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How to Plan, Start & Grow a Real Estate Business Part I
Starting your own real estate business requires a great amount of grit, determination and luck. The first five years are the most crucial as it makes or breaks a business. The first thing to keep in mind is planning – planning your team, your business protocol, finances and then proceeding with the ideas.
THINGS TO CONSIDER BEFORE STARTING A REAL ESTATE BUSINESS
Get a Customer Relationship Management system: A business runs in a system. A good customer relationship management system helps you to organize all your contacts and bring forth relevant insights and leads that will work well in the real estate sector to initiate the home buying process in different stages across many agents and customers. A good CRM also helps to streamline the team members keeping the business strategy in mind.
Craft your ideas and plans: To frame the right financial goals for your business make sure to clear the financial goals for your life. Channelize your mind and work on when to start with, what time to finish your tasks by, what is your vision for your business and then chalk out your plan accordingly.
Write down a real estate business plan: Start making your real estate business plan and focus on things that set your business apart from the other businesses in your area. Work on how you find real estate to bring prospects, establishing your business and developing all the administrative work by hiring an efficient virtual assistant to keep your team inspired and avoid repeating any unproductive patterns.
Build a consistent marketing plan: Move and plan step by step, from passing your licensing exam to selecting your best-fit brokerage and building up your database without being “salesy” to your friends and family to begin with in your sphere of influence (SOI).
To develop an efficient marketing plan you must:
- Work about what’s unique with your approach and whether it has future scope and prospects.
- What exclusive offer sets your company apart?
- What are the latest pricing and buying/selling trends in the market and pricing trends in your market?
Point down your unique value proposition and this will drive all your future marketing techniques.
Get a website: Build a solid SEO focussed website to attract and engage online leads to make your market presence felt. Your website should allow you to integrate the internet data exchange (IDX) listings and usher these leads right into your CRM. You can also initiate blogging and a consistent media strategy to generate more leads.
Prospect consistently: Be consistent because that’s the key to maintaining a prospective system. A timely email, phone call and follow is all you need.
Nurture leads: If a lead gets in touch because they are willing to hear from you and proceed to work with you. Keep a constant check on what’s happening around and follow the trend. Always remember that an agent who’s always there will thrive.
Have good time management: Set up the time and work on achieving your targets within your desired time frame. If needed eliminate manual work by saving time with the help of a deft CRM system.
To develop your real estate business you must follow the following:
- Get a real estate license:
Obtain a real estate license before starting your real estate career.
- Find a brokerage:
Look for a suitable real estate brokerage agency to work with.
- Join the National Association of Realtors (NAR):
Join the National Association of Realtors to access Multiple Listing Services (MLS).
- Pay your dues:
To build a sustainable career in real estate, you need to be willing to put all your effort into building an audience and database of contacts.
- Find a mentor:
Learn from the experts and take advice on how to work with prospects.
- Know your customer:
Deal gently with your buyers keeping in mind their needs and concerns.
- Build your personal brand:
Always be on your toes to build your personal brand and expand your network.
In our next article, we will discuss how you can grow your real estate business.
Are you considering starting a real estate estate business? What inspired you to venture out to real estate? Share your story with us in the comments.
