The Digital RES Business Model
You may be wondering, what is a digital RES, and what type of business model is it? A digital real estate salesperson (RES) is a real estate professional who uses the internet and digital technology to market themselves, their services and their properties.?
This business model has been around for awhile, but it has only recently gained popularity. In this model, the real estate salesperson uses digital marketing tools to connect with prospects and customers online. It has many advantages over the traditional real estate sales model, and is beneficial because it allows the salesperson to reach a larger audience and build relationships with potential customers.
#BSA has 5 key principles that can help our team members build a successful business as a digital RES:
1. Outsource or DIY Digital Business
2. Customer Relationship Management
3. Engaging With Prospects or Clients
4. Product Knowledge
5. #BSA Support Network
In this article, I will be going in depth on each of these 5 points.
1. OUTSOURCE OR DIY DIGITAL BUSINESS
Real estate agents who want to be successful in today's market need to have a strong digital presence and also online lead generation capabilities. This means having an active website, social media profile, and being visible across a range of online directories and listings sites. For many agents, this can be a full-time job in itself. that's why it's important to either outsource your digital business or DIY it.
Outsourcing your digital business can save you time and money, as well as ensuring that your online presence is managed well. There are companies or professionals that specialize in providing these services, and they can handle everything from building and maintaining your website or landing pages, to managing your social media accounts, and even generating leads for you.?
This can free up your time so that you can focus on other aspects of your business, and it can also save you money by reducing the need for in-house staff or getting a personal assistant to do it for you. In addition, outsourcing ensures that your online presence is managed by professionals who are familiar with the latest trends and technologies. It is an effective way to ensure that your business remains competitive in the digital space.
On the other hand, DIYing your digital business can be more cost-effective, but it does require a significant investment of time and effort. There are pros and cons to both approaches, but this may work better if you're on a tight budget, as it can be more cost-effective. It does require more from you, but you'll have full control over the process and the final product. At the same time, you will also gain the skills necessary in the process, and add more value to the real estate business skillset for yourself.
Whichever route you choose, the most important thing is to make sure that your online presence is up to scratch. In the end, it's up to you to decide which approach is best for your business.
2. CUSTOMER RELATIONSHIP MANAGEMENT
In any business, but especially in real estate, customer relationship management is crucial. Your customers are your bread and butter, and if you don't treat them right, they'll quickly take their business elsewhere. After all, your business is built on relationships with clients, customers, and others. Without strong relationships, you wouldn't have any business.
But what exactly is customer relationship management? Simply put, it's the process of managing your relationships with your customers, from first contact to qualifying them, from meeting them for an appointment to bringing them to a showroom, from closing the deal to making sure their property planning is done well. By tracking important information about your customers, such as their contact information, preferences, financial situation, and history with their property planning journey, you can provide them with better service and build stronger relationships.?
Not only do clients need to feel comfortable working with you, but they also need to trust that you have their best interests at heart. That's why customer relationship management is so important. It helps you to manage those relationships and keep them strong.
In #BSA, we utilize a digital CRM software and it's one of the most important tools we use. First, it allows agents to keep track of their interactions with prospects and clients, which helps to build and maintain rapport.?
Additionally, a CRM can help agents stay organized and efficient while keeping up with a high volume of clients. It also helps agents manage their time by automating tasks such as follow-ups and appointment reminders.?
Furthermore, a CRM can help agents nurture their relationships with clients by using it in ways such as providing them with relevant and timely information about new listings, showrooms, and other real estate news. By using a digital CRM, agents can provide their clients with the high level of service that is necessary for building long-lasting relationships.
3. ENGAGING WITH PROSPECTS OR CLIENTS
After a client has connected with us, the best way to engage with them is to keep the communication channels open. In #BSA, we have a variety of ways how to do so, and in this article, I will share 2 models that you can use:
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a) Hook with an urgency/time-sensitive angle:?
b) Communicating from a consulting angle:
4. PRODUCT KNOWLEDGE
As a real estate agent, it is important to know your products. This means understanding and letting them know what properties are suitable for your customers, and your reasoning behind it.
To do this, you need to ask key questions like:
And many more leading questions to help you better qualify them!
Having crucial questions like these answered helps you with your planning for them, such as:
A real estate agent's role is more than just helping clients buy or sell a property. In order to be good at what you do, agents must develop a deep understanding of their clients' needs and wants. Only then can they provide the best possible advice.?
By taking the time to really get to know their clients, agents can build trust and create long-lasting relationships. In addition, they will be better equipped to identify properties that meet their clients' specific criteria. Understanding clients on a deeper level will also help agents better assess their needs during negotiation.?
Ultimately, real estate agents who take the time to understand their clients will be more successful in meeting their needs and accomplishing their goals.
5. #BSA SUPPORT NETWORK
The last point is for real estate agents to have a strong team support network. Many agents are in the field as a "solopreneur" - doing everything by themselves. Plus they are often needed to juggle a variety of tasks, from keeping up with their clients, to doing marketing for themselves, to managing their listings, and many more. A good team support network can provide an invaluable source of information, motivation and advice for agents.?
In #BSA, this is something we focus on largely because we know how important this really is. Here's an example of how we support each other in #BSA.
After an RES starts their business model, we review with them closely. We help them discover their "blind spots". Through our experience, we help them discover what they're good at and what they're weak at, so they can turn situations to their advantage and leverage on their strengths instead. This is because no agent can be an expert in every single area of the field.
By focusing on their strengths, they can maximize their productivity and time management. Additionally, by recognizing their weaknesses, they can either work to improve them or change strategies in order to make something work.
When we spot something like this happening to anyone of our team members, we will guide them with our observations and with our own experiences. We believe a strong and empowering support network can provide motivation and encouragement during challenging times. We understand that real estate can be a demanding profession - especially if someone is going at it alone, and having a supportive group of people to rely on can make all the difference. When people feel supported, they are more likely to be successful and to enjoy their work.
Additionally, being part of a larger community of real estate professionals who have years of experience in the career can also benefit you by providing mentorship, giving valuable feedback, sharing resources, or even helping you stay up-to-date on industry news.
SUMMARY
These are 5 of #BSA's key principles on how to conduct our business as a digital RES. By understanding and executing these principles, we have been able to increase the level of which we do business and uphold our reputation as a trusted real estate professional.?
Plus, these principles have helped us to attract and retain talented team members in #BSA, which also helped us grow to a size of 2,400 RES. As we continue to grow our business in the digital age, we will always keep these five principles at the forefront of everything we do.