The real estate market in the US continues to perform well, especially since the COVID-19 pandemic saw the housing market suffer like all other sectors. By September 2022, homeownership rates had risen by a staggering 66% in the country. This trend continues to hold strong as markets stabilize. More than anything, these stats show market resilience and a breadth of opportunities for realtors to succeed.
If you are a realtor wondering what it may take to succeed in the current market, here are a few things that can help:
1: Make efforts to stay available at all times
Investing in real estate is a high-involvement decision, and clients are more likely to want to reach you at times that are convenient to them rather than what is convenient to you. Therefore, be available and accessible. Even if you are dealing with multiple customers simultaneously, it is important to give them equal priority. If you can’t give each of them your attention, you’ll lose your commission, referrals, and reputation in the market.
Consider several alternatives before you realize the damage your lack of accessibility can bring to you and your business.
2: Use the right partnerships
Collaborations and long-term partnerships hold a lot of weight, especially when you are looking to grow your career and business. There are various firms like The Reality Medics that offer property and wealth management solutions that can help you streamline operations as a realtor trying to find success with their business.
You can explore a wide variety of partnerships in the real estate market. These include technological solutions and networking opportunities that can help progress your business in various aspects. Determine which type of partnership will work best in your favor, particularly with respect to creating success in the long run.
3: Have clearly defined goals
Goals are always important when striving for success. Not only do they give you a destination to strive toward, but they also offer clarity on the method you want to leverage when trying to achieve them. Here’s something you wouldn’t know; roughly 83% of people don’t set goals at all when it is evident that when you do have set objectives, you are 79% more likely to achieve them.
Ensure that the goals you set are specific, measurable, actionable, realistic, and time-bound. Together, these factors help you determine more manageable objectives that allow you to perform much better and eventually find success.
4: Make sure you have a solid marketing plan
Building an automated marketing plan will give you a competitive advantage. Ensure you have all your bases covered, i.e., know your target audience, make relevant content, use the right marketing channels, and customize the consumer experience. And do all of this in a way so that you don’t have to start all over again with each new campaign.
Combine new technologies with traditional marketing strategies to reach a large customer base. Once you identify an effective method, you can apply it to several platforms. Your direct mail piece’s content might flow naturally into a social networking upload and vice versa. Think outside the box and never stop looking for ways to get better.
5: Acquire market expertise to the best of your abilities
With easy access to the internet, people have largely started believing that they are better off trying to sell their homes on their own. Why would you want an agent when every bit of information is available online and you can simply list the property on a digital platform, sift through buyers, and part with the property at your convenience?
Well, in a market full of customers who think this way, your chances of succeeding lie in offering the one thing people can’t find anywhere else; experience. When you have the knowledge and skills to portray yourself as a thought leader as well as an innovator in the industry, you give people a reason to want to work with you.
Moreover, most leading realtors assert that referrals are the biggest source of business in the current market. And these can only come in your locality because that is where you are primarily working in. So, your ideal chance to get ahead is to stay on top of learning insights while building a clientele willing to send others your way.
6: Build strong networks
As important as everything else is in the real estate market, the networks you build are the most crucial. However, you may say that on a daily basis, there is so much work that it is difficult to attend conferences or other networking events, but that is never a good excuse.
The time you spend networking is probably the best allocation of your hours, and various experts in the field agree to it. As you work on strengthening your networks, you are paving the way for credible referrals, invites to various other networking events, and chances to interact with some of the leading names in the industry.
7: Be active on social media
Nowadays, social media is the biggest source of finding leads and goes both ways, i.e., for you and the customers. Most user journeys toward finding a service provider or product start online. And many people spend most of their time scrolling through social media, which eventually becomes their biggest source of information about people like the best realtors in town. So, it pays to be active on various social media platforms, posting about what you bring to the table so potential customers can see who you are and what you do.
Building and running a successful real estate business requires constant efforts as well as evolution as a professional. The market has become extremely competitive over time, and attracting clients requires knowledge and insights gathered through research and networking. These traits are what put you on top.