PROPERTYSPARK ARTICLE

10 Tips for Expanding Your Realtor Business Easily and Effectively

There are endless benefits to starting (and growing) a realtor business. From flexibility to endless profit potential, real estate can be a money maker if you know what you’re doing. Expanding your realtor company will take some time, money, and a great real estate lawyer.

How to Grow Your Realtor Business in No Time

The real estate market goes through its ups and downs, spending on economic conditions, job growth, and interest rates. Still, you can apply these strategies to grow your business quickly.

1. Identify Your Target and Niche Market

Marketing to a niche market is the best way to become a real estate expert. When you know what’s driving your market, what risks are involved, and where the market is headed, you’ll be able to advertise to your ideal customer effectively. Business owners should never stop learning!

2. Prove How Easy it is to Buy a Home 

Many homeowners wonder if it’s better to rent a home instead of buying. After all, it’s easier to rent a home. While there are barriers to owning a home, it’s up to you to make the process as easy as possible. Walk your clients through the process to turn skeptics into homeowners.

3. Have a Healthy Budget for Marketing

Out of the four reasons startups fail, financial hurdles and marketing mishaps are the most likely to occur. Market research and championing convenience will be the two weapons in your marketing arsenal, so long as you have a budget. This includes offline and online channels.

4. Know What You Need to Do to Hire

There are several legal requirements you need to fulfill before you start hiring employees. These include registering with your state’s unemployment insurance office and running background checks, which can be expensive. However, you can create pay stubs for free to reduce costs.

5. Create a Website and Use Social Media

Realtor businesses should establish their presence on the internet with a professional website and dedicated social media accounts, such as Twitter, Instagram, and LinkedIn. While both ventures are inexpensive, you’ll need to invest time into content creation to attract site traffic.

6. Encourage Word-of-Mouth Advertising

A big chunk of your clients will come from word-of-mouth advertising or referrals. A client is more likely to believe a referral from a previous client over your own words. With that said, asking for reviews or testimonials from clients is a great way to generate buzz for your startup.

7. Respond Quickly to Potential Clients

Clients are less patient than they used to be, so you’re likely to lose business if you don’t respond quickly to messages. To ensure you’re protecting your reputation and credibility, hook up your email and chatbot system to your smartphone and check it several times a day. 

8. Educate Clients on the Need for Agents

Real estate agents are a necessary part of the home buying or selling process, but some clients don’t feel the same. To attract more people to your startup, use some of your marketing dollars to educate clients on why a real estate agent and a lawyer can save clients time and money.

9. Publish a Weekly Real Estate Newsletter

Short-term marketing campaigns will get clients through the door, but long-term ventures, like a real estate newsletter, will help your business thrive long-term. All current and prospective clients would appreciate learning more about the real estate market, like current mortgage rates. 

10. Focus on Building Long-Term Brand Awareness

Similar to any other big business, your real estate brand should strive on its own merits. It doesn’t matter If you’re building a brand under your own name or your business’s name, as either can be memorable. Consider developing a business plan to map out your future success.