A recent article on FT.com stated that by 2015, a turn in the market should see a housing boom. The turn, as stated in the article, will owe its thanks to a combination of improving house prices, lower inventory of homes for sale, population growth, and better access to mortgage credit.
For those looking to go into the real estate business, this avenue is a great one as it not only helps generate better income, but also provides you with more freedom to manage your time. But being successful in real estate isn’t easy as pie either. You need to enter this industry with realistic expectations and plan ahead for overcoming obstacles, which will help you avoid failures later on down the road.
1. Know your location
Your clients will want to live in a safe neighborhood that has convenient access to popular places, shops and restaurants. Conduct a thorough study of the locality you will be accessing first. Location impacts the rents you can expect, the tenants you attract, and the problems you can encounter. It also impacts the appreciation of the property and the opportunities you may have in the future.
2. Networking is key
You cannot go it alone and expect to be successful. You need an established network in place to make your real estate business prosper. Establish and maintain good relationships with various companies including construction companies, employment agencies, local businesses and out-of-town real estate agencies, who will help you better grow your business.
Referrals and word-of-mouth advertising are two of the most powerful ways of getting new business. An effective network of contacts within your community as well as reaching out to mortgage brokers, lawyers, bankers and other people involved in the buying and selling of homes in your area, will also help get you more clients.
3. Blogging Bonus
More and more home buyers are using the internet to locate property for sale or to educate themselves about the current market. Blogging is an effective and inexpensive tool for the real estate agents and brokers to grow their market. Use your blogging skills to make friends and clients through a blog created on your business’ website.
A blog will help you provide your online audience with information about building codes, restrictions, subdivisions, property sale and more happening in the area. Write for the readers and not for the search engines. You should showcase your expertise in the real estate domain, and talk about everything related to real estate topics. Look into inviting other real estate experts to guest blog with you and offer up their advice to your readers.
Every business uses the support of favorable brands when possible; and this is equally true for real estate businesses. But, if you want to last longer in this highly competitive domain, you need create your very own brand, based on your business’s intrinsic strengths. You and you alone are going to create your success or suffer your failures. You can take advantage of whatever benefits, marketing or services that other firms provide, but constantly keep building your own marketing plans, CRM (Customer Relationship Management), and business procedures.
Try and carve out your own distinctive identity rather than blindly imitating bigger brands. The first step to building a successful brand is defining your beliefs and values. When your customer connects to your ideologies, they will readily connect to your services. Good branding will deliver your message clearly and confirm your credibility; it will connect your target prospects strongly and motivate them to approach you.
5. Great Apps
Google offers a wide range of applications such as Gmail, Google calendar, Google docs. Use these to keep your data organized, and for quick sharing and transferring of data. Moreover, these will allow you to stay connected, and also coordinate and work better. You can use cloud computing, to collaborate and upload and share data from anywhere. Social networking sites like, Facebook, LinkedIn and Twitter can help improve and expand your network and reach. Mobile apps like Expensify will allow you to keep track of business expenses and mileage, while letting you scan and upload receipts. You can find more of these online, you just need to make use of these to manage and organize your business.
These are just few of the tips that will help you grow your real estate business. A smart and effective strategic plan can really help boost your real estate business. A good marketing plan built on effort, innovation and smart connections in various other industries is one of the keys to success in real estate.
Frank Pipolo is President of FP Internet Marketing a certified Internet marketing consultant, professional marketing advisor to new home builders, real estate agents and brokers, and writer for WCICommunities, a Florida new home community developer of new homes for sale. He has more than 20 years’ experience partnering with clients to build their business through development and implementation of track-proven Internet marketing strategies. Follow him on Google+