Real estate is a saturated market that requires dedication and hard work to survive. However, this doesn’t mean you can’t grow your real estate business. To keep your business afloat and continue making profits, you must put in place targeted strategies to find the right people.
Want to know how to increase profits at your real estate business? Read ahead.
Request For Referrals
According to an OutboundEngine survey, 75% of real estate deals come from word of mouth and referrals. To grow your business and increase profitability, don’t shy away from asking for referrals. You can use your website to ask for referrals or talk to your employees to use word of mouth to ask for referrals. However, you need to offer exceptional customer service before you ask for a referral. It is only a satisfied customer that can act as your brand ambassadors.
Keep Your Homes In Good Shape
As a homeowner, you know there are regular maintenance jobs you must undertake if you want the home to remain habitable. Some of these activities include changing the air filter, repairing the HVAC system, cleaning the gutters, etc. The same way your home needs these services is the same way the rental apartments also need them. As an investor, you need to take maintenance seriously, to maintain or increase the value of your property and make them last longer.
As your business grows, you’ll have a lot in your hands to take care of. On the other hand, your clients will also expect faster responses whenever they want service from you. It will be challenging to manage a large pool of clients when you are alone. With every delay in response or action, you’ll lose a potential customer. So, it will be in the best interest of your business to hire an assistant or more, if necessary. But just like in hiring a contractor, you also need a reliable, trusted, and competent assistant, probably someone with a background in real estate business. Hiring assistants will ensure you remain on top of things, and they’ll boost your bottom line.
Connect with Your Customers
Apart from your website, you also need a strong social media presence to drive your brand message to your potential customers. There are over 3.8 billion people around the world who use social media. This is a big market that you can’t ignore. For you to increase your profits, you need to be active on social media, especially on Facebook, which has over 2.6 billion monthly active users. You can run ads, share content, and video to help drive leads. You can also use social media as a channel to address your customers’ needs. Respond to their questions promptly and involve them in discussions. Keep your customers updated with your business by providing a real estate newsletter subscription that you send out regularly. You can promote your newsletter on social media as well.
Hire a Trusted Team
Despite your efforts to maintain your property in good shape, once in a while, a major repair or installation work may be necessary. In such instances, you’ll require the services of professionals. Not everyone who claims to be an expert is qualified. Ensure you always hire licensed, insured, and certified contractors. This will not only keep the costs down, but will also ensure you get things done right the first time, and you don’t have to do the same repair over and over. Hiring experts should be your norm, whether you are working a property that’s already occupied or one you want to upgrade and re-sell.
Showcase The Property You Are Selling
Many people would want to see a property before they buy it. That is why you should be ready to allow them to visit and have a tour of the property. But before then, you can also showcase the property on your website and social media sites. Take HD photos and videos of the property and post them online. This will make you close deals faster and increase your profits.
Increasing your profits on a real estate business requires you to be smart. Try to do things differently so you can pull customers away from your competitors.