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Beyond the basics: building a thriving real estate business
Starting a career in real estate during a strong market is an exciting prospect, but it’s no guarantee of success. No matter how hot your local market is, real estate is still a challenging business that takes skill and persistence. You’ll need to set yourself apart from the competition and build a personal brand that stands out.
At Relo, we believe in taking real estate education beyond the basics – and your business approach is a key differentiator. Here are five tips to help you elevate your to the next level.
1. Think like a CEO.
If you were going to start your own six- or seven-figure business, you wouldn’t dream of doing everything yourself, right? You’d hire, resource, and outsource until you had the support and space you need to focus on high-value tasks and decision-making. Well, the same principle applies to your real estate career. Invest in the resources and support you need to ease the burden of administrative tasks. While that probably won’t include hiring your own staff, it might mean investing in a client relationship management tool or other software that can help automate your admin workflows.
2. Measure, evaluate, assess.
You know the old adage, “what gets measured, gets managed?” It’s important to set ambitious but achievable goals to continuously push yourself forward. Even though you’re not working a traditional nine to five, it’s important to set performance goals, financial targets, and other KPIs that you regularly measure against. Write them down. Plan quarterly check-ins to chart your progress. And critically assess what’s working and what isn’t.
3. Find your personal brand.
“Personal brand” has become a bit of a buzzword in recent years, but for good reason: presenting a cohesive professional identity to prospective clients and the wider market is what sets you apart from your competition. Define your unique strengths and market differentiators. What is it that you do better than everyone else? Do you have a unique niche, story or perspective? Once you’ve identified what sets you apart, you can create a memorable impression that sticks with prospects until they’re ready to buy.
4. Elevate your marketing.
Anyone can buy a bus ad or build a website – and we’d certainly never knock these tried and true marketing staples. But if you want to go beyond the basic marketing tactics and create a compelling story that adds value for your clients, consider branching out a bit. Leverage popular formats, like video, and devote your efforts to relationship-based platforms like Facebook and Instagram. Consider implementing a content marketing strategy to share some of your expertise with prospects and give them useful insights about their local market or purchasing a home. Position yourself as a thought leader who people can rely on, and watch the prospects roll in.
5. Build better relationships.
It’s no secret that real estate is a relationship game — and even though you’re essentially building a sales pipeline, it’s important to think beyond a transactional approach. Don’t just nurture leads – nurture genuine, respectful interest in your client’s needs, hopes, and dreams. Become a world-class listener. Check in and follow up with them on a regular schedule, even after closing the deal. Don’t just make the deal; create an experience where they feel understood, informed, and connected.
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