How to Plan, Start, & Grow a Real Estate Business: some Essential Tips for business growth -FOW WORLD PROPERTIES AND REAL ESTATE DEVELOPMENT COMPANY
Buchi George. Esq
EXECUTIVE DIRECTOR,GLOBE ECONOMIC AND TRADE DEVELOPMENT COUNCIL,,PRESIDENT,GLOBE CHAMBER OF COMMERCE AND INDUSTRY,EXECUTIVE DIRECTOR,WORLD ECONOMIC AND INVESTMENT FORUM,WEIFORUM
About
Fow world Properties and Real estate Development company is a reputable company offering services on Property Management, Real Estate Development, Sales and Services, Estate Valuers and Brokers, Advisory and Consulting, Property Search and Marketing. Since our inception, Fow world properties follow all executive practices to give you the best revenue from your properties. As we specialize in commercial and residential properties, you can always seek our professional assistance to get better income. We are committed in providing unsurpassed customer service, quality workmanship and your complete satisfaction.
Starting a real estate business isn’t for the faint of heart. What other industry requires you to cold call dozens of leads every day but only close five deals in your first year (if you're lucky)?
It’s a common adage that 3 out of 4 real estate agents fail within the first five years. But for those who have what it takes, starting your own real estate business can absolutely give you the seven-figure job of your dreams.
Here’s a down-to-earth look at how to start your own real estate business, plus advice for avoiding mistakes that hijack momentum as you grow.
Know Before You Go
For many new agents, real estate is their second, third, or even fourth career. You loved the idea of “being your own boss” while making more than you did at your last job, but freedom has a very different meaning for an employee versus a business owner.
The question is .. which are you?
The first thing you need to know about starting a real estate business is that, yes, this is a business. Whether you’re a solo agent or new to a team, if you have dreams of outperforming the average real estate salary ($44,507 per year), you need to start thinking like a business owner — and that means planning.
2. Craft your ideal personal plan.
Before you set the right financial goals for your business, you need clear financial goals for your life.
Commissions are great but — let's face it — we all came into this business wanting something bigger and better than what we had.?
Whether that’s the 200-foot yacht of your dreams or the ability to leave the office at 2:00 PM so you can pick up your kids from school, take time to think through what your ideal life would look like.
Consider the following questions:?
Want to retire at 65? Pay your kids’ college in full? Figure out how much you need to put aside every month in order to make that happen.?
It’s so much easier to keep picking up that phone when you know exactly where your profits and commissions are going.
3. Write a real estate business plan.
Now that you’ve put pen to paper to figure out exactly what your biggest, most anti-paycheck-to-paycheck life looks like, it’s time to talk business.
Start writing your real estate business plan, paying special attention to the things that set you apart from other businesses in your area. Give it some real thought. This is where your personal and business identities can really come together to make profit-driving magic.
Start with these questions:
Even if you’re just looking to take administrative work off your plate by hiring your first virtual assistant, it's critical to create that big-picture vision to keep your team inspired and avoid repeating unproductive patterns.
4. Build a consistent marketing plan.
In the beginning, it was all about passing your licensing exam, selecting your best-fit brokerage, and building up your database without coming across as “sales to the friends and family in your sphere of influence (SOI).
However, kicking back and coasting as soon as the referrals start rolling in is one of the biggest mistakes growing agents make. Whether your dream is to become the next Facebook ads guru or a master of Zillow conversions, the only thing you really need to know about marketing is that it’s the one part of your business that never sleeps.
Let these questions guide your marketing plan:?
First, nail down your unique value proposition. This will drive all your future marketing.
Marketing Plan Template
5. Get a website.
97% of all buyers now use the internet as part of their home search.
This means that no matter how much local marketing you do, you need a web presence to attract and engage online leads. It may cost a little money upfront, but a solid, SEO-focused website is essential to success.?
Your site should allow you to integrate internet data exchange (IDX) listings and usher those leads right into your CRM.
Once you have this asset in place, you can start moving toward a consistent blogging and social media strategy to generate more leads.
Real Estate Planning Template
Use this free template to plan the marketing, sales, and growth for your real estate business.
6. Prospect consistently.
Shiny object syndrome is a big problem in real estate. But the most consistent agent always wins, so choose your prospecting system and stick to it.
