Unlike most career professionals, real estate agents have unlimited earning potential. Just three or four property sales per year can provide enough income for a year’s worth of living expenses while also allowing for a flexible schedule. Although a commission-based salary is an uncertain thing, being heads and tails above your competition will ensure that you secure the most clients.
Industry experts like Paul Daneshrad acknowledge that market trends vary depending on economic realities, making real estate a dynamic business. Real estate agents must apply three critical business strategies in order to remain competitive in an ever-changing industry.
1. Use Technology and Business Solutions To Streamline Processes
Time is money, and successful agents must know how to work productively and efficiently if they want to gain a competitive advantage. Tasks such as customizing real estate market searches for clients in property databases, developing automated checklists, and using customer relationship management (CRM) software allow for more work to be completed in a shorter time. Business solutions that standardize procedures or outsource time-consuming tasks almost always provide a sizable return on investment.
2. Build Relationships Through Local Community Involvement and Partnerships
Getting involved with helping your local community gives you an opportunity to foster positive relationships with local organizations and groups. There are numerous ways to show leadership and demonstrate a sincere concern for the people in your neighborhood. You could coordinate a free community event to raise money for a charitable organization you are passionate about, or practice environmental stewardship by working with volunteers to clean up a local park. Word of mouth and a good reputation will open up possibilities for you to partner with local businesses through cross-promotional marketing strategies and referrals. This may include setting up your promotional materials at the entrances of local shops in exchange for you doing the same for them at your place of business.
3. Advertise and Network Through Social Media Platforms
Platforms like Facebook and Instagram allow you to publish articles and listings while interacting with potential clients. Social media advertisements can be tailored to key market demographics. Developing a professional Facebook profile page will allow you to respond to questions, comments, complaints, and get client ratings. LinkedIn is also an efficient tool for real estate agents because it facilitates professional network development including local partners, businesses, and other professionals.
Real estate careers offer lucrative opportunities and flexible job schedules. They can be rewarding and challenging without being too demanding. Innovative process streamlining, networking and community involvement, and social media promotion will help ensure success in a competitive industry.