“How can I make my real estate business successful?”. That’s the question every one of my clients asks me.
Why does success feel so elusive for so many in the real estate business? Personally, I think it’s because people focus too much on one-off solutions. Not enough brokerage owners focus on long-term strategies for success.
You can make your real estate business successful by remembering that success is a journey, not a one-time destination. You need to be doing things like hiring the right agents, mining every source for leads, and building a solid reputation for your brokerage.
Here are a few strategies and tactics I always give to my clients. Try them out with your own brokerage, and watch your success grow:
Hire The Best People
This might seem like an obvious statement. What I mean by this, though, is to hire the best people for your brokerage.
I can’t reiterate this enough: you need to hire agents who fit in with your vision for your brokerage. While an agent’s style might be a great fit elsewhere, it could be the wrong fit for your business.
Only you can decide what kind of agent would be a perfect addition. The ideal candidates will have certain intangibles that only you will know are the right fit. There are some ways to help identify the right agent.
- Look beyond credentials and experience. A candidate might look great on paper. If their personality isn’t a fit, they could become a roadblock to success.
- Ask the right questions. Create a series of questions that will help you discover more about a candidate. You’ll find out if an agent’s attitude and approach are just what you’re looking for…or not.
- Check their references. This is especially important for new agents with limited experience. If the clients they’ve worked with were thrilled with the results, then you know you’ve got a winning agent.
Recruit the best agents for your brokerage, and you’ll be on the road to lasting success.
Tap Every Resource For Leads
Referrals and lead generation are the backbones of any successful business. So are you sure your brokerage is leaving no stone unturned while looking for new leads?
I’m sure you already invite past clients to refer you to their family and friends. There are plenty of other sources for leads, so make sure you tap into them. There could be untold potential clients waiting to find a brokerage like yours.
Speak with your third-party vendors, your office cleaning crew, and the guy who refills your watercooler twice a month, what about your office caterers or your landscaping crew? Every professional you work with could be the source of your next lead.
Remember to build rapport first, instead of just asking for referrals. It’s better to position yourself as a trustworthy resource first. Try sending out small “swag” gifts to your vendors before your busy season arrives. Make sure you send your marketing materials out with your annual holiday cards. Whatever you choose to do, choose something effective. You’ll want something that will make your contact want to send new business your way.
Build and Maintain A Good Reputation
This might be the most important strategy for success. With a good reputation, you’ll not only attract the best leads, but the best agents as well.
It’s never been more crucial to maintain a good reputation for your brokerage. In the age of smartphones, clients can instantaneously share their opinions, good…or bad. Thanks to social media and online reviews, the experience of even one dissatisfied client (or agent!) can spread rapidly.
Fortunately, there’s a lot you can do to build a good reputation that will make your business a success. Here are a few of the tactics you can use.
- Always Keep Communication Open. It goes without saying that your agents should be responding to their clients’ calls promptly. Remember, those internal communications at your brokerage matter as well. Do all you can to maintain a constant dialogue with your agents and staff. They should be able to reach you whenever they have questions or concerns!
- Make Use Of The Media. With the help of some skilled public relations, you can use the media to build your brokerage’s reputation. News outlets are always looking for expert advice on real estate trends. So why not establish your brokerage as the local media’s expert source?
Make sure media relations are a part of your overall marketing strategy. Once reporters begin contacting you for real estate stories, the public will begin to know your brokerage as the source for the best advice. That’s exactly the kind of positive reputation you need for success.
- Make Sure You Do Social Media Right. I’ve spoken before about the importance of using social media correctly. If you and your agents consistently post engaging content, you’ll see your brokerage’s reputation rise.
When I say “engaging”, I mean content that encourages interaction between you and your clients. Client-to-client interaction is great, too!
Post open questions, shareable images, and anything that creates positive dialogue. Make sure your followers are enjoying themselves on your pages. Then they’ll be more likely to call you once they need your services.
Almost nothing else matters without a good reputation. Take the right approach to build your brokerage’s success.
Next Steps
If the strategies we’ve discussed sound like a great idea, but you’re not sure where to get started, then it’s time for us to have a chat.
I’ve worked with many brokerage owners just like you. So I know implementing changes is often easier said than done. As your coach, I can create a plan with you to set your brokerage on the path to lasting success.
If that sounds fantastic to you, contact me, Bill Foss, and we’ll get to work on your customized plan that’s tailored exactly to your goals.
In case you cannot view this video here, please click the link below to view How Can I Make My Real Estate Business Successful? on my YouTube channel: https://www.youtube.com/watch?v=Y41ipDdYwWM