Starting a Successful Real Estate Business
How many times have we heard it said that the real estate business is where the money is or that one of the main axes for achieving wealth or financial freedom is real estate. From books and conferences by a multitude of authors and opinion leaders, to the talks we sometimes have among friends or the videos we see on the Internet, this idea has been planted in thousands of people around the world.
However, how many people have ventured into some type of real estate venture and the only thing they have achieved besides frustration and anger, has been to lose time and money?
But then, what does it really take to succeed in real estate? Starting from the principle that the easiest way to enter the real estate industry is through intermediation, as real estate agents; an analysis of the opinion of some outstanding real estate agents determines the following keys to develop a successful business:
First of all, it must be clear that a real estate agent’s success will depend on his attitude. His attitude in carrying out his work, and in facing the market in which he operates. It is from this that the other fundamental keys will contribute in the triumphs of a real estate agent.
Some characteristics of the attitude a real estate agent should have are
- Organized, develops his activities in an orderly manner, has the capacity to manage himself and his resources (time, money, effort…).
- Persevering, persisting in the face of difficulties, obstacles, negatives.
- Disciplined, capable of abiding by or following certain plans, rules or systems.
- Proactive, takes control of her behavior in an active way, always with her own initiative and responsibility.
- Assertive, has social skills and communicates adequately to express her ideas and defend them with respect.
- Resilient, adapts to change and is able to recover from adversity.
Business and Work Plans
From the beginning, the real estate agent must be clear about the focus of his or her enterprise. This will allow him or her to optimize and maximize his or her resources and not lose his or her way on the road to achieving his or her objectives.
A real estate business plan will allow the real estate professional not only to set long, medium and short term objectives; it will also allow him/her to know how to achieve what he/she proposes by defining what activities to perform, how to execute them and when to do them.
Written and well-structured business and work plans provide direction, focus and motivation, so it is necessary to dedicate sufficient time and effort to develop them.
A good business plan should consider several elements such as the business model, value proposals, marketing and operational strategies, market research, budgets, financial, human and technological requirements, among others. On the other hand, work plans must specifically consider the activities to be carried out in a given time.
As I said, developing a good real estate business plan can take time and effort, if you do not have the capacity to do it yourself, consider seeking help from a professional, be sure that it will be your best initial investment.
Digital Real Estate Marketing
Today, 8 out of 10 real estate sales start with the search for properties on the Internet. This statistic shows the high importance of applying online real estate marketing when working in the real estate industry.
However, you have to keep in mind that online real estate marketing is no longer just about a website and social media presence; to be a successful real estate agent, you will have to demand more from yourself, as the competition in this field is becoming more fierce.
Some components of the necessary online real estate marketing strategy are easy-to-administer websites (WordPress), search engine optimization (SEO), keywords, search engine marketing (PPC), copywriting or content marketing, efficient social media management, email marketing, inbound marketing.
I know it seems like a lot, but you should take the time to learn at least basic concepts and strategies of these digital marketing strategies, or else hire the services of a professional specialized in real estate marketing. If you apply these tactics well, you will be able to generate enough contacts for your business in a practically automated way.
Real Estate Sales Funnel: Contact Generation and Follow Up
A sales funnel is nothing more than the conversion model for the contacts we generate with our efforts. In other words, it is the follow-up process that we have to design to convert potential business opportunities into closed real estate deals.
We use the metaphor of a funnel given its shape, where at the top, which is the widest, would “enter” all the contacts generated and once they are qualified and submitted to the sales process, they go down the funnel to the narrowest part when those contacts have already become real customers.
The successful real estate agent must design and understand perfectly each stage of his or her real estate sales process, in order to determine what strategies to follow in each of them and what actions to take to convert their business opportunities into transactions.
The last key to being a successful real estate agent is the openness to always learn something new. In reality, the work of a real estate consultant demands knowledge beyond sales techniques or commercial and legal aspects of the industry.
As we have seen in this same blog, to be successful, a real estate agent must at least master management, administrative, leadership and social skills, negotiation, specialized marketing, and more.
Whether you read a good book, attend a seminar, or take a quality online real estate course, you will have to be willing to invest time and money in your constant learning.