How to start a real estate business?

How to start a real estate business?

 

Starting a real estate business is not for the “faint of heart”. What other industry requires you to capture dozens of leads every day, knowing that you can close no more than five transactions in your first year (if you're lucky)?

By most estimates, 87% of real estate agents fail in the first five years. But for those who have what it takes, starting your own real estate business can absolutely give you the seven-digit reward of your dreams.

 

Plan like a real estate business boss

 You know the old saying about not planning, right?

 

The vast majority of real estate agents find it much easier to work in their own businesses than for others. For many new agents, the real estate sector is their second, third or even fourth career.

You loved the idea of ​​"being your own boss" while realizing that you do more than you did at your last job. But freedom has a very different meaning for an employee versus an entrepreneur.

 

1. Create your ideal personal plan

 Before setting the right financial goals for your business, you need clear financial goals for your life.

The commissions are great, but - let's face it - we all got into this business wanting something bigger and better than what we have now. Whether it's the yacht of your dreams, or the possibility to leave the office at two in the afternoon so you can pick up your kids from school. Take time to think about what your ideal life would be like.

 

Find out how much you need to set aside each month for this to happen. It is much easier to keep answering that phone when you know exactly where your profits and commissions are going .

 

 

2. Align your business plan

 Now that you've put your pen on paper to find out exactly how much your paycheck should be for the life you intend to have, it's time to talk business.

 

Start writing your business plan, paying special attention to the things that set you apart from other real estate businesses in your area. Think a little. This is where your personal and business identities can really come together to create profit-driving magic.

 

Even if you are just looking to take the administrative work out of your duties by hiring your first virtual assistant, it is essential to create this overview to keep your team inspired and to avoid repeating unproductive patterns.

 

3. Build a Consistent Marketing Plan

 In the beginning, it was all about passing CRECI, selecting your best-fit broker and building your database without looking like a “salesperson” to friends and family in your sphere of influence.

 

But stepping back and stopping as soon as the recommendations start to appear, is one of the biggest mistakes that growing real estate agents make. Whether your dream is to become the next Facebook ad guru or a Google Ads conversion master, the only thing you really need to know about marketing is that it is the only part of your business that never sleeps.

 

Train your brain how to think strategically about what's going on in your market and be ready to offer something of value to your leads, no matter where they come from.

 

 

4. Create a website

 For 44% of all property buyers in the online world , the first step they take is an online survey.

No matter how much local marketing you do, you need a web presence to attract more leads in the web universe. It can cost a little money up front, but a solid website, focused on SEO (organic reach in search engines), which allows you to integrate ads from other portals and insert leads directly into your CRM, is a crucial basis for every business successful real estate. After enabling this feature, you can start moving towards a consistent blog and social media strategy to generate more leads.

 

5. Consistent prospecting

Shiny object syndrome is a major problem in the real estate industry. But the most consistent agent always wins. So, choose your prospecting system and follow it.

 

In the early days, it is never a bad idea to optimize your historical contact base. The Atlanta-based Graham Seeby Group transformed a list of just 279 contacts into $ 90 million in home sales in just four years, that is, segmented an appropriate base for its business model.

 

 

7. Get organized

 At the end of the day, a company is a system, that is, it involves processes, inputs and outputs.

Barry Jenkins is the owner-broker of the Better Homes and Gardens Real Estate Team in the United States. He's also a guy who doesn't appreciate inefficiency. “I, due to a failure, like to make things easier. The reason my business is so successful is that it was built on the basic principle of leverage. ”

 

To bring this principle to life, Barry uses his CRM as a true lead conversion machine. It guides the relevant incentive campaigns based on the source of the lead (social networks, telephone, offline media, among others) and automates the entire transaction process.

 

8. Have good time management

 If you're like most of us - real estate agents - a big part of the dream is to have more time and energy for the things that really motivate you.

 

But most agents who propose to build a real estate business did not consider this in the plan. They end up generating a “revolving door” for team members and have to roll up their sleeves and try to overcome the operational problem of day-to-day business. But do not need be like that!

 

For automation experts like Barry, the desire to regain time for both him and his team was a key motivation. "I had to find a way to add so much value to my brokers that they wouldn't leave and, in the process, figure out a way to free up some time so I could focus on my family." That's where automation can make all the difference.

 

When you reach the point of being responsible, not only for your own success, but also for the success of your team, it is extremely important to give them every chance to win. Let automation take on some of the heavy lifting so everyone can focus on what matters most.

 

 

Did you like the tips? Share this post with a dear friend, a partner or potential partner, and win in your real estate business.