In the early days, it’s never a bad idea to optimize your SOI. In fact, the transformation a list of just 279 contacts into $90 million in home sales in just four years by consistently marketing to their past clients and sphere.
“We focused on the ‘Mets’ in our database and it was amazing the volume of transactions we started doing right out of the gate! For example, we did $2 million worth of sales from one couple I hadn’t talked to in 13 years. I mailed them a postcard, because I was afraid to pick up the phone and call them. I didn’t know if they’d know who I was. When they got the postcard, they called me. They ended up spending $1.2 million on a new house and selling an $800,000 house.”
Justin’s prospecting strategy was based on a simple schedule of mailers, emails, and phone calls. A winning system doesn’t have to be complicated, but it absolutely must be consistent.
7. Nurture leads.
If a lead contacts you, they expect to hear from you.
a master lead generator and the leader, According to a follow-up system is crucial to long-term lead conversion.?
“I tell my agents that 70% of people are not going to buy for 180.5 days. If you’re waiting on those new leads to buy, you’re only going to close 3%,” he says. “That will make you enough money to survive, but your goal is six months and beyond. You’ve got to follow up to get to those; you’ve got to build that pipeline to get to those people.”
In addition to avid blogging and website optimization, also checks up on the competition to see what's happening on the ground.?
“I sign up on a lot of different websites out there. I don’t give them a real name, but I give them a real phone number,” he says. “And I can tell you what, I don’t get a lot of calls."
Be the agent who’s always there, and you’ll automatically beat the herd.
8. Have good time management.
If you’re like most of us, a big part of the dream is to have more time and energy for the things that really light you up.
领英推荐
But most agents who set out to build a real estate business haven’t built that into the plan. They end up with a revolving door of team members and have to outwork the business problem du jour. But it doesn’t have to be that way.
For experts in automation, a motivating factor is saving time. By eliminating manual work through automation, you can free up time to focus on the activities that actually drive revenue.?
The ability to do marketing automation further underscores your need for a CRM, which ends up acting as the engine that supports your efforts.?
How to Start in Real Estate
Once you've created your personal vision, business plan, and unique value prop, it's time to get down to brass tacks.
How do you enter the real estate field and develop as a real estate professional? Here's what you’ll need to do.
1. Get a real estate license.
Obtaining a real estate license is an important first step in your real estate career. The timeline, qualifications, and costs of getting your real estate license are different from state to state, so consult your local real estate bureau to understand what’s required.?
Many states require pre-licensing and renewal courses as well. Once you have your license, however, you can legally sell, broker, or rent real estate in the state in which you’ve obtained your license. There’s one caveat here: Most states require you to work with a brokerage for the first two to three years as an agent. So let’s dive into what that means.
2. Find a brokerage.
A real estate brokerage is an agency where real estate agents work. You might choose to work for a national franchise like Keller Williams Realty or a local boutique brokerage in your area. There are also virtual brokerages popping up around the internet, so do a little digging and find out which option best aligns with your goals.
Consider company culture, commission structure, and possible mentorships when you’re selecting a brokerage. Choose where you’d feel you’d thrive, be fairly compensated, and be able to learn from skilled people.
3. Join the National Association of Realtors (NAR).
Want to call yourself a REALTOR?? Until you join the National Association of Realtors, you can’t. A NAR membership will also earn you access to the Multiple Listing Services (MLS) where you’ll be able to search through all of the listings in the network.
4. Pay your dues.
Don’t expect to get your license, join a brokerage, and start selling million-dollar homes.?
Digital marketing strategist “New real estate agents need to know that building a business takes time, hard work, and effort. To build a sustainable career in real estate, they need to be willing to put in the elbow grease to build an audience and database of contacts. Then they need to learn how to work it, provide value, and be consistent.”
Prepare to roll up your sleeves, do the hard work networking and supporting more seasoned realtors for a few years, and don’t expect to be bringing in the big bucks right away.
Real Estate Planning
Use this template to plan the marketing, sales, and growth for your real estate business.
5. Find a mentor.
Learn from those around you. Is there someone in your brokerage who specializes in for sale by owner (FSBOs) or has a knack for running Facebook ads??
Schedule time to grab coffee with them once a month, see if you can shadow them for a day, or offer to help with a project they’re spearheading.
Spend time and build relationships with people who are good at the things you’d like to be good at. It will pay dividends in the years to come.
