Your Real Estate Business
Ever feel like you’re lost in a sea of agents with no way to stand out and expand your real estate business? Real estate is a huge market, and it can feel really crowded at times. What you need are some tried and true strategies for growth!
In this article, we’re breaking down eight ways to grow your real estate business. These strategies and tactics have been used successfully by the top real estate agents brokers in the world, including the team at SERHANT.
How to Expand a Real Estate Business
1. Work on your time management skills
First of all, time is a commodity. You only have so many hours in a day, and if growth is on your mind, you have to use every minute wisely. If you want to be successful, you need to plan your day and manage your time well. Today should’ve already been planned and put on your schedule yesterday.
Use project and time management tools to your advantage. There are dozens and dozens of tools for time and project management available online, like Monday and ClickUp. It is possible in some programs to schedule your time MONTHS in advance, so take advantage of that by setting goals for the future, then planning out how to get there step by step. Focusing on what is ahead will allow you to grow your real estate business.
2. Hire more team members
Are you ending the day feeling like there’s never enough time to get things done? Do you feel like you always have more on your plate than you can manage? If you find that you and your real estate team are struggling to manage the day-to-day responsibilities of your business, it’s time to hire more team members.
Trying to grow without enough team members is exhausting for everyone involved. Adding a team member or two can help make things more manageable so you can bring on more listings and close more deals. Your business can only grow to the capacity of the team.
Just a side note—make sure you hire the right team members for your team. A bad hiring decision can be very detrimental to a real estate business and will actually waste time and money.
3. Use social media to generate more leads
Billions of people are on social media, so it would be crazy to overlook social media for lead generation. The more eyeballs you have on your listings, the more deals you make, and the more deals you make, the more money you make.
Social media has the ability to put your listings and personal brand in front of more people than you could hope to reach any other way. Organic social media, especially on Facebook and Instagram, is a great way to drive traffic to your listings and grow your personal brand identity online.
And if you choose to run social media ads (and we highly suggest you do!) you can target very specific audiences to reach the exact ideal buyers for your listings. Social media can be used in so many ways with different types of content, and it can actually generate leads while you are sleeping.
4. Source more referrals
Referrals are like the Holy Grail of real estate growth because instead of you having to go out and find them, they come to you. And the best way to get referrals is simply to let your current clients, past clients, professional associates, family, friends, neighbors … you get the idea … know that you’d love it if they sent some your way.
When you know a client is over the moon with the results you’ve just gotten them, ask. Someone who is happy with the results you got them is usually happy to tell all their friends about you.
5. Follow up with your leads
Learn to be the master of follow-up. It is one of the most important things you can do to grow your business. As Ryan Serhant says follow up until they buy or they die. We cannot overstress how important follow up is.
And the best part is, follow-up is FREE! You already have their contact information. They already know who you are. So send the email. Send a text. Send a carrier pigeon if you have to. Clients never complain about having too much communication. Don’t be afraid to touch base regularly, even if it’s just to say, “Hey, baseball season is right around the corner! You headed to the ballpark soon?”
Plus here’s a sobering thought. If you don’t follow up, you won’t be the real estate agent who’s top of mind when they DO want to buy or sell, and that’s a sure way to lose business.
6. Target new markets
Have you ever considered venturing into a new market? Vacation rentals, off-market properties, or properties you can fix and flip are also great ways to expand and grow your real estate business.
Do a little research on your options before jumping into a new market. You might be surprised just how simple it is to make a lateral move by adding a new market to your business.
7. Get creative with your marketing materials
There are so many materials you can use for marketing in creative ways, yet so agents stick with the same old trifold or 2×3” business card. Although there’s nothing wrong with traditional marketing materials, they don’t really help you stand out.
Look into trying different materials to create a unique marketing experience for clients. Think about the impression the weight and finish of the paper makes. It’s much more impressive to hand your client a nice brochure instead of a flimsy piece of paper from the office copier.
And don’t be afraid to think outside the box. Who says a mailer has to be a rectangular piece of paper? Send marketing material in an unusual shape or size. Or send a physical object of some kind that the recipient will want to keep and use.
8. Become a broker
If you want to open your own firm and have other real estate agents work for you, you will need to take the broker’s exam and get a broker’s license. Being a broker allows you to collect commissions from all the real estate agents who are working for you. More agents equals more listings, more deals, and more income.
If you are ready to expand your real estate business and want to learn more about how to set your day up for success, manage your time, hire a team, and generate leads, our core course Sell It Like Serhant, can help.