6 Success Strategies Every Real Estate Agency Must Adopt
To make sure your risks are not higher than your rewards as a real estate agency you must keep re-strategizing according to market needs and offer well than your competitors. You should be able to grab good opportunities before someone else hatches his way in. A real estate agent must always be on his toes and should understand the core business values and principles that will make him successful. Here we list out five success strategies every real estate agency must adapt to flourish in a tough and competitive age of today.
1. Know your target
Know and understand who you are dealing with. What are your targets? Is your penetration more into buy and sell or into brokerages via rental flats? It may not be necessary try to be a jack of all trades and master of none. If you see there is a huge potential in the properties and its buy and sale then you should be less considerate about the time and resources you spend on providing flats and gaining peanuts as compared to profits in property sale deals. So understand your area of operation and make plans accordingly.
2. Building trust
A good agency must understand how fierce is the competition and how valuable building trust is. Once you have identified your area of focus you need to nurture your business by ingredients which are time and resource. Remember Rome was not built-in one day. If you are more focused on the HK houses, duplex and other residential buildings then you need to first make your name in that field. Before you expand to commercial and properties sales you must first hold a strong grasp on real estate at hand. Building trust is all about principles, commitment and responsibility to never disappoint your client. If you can say with certainty that you have enough resources who can find prospects and bridge gap between houses and tenants or families then you need to ask yourself if you will be able to scale up this business. If a number of your clients double, triple or quadruple will you be able to sustain them. Losing your client because you were unprepared for success is as ludicrous as giving them away to your competitors yourself. Remember every client you lose is a client someone else gains. Never disappoint a client. A good real estate agency has a good grasp and knowledge about the real estate listings of his area.
Whether you are into the lease, buy or sell, whether it is industrial, commercial or residential area and no matter your market segmentation is tiny and scattered with common masses or is dependent on big companies and names, you must make sure you are a known entity. There are two ways to get business. Find your clients or be known so they find you. The best form of advertisement is the word of mouth advertisement which comes only by gaining trust. Otherwise, you need to make your presence online. Invest on posters, flyers, banners and every means of offline advertisement.
4. Make use of technology
Sometimes advertisement can cost much and that’s why it is important to make use of technology and help it cut your advertisement cost. There are online pages especially on social media where you can boast about your business and capitalize the online segment. If your agency has a website it’s worthwhile investing in content writers who can write SEO bases articles to help you with favouring search results. Stay abreast or be left behind.
5. Invest in your resources
Remember your agency runs because of someone who does endless trips, make cold calls to thousands of people and complete with every damn broker and agent of your competitor company. Your employees are important and you must make sure you don’t let them down by paying them peanuts or keeping them overstressed. Organize meetings, understand their concern and most importantly get an honest feedback from them concerning the issues and the current mood of the market.
6. Net work is equivalent to Network
Yes, it may be an old cliché but how it still holds true. Are their real estate seminars, conferences and fairs where you don’t have a representation. Remember anyone attending these important discussions is a potential client or in some cases, these events even bring a future partnership. You grow your business only when your network and contacts grow.
Every real estate agencies should have a reality check on their estimated versus actual growth. If it’s not working you must recheck the above six strategies and narrow down your problem. You may need to re-strategize time to time because being adaptive is a must in this business.