Real Estate Business
The first thing that you should understand about beginning a successful real estate business is that it undoubtedly a recession-proof industry. Even if you are just new to a small team or a solo agent, if you have dreams of outshining the current average real estate agent salary you should start thinking like a true business owner. In other words, you must set and achieve realistic goals for your Real Estate business. Real Estate agents are constantly trying to outbid each other on homes that they list available. But in order to be successful, you must establish yourself as an exceptional Real Estate Agent first.
There are lots of ways to promote your real estate business. You can hire a full-time marketing company such as Nationwide Realtors, Coldwell Banker, Century 21, Town Center Realty, etc. to help you market your listings. You may also want to use more direct marketing methods like websites, direct mail, brochures, newspaper ads, fliers, etc.. Your financial plan will depend on how much you wish to spend on advertising. To be able to successfully market your real estate business, you must create a solid business plan that outlines the objectives you would like to achieve with your Real Estate business and a sales and marketing strategy to help you accomplish those goals.
A business plan will direct you as to how you can utilize and manage your time, energy, and money. You have to identify your target customers, who are the people who are most likely to buy your real estate properties. Once you know who your customer is you will then need a system to capture and follow their advice so you can keep in touch with them. One of the best ways to stay in touch with your agents and customers is to offer them a complimentary CRM (customer relationship management) service. There are many different CRM software products available to companies today, including Microsoft Dynamics GP, Great Plains, icontact, NetSuite, SharePoint Solutions Pro, and IBM iBusiness Solutions CRM.
Your business plan should also address how you will compensate your brokers for their services. Compensation generally includes a portion of the commission earned from a successful referral. You should define and determine the maximum amount of commissions that your agents can get. You also need to provide your agents with instructions on how to effectively market your property available. When developing your marketing plan, you should ensure that you maintain your marketing budget within reasonable limits. You need to consider the time value of money when planning your marketing plan.
Google’s Zagat and Yahoo’s Places are two of the best lead generation systems available now. These lead generation systems provide detailed information about every one of the millions of potential clients in your area. Real Estate agents can post information on their websites about properties they’re selling or listing as for sale by owner; they could list listings on their own sites and on social media sites like Facebook and twitter. The goal of your marketing campaign should be to connect with potential buyers and sellers. You can pay for leads using either Google AdWords MSN ads, or Yahoo and Facebook advertisements; or you can pay for each lead through an assortment of methods such as with pay per click advertising, Facebook ads, and Google’s Zagat or Yahoo Zagat.
Once you have determined what sort of advertising methods to use, your next step will be to set a realistic advertisement copy. Your ad copy is vital in determining whether prospective buyers will respond to your advertisement or push away. If your ad copy isn’t compelling, your effort may be lost. Your advertisement copy includes the name and contact number of your real estate agent, the property’s address, descriptions of the property, pictures of their property, a clear photo of the property along the asking price.