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
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
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
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
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
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
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
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.