Whether you are a solopreneur or a team, starting a real estate business is not for the faint-hearted.
According to statistics, 87% of real estate agents fail within the first five years.
That is why you need to plan your business launch and growth strategically.
Here are a few tips that may help you.
Obtain a Real Estate License
A real estate license is the first step for real estate business owners. When you obtain the license, you can legally sell or rent real estate properties in your state.
Now, the qualifications required and costs of obtaining the license vary from state to state. Therefore, consult your local real estate bureau to inquire about the process.
Connect with a Brokerage
In most states, you need to work with a brokerage for the first few years. You can either choose a national franchise or a local real estate company. Do the research and find the option that meets your needs the best.
Always consider the relevancy and credibility of the agency. Pay attention to the commission structure, potential mentorships, and corporate culture. Choosing the right brokerage is an opportunity to learn from professionals and gain invaluable industry experiences before starting your agency.
Join the National Association of Realtors
To become a realtor, you first need to join the National Association of Realtors (NAR). That is an American trade association for real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others working in real estate.
The NAR membership also provides access to Multiple Listing Services (MLS), a database where you can find properties for sale.
Identify your Target Customers
When starting a real estate business, you need to identify your target customers. Do you plan to sell houses to first-time homebuyers looking for farm style homes for sale? Maybe you target retirees who are downsizing.
You must admit that these client groups do not share the same needs, problems, goals, or fears. As such, they require different approaches.
To build relationships with them, you need to understand their requirements and desires.
Start by collecting customer data, both demographic and psychographic.
Perform thorough market research and analyze your competitors. The goal is to identify which audience groups they target. You can also create online surveys and polls to collect relevant customer data.
Based on the information you collect, create buyer personas. They help you make more informed branding, marketing, and sales campaigns that resonate with your audiences.
Once you start a real estate business, you want to build relationships with potential investors, home buyers, and partners. That is why you should start networking.
Go to networking events, such as industry-related conferences, meetups, and seminars. Online events and professional social networks can also help you connect with industry players and prospects.
These events are the opportunity to connect with renowned industry names and learn from them. Most importantly, you can get noticed by your target audience. The more you engage with them, the more your company’s name will stick in their minds.
Establish a Solid Brand Presence
In a hypercompetitive real estate landscape, the goal is to put yourself in front of the right customers and make them remember your name. That is why you need a detailed real estate marketing plan.
For starters, build a company website. Hire an SEO professional to optimize your website for search engines. That includes keyword research, on-site optimization, off-site optimization, and technical optimization.
Use your brokerage’s site to build trust with customers. Have a solid “About Me” page where you emphasize your qualifications and industry experience.
Have a blog, as well. Share informative and helpful articles that deliver value to your potential clients, facilitate decision-making, and help them solve problems. You can also create success stories and case studies where you explain how you helped home buyers.
Social networks are ideal for building a personal brand. Use them to communicate with your leads, share helpful tips, and publish industry-specific content. Most importantly, you can boost brand awareness and user engagement via stories, live videos, Q&A sessions, polls, etc.
Over to You
Planning, launching, and growing a real estate business is not easy. It requires a lot of dedication and a clear strategy.
Once you register your business, start networking, and build a recognizable brand, you will begin to see the fruits of your efforts. The next step is generating qualified leads and converting them into sales to boost your revenue.
I hope these insights will help you!
Eve Anderson is a marketing specialist turned blogger. Interested in sports and exciting travel destinations. Love to share content that can inform people.