Throughout the world, the real estate sector is currently at its high. Real estate brokers are enjoying a good time in business and the buyers are also happy buying. That is really encouraging. However, as encouraging as this may be, it doesn’t mean growing a real estate business is easy. It requires some well-laid-out plans and strategy coupled with hard work and determination.
If you are a real estate broker and looking for ways to boost your business and increase revenue, then this post is for you. In this post are 5 effective ways real estate brokers can grow their business.
#1: Get “Hidden” Properties
If you can find properties before your competitors do, then you have no chance to succeed in the business. So always be on the lookout for properties whose owners want to get rid of quickly without getting involved at all in foreclosures.
The major key to making this happen is to get consultants. Every time a prospective buyer lands on your page searching for a particular type of property, they want to be sure you can provide them exactly what they need – more than they can find in niche directories.
So you need to be updated with new investment properties in town. It may be a property of a couple going through a divorce or because the owner is presently going through financial difficulties or moving out of town. These are the types of properties that are always available to be sold by the owner themselves without consulting any real estate broker.
Finding these types of properties means you will be getting them at much lower prices than the market value and you will, therefore, increase your performance. Collaborate with other real estate brokers or lawyers so they can always keep you in the loop for such deals.
#2: Reform Properties and Sell Them
This is another excellent way to succeed and grow much faster in the real estate world. This practice has become popular in countries like the U.S and Canada that there are television shows dedicated to showing just that. Real estate brokers simply look for an old or debilitated property, renovate it and they resell.
According to studies on this type of practice, a real estate broker earns an average of $10,000 on each transaction they make. The beauty of this type of operation is, however, that you have a good volume of properties and partners that can work at a competitive price.
All you need to do is to look for a building the owner is willing to sell because it is old or old fashioned. That means you will be buying it below the market price. Then contact your partners and make them reform the building at a fast rate and at a lower cost. So in the end, you will be able to earn some quick and huge cash when you will be selling it. Now, the building is more attractive, so it is going to sell for more than double the amount you used to procure it.
#3: Look Into the Holiday Market
If you stay in Florida, for example, you should understand not everyone that searches for “Florida real estate” wants to buy an Apartments for rent in Clearwater or a chalet. Many of them are only looking for a property they can rent for a few days to spend the holidays.
People are losing interest in hotels fast, and so are diverting into using real homes for their vacations. You can take advantage of that and do as most companies in the U.S do. Acquire the properties and then rent them out to people throughout the year.
The key to making it big in this type of business is to make sure the price is maintained at an optimal level for most of the year without any increase during the holiday season. You can earn much more as a real estate broker when you consider this option.
#4: Invest In Virtual Tours and New Furniture
According to the U.S National Association of Realtors, about 43% of people looking to buy a property starts their search on the internet. Also, the majority of these people decide when they see the house and imagine living in it. So, how do you position your business for huge online sales?
Posting good photos on your website and Instagram pages may not be enough because most people believe they can be made up and not show the reality (which is, of course, the truth). So it will a smart move to invest in virtual tours on Google Street so that you can show your prospective buyers the 360o walk around the home. The cost of producing this is not much and ROI is quite encouraging.
Also, you may need to invest in buying new furniture to decorate the home. Experts suggest that while on average, it may take about 196 days to sell a house with not so good furniture, professionally decorated houses are taken in about 33 days. So buy some new and uniquely designed furniture, combined with your virtual tour. This will definitely mean a huge revenue to you in the end.
#5: Don’t Forget the Importance of Marketing
This is one mistake most real estate brokers do. They tend to neglect marketing in their strategy. All forms of marketing are important when you are looking to grow your real estate business. Consider both traditional and direct marketing. Business cards, flyers, catalogs, word of mouth, etc. are all essential.
So make a comprehensive strategy that includes online marketing, social networks, automated, and traditional marketing. All of these are great ways to double your ROI in no time.