6. Get crystal clear on who your ideal customer is.?
Working with first-time home buyers is vastly different than working with retirees who are downsizing into an active adult community. Both of those groups are different from second-chance home buyers who are entering the market again after recovering from foreclosure.?
Not only does each of these subsets require different considerations and industry knowledge, but they’re also different audiences. This means they do not share the same needs, concerns, or goals.?
If you want to resonate with prospects, you must understand their pains, problems, desires, and triumphs. The first step toward doing that is to create a buyer persona.?
This exercise can lead to information and perspective that will inform your marketing efforts, your messaging, and even how you present your personal brand.
7. Build your personal brand.
One thing that seasoned real estate agents know to be true is that real estate is a lead-generation business. You should always be building your personal brand and expanding your network.
You can do this by building a personal real estate website outside of the one you have on your brokerage’s site. Create a social media presence for your professional brand. And host happy hours and networking events that will get your name out in the community.?
Read on for even more tips on building your personal brand and lead generation engine.
How to Grow Your Real Estate Business
1. Leverage your sphere of influence.?
When you’re just starting out, you won’t have much of a lead generation engine outside of your SOI, so make sure that your sphere knows that you’re in the industry if they need anything.?
Many real estate agents worry about being too pushy with family, friends, and acquaintances, but if you avoid spamming and only work your profession into conversations organically, you won’t have an issue. This is a big part of your life, and they should know about it.
2. Start networking.
Your sphere is as powerful as its size, and you don’t want to draw from the same well over and over again. One way to widen your SOI is by going to networking events and interacting with other business owners in the community. After all, they might also be potential home buyers.?
Just keep in mind the Law of Reciprocity, making sure to give in these situations just as much as you take. The more you interact and engage, the more your name will stick in their minds. You definitely want that in case they ever need you in the future.
3. Learn how to use sites to your advantage.?
sites have more authority and larger audiences than you, so it only makes sense to use them as tools for growing your business.?
Many of these sites allow you to create an account, connect your listings, add contact information, and more. Should someone stumble on one of your listings or your profile, they’ll be able to connect with you.
4. Check the cost of Google Ads in your area.?
Because real estate is such a competitive industry, especially in metro areas, Google Ads may not be a cost-effective strategy. However, it doesn’t hurt to check the cost for Google Ads.
Remember people are taking to Google at the beginning of their home-buying journey. Google Ads is one of the quickest ways to drive traffic to your website, so if the cost per click isn’t too high for your target keywords, it is a viable option.
PPC Planning Kit & Templates
About US,FOW WORLD PROPERTIES AND REAL ESTATE DEVELOPMENT COMPANY
Fow world properties and real estate development company is a reputable company offering services on Property Management, Real Estate Development, Sales and Services, Estate Valuers and Brokers, Advisory and Consulting, Property Search and Marketing. Since our inception, Fow world properties follow all executive practices to give you the best revenue from your properties. As we specialize in commercial and residential properties, you can always seek our professional assistance to get better income. We are committed in providing unsurpassed customer service, quality workmanship and your complete satisfaction.
Organizational Alchemist & Catalyst for Operational Excellence: Turning Team Dynamics into Pure Gold | Sales & Business Trainer @ UEC Business Consulting
1 年Building your personal brand is essential in the real estate business! Keep expanding your network and showcasing your expertise.
Project Manager - I help entrepreneurs test their business Ideas before launching their product/service.
1 年You're absolutely right, building your personal brand is essential in the real estate industry! ??
EXECUTIVE DIRECTOR,GLOBE ECONOMIC AND TRADE DEVELOPMENT COUNCIL,,PRESIDENT,GLOBE CHAMBER OF COMMERCE AND INDUSTRY,EXECUTIVE DIRECTOR,WORLD ECONOMIC AND INVESTMENT FORUM,WEIFORUM
1 年Fow world properties and real estate development company is a reputable company offering services on Property Management, Real Estate Development, Sales and Services, Estate Values and Brokers, Advisory and Consulting, Property Search and Marketing. Since our inception, Fow world properties follow all executive practices to give you the best revenue from your properties. As we specialize in commercial and residential properties, you can always seek our professional assistance to get better income. We are committed in providing unsurpassed customer service, quality workmanship and your complete satisfaction.