Zeenat Vallie

Top 7 resources you should be using in your real estate business. A real estate business can be extremely lucrative when you substantially invest yourself in the business and learn the know-how of the business. At first, it may seem daunting and overwhelming as there are a number of important factors to consider before you embark on this journey. There are several important resources that can assist you in building a successful real estate business and I have outlined 7 resources below. 1. Budget for marketing expenses An incredibly important resource in your real estate business is to develop a budget for marketing expenses. Marketing is an area where you can easily get lost in and some people might think that the more avenues they are utilizing, the greater their exposure. However, the opposite is true. It is crucial to identify your target market and based on this, you can further identify the platforms that will best appeal to your market. You could then choose from a host of different marketing options such as email marketing, social media marketing, content marketing or traditional marketing. The next step is to set a budget for all marketing expenses which will then become a part of your marketing plan. If you decide to post a social media post once a week, you could work out the average monthly cost and set it aside. With a clear budget for marketing expenses, you are able to track your expenses as well as the impact of your spend. 2. Create a website and use social media An online presence is fundamental as it shows credibility and relevance. However, you should carefully craft your online presence and set a professional appearance. You can have your website set up which includes information about your real estate business, your credentials, successes and your portfolio of properties. Although a professional website builds credibility, it is not enough and you should be active on social media as well. Social media is a powerful tool that can add great value to any business. It enables you to reach out to your target market and serves as a knowledge database where you can pick up on trends and people’s preferences. This will essentially allow you to make better business decisions and purchase property in areas that are in popular demand. You can also pay for ad campaigns on Twitter, Facebook and Instagram which is relatively inexpensive and targets a specific target market. 3. Encourage referrals and word-of-mouth Referrals and word-of-mouth is a long-standing concept that is still very effective today. Many real estate agents generate deals through referrals from previous clients. A customer referral is invaluable to a new buyer or seller. People feel more secure and assured when they know that someone else has used your services and are satisfied with the service and experience they got. This makes it easier for them to do business with you as you have created a positive brand image. One way in which you could increase your referrals is to offer referral bonuses or incentives to customers. This could be anything from a free valuation or discounted services. 4. Publish a real estate newsletter A newsletter can create a loyal client base and position you as an expert in your industry. People are inspired by others who are passionate and knowledgeable about their work and by displaying your knowledge, you are also educating others. You could post a weekly or monthly newsletter with key insights into the property market, real estate laws that are commonly overlooked, how to enter the property market and the do’s and don’ts of buying and selling property. This will further solidify your brand within the real estate industry and people will approach you when they need an expert in the property market. Essentially, you will generate more business in the long run. 5. Plan for success Whenever you venture into something, be it a new hobby or a real estate business, you need a plan. A real estate business plan will outline your goals for your business and how you can achieve those goals. With a clear plan, you can set your budget, identify potential risks and mitigate them, and many more. This will prevent you from exceeding your budget and losing track of how to attain success in your business as well as reduce the chance of making a major mistake that can cripple your business. Without a clear plan, many people fail as they lose sight of their goals and how to achieve it. You could have a short term and long term plan for your business and work at it strategically. For instance, you could long term plan to have a real estate portfolio of 20 properties within 10 years and your short term goal could be to increase your brand awareness by investing in marketing and measuring the return on investment in order to reach your long term goal. Lastly, as with any business, there will always be legal and other risks that will come along to threaten your business. A real estate attorney will be the best resource you can turn to help you mitigate those legal risks, while a CPA or financial advisor can help with the financial risks. 6. Develop brand awareness Your brand is what makes your business and it is just as important as the work you put into your business. Most successful businesses have built their brand in such a way that it holds value in society and people want to associate themselves with a successful brand. You have to position your real estate business as professional, efficient, affordable and it has to have an element that makes it unique compared to other real estate businesses. 7. Use Online tools and resources It has never been easier to manage your business with the availability of an abundance of free or cheap resources. From project management, marketing, task management, communication, social management tools, and more. There is also an abundance of other resources that you can use to gather key insights into a property, determine which property would be more suitable for buying and selling and which property will bring you a greater return on investment. HouseCanary.com, for instance, provides key insights into properties and markets through analytics while Zillow.com is an online real estate platform where property owners and real estate agents can list properties for free. Conclusion A real estate business requires plenty of planning and resources but with a clear set plan, utilizing the tools and resources available and building a good brand, your real estate business can flourish and expand exponentially. It is important to start off with a plan for success and outline your steps for achieving success which should include the resources you will utilize, budget and marketing. We’ve outlined the importance of brand positioning, having an online presence on the internet and social media and the value of a newsletter. If you implement the top 7 resources in your real estate business, you will begin