In a hyper-competitive real estate market, sustainable growth has proven to be an elusive dream for a significant number of investors. Partly to blame for the woes faced by investors is the inconsistent real estate market.
While the market was at its boom back in 2006, the housing financial crisis adversely affected the industry such that it was at its lowest in 2012. The silver lining is that it has been improving in the last few years.
So how can you grow your real estate business? This is the million dollar question, and I’m hoping that this blog will give you helpful insights that will help you navigate a competitive real estate market.
- Maintain An Online Presence
In recent years, we have seen a paradigm shift as more property buyers move to research about a property online before making contact with realtors or seeking to view a property. Studies by the National Association of Realtors shows that about 92% of property searchers use the internet to carry out some research about properties before seeking out the real estate experts.
A strong online presence can go a long way in generating leads, building your brand image and even improve your customers’ experience. Use digital marketing platforms such as websites to publish some information about yourself, social media to connect with potential clients and email marketing services to reach current and previous customers.
- Improve Your Customer Satisfaction
Customers are the drivers of any business hence focusing on them seems like a rational investment. Happy customers often translate to a booming industry even in the real estate market.
One way to improve your customer satisfaction levels is by enhancing your customer journey. You should try and make the journey right from finding you all the way to making the purchase easy.
- Embrace Innovative Marketing
Make your business visible through advertising. You should then make contacting you as easy as possible for example by having an eye-catching contact us page. You should then have a virtual tour where potential customers can get to view your properties before the actual visit to the property. You should optimize your pages and make them mobiles friendly.
- Enhance Your Customer Experience
You should also make arrangements to ensure that when customers visit in person, they have the best viewing experience and afford them space to make up their minds on whether to purchase immediately or hold off on the purchase. After the acquisition, follow up to see if they are satisfied with your services or if you can improve in some areas.
Having good customer satisfaction levels makes good business sense. About 85% of the times, a happy customer is likely to return in case they ever need a property. Moreover, they can become a positive referral source for your business hence direct more business your way.
- Keep An Eye On Your Competition
As both you and your competitors are competing for the same customers, it is rational to keep an eye on them. Keeping an eye on them and picking up on a few things can help you get the better of them.
Why should customers choose you and not your competition? Keeping an eye on your competition can help you get insights from them. You may learn from their mistakes or even steal ideas on how you can improve your business. Answering this question satisfactorily can make the difference between customers choosing you and not your competitors.
Additionally, keep tabs with the industry’s best practices and continuously integrate them into your business and look for ways to improve. This will help with your differentiation strategy, read more now
- Stage Your Houses Well
When potential customers visit an open property, interior design can significantly influence whether they purchase or not. Therefore, if you want to sell properties often, you should stage them well whenever you have an open show.
One way you can stage them well is by ensuring that everything is neatly arranged and looking new and stylish. This will help potential clients feel the warmth of the property and be interested in buying the place.
Alternatively, you can make the property stand out. People looking for property often want to compare several homes before eventually settling for one. Due to a large number of properties they may view, it may be helpful if remembering yours would be easier.
You may standout by having one quirky item or making your property ideal for a particular niche like for a family or dog owners among others. This will help improve the suitability of your property to the desired group or memorable.
- Do Not Underestimate The Power Of Great Photography
When it comes to property hunting, a great visual representation of the property can often elicit interest in a particular property. Great photography can help your real estate business make a great impression on potential clients.
It can compel potential clients to seek out your business actively.
Great photography can help you showcase your well-designed interior and exterior of the property. Additionally, you can use excellent photography to showcase the surroundings of the property. A great environment can help you sell more property.
- Promote Your Visibility By Hosting Regular Events
Besides other forms of advertising, hosting regular events may help you grow your network. The regular events for past and present clients may help you to not only showcase your property but also to grow your circles as your business may get to be introduced to new people as you retain your clients.
You may choose to host monthly events at a nearby bar, host a webinar for your online clients or free seminars to help you add your clients’ knowledge on property buying and remodeling among others. These various events will attract attention to your business hence help you generate leads.
- Request For Testimonials
Positive referral can have tremendous effects on your real estate business. Testimonials from previous clients can help your business showcase how reliable and dependable your business is. This will, in turn, help new customers trust you hence make them more likely to buy a property from you.
You may request for testimonials by asking clients to answer some questions or by turning to review apps or sites. You should showcase the feedback you get strategically through your websites or social media platforms without any modifications.
If you get a few negative feedbacks, do not engage unless you are following up on how you may improve. Take criticism well and know that it is an opportunity to improve.
- Convert Your Online Leads
While an online presence might seem a little too much, you will be surprised by how rewarding it can be. It may cost you to engage digital marketing experts and host your websites, but the returns will be worth it. Convert all your online leads.
Try it today, and you will realize its potential in no time.
The real estate industry is very competitive. Subsequently, growth and continuous revenue generation by selling property is often difficult. However, with these proven ways, you can quickly grow your business in no time. Try them today, and you will begin to reap results in no time.