going through the bank, you can be the one collecting monthly mortgage payments. This is great for buyers who don’t qualify for traditional mortgages, but it is a potential risk for the seller.
• Down payment assistance program: Sometimes, the bottleneck is the down payment, and by helping your buyers overcome this problem, you can set them on the path toward becoming a homeowner.
Just remember that there’s a reason why these payment options aren’t standard in the industry. They can set you ahead, but they are a risk.
Wrap up
Strategy is planning for the long run. It’s not about meeting the next deadline; it’s about meeting the next ten deadlines. It’s about where you want your enterprise to be in five years, not where it should be in a month. Therefore, all of the above-listed ideas are adaptable to all enterprise sizes and are highly scalable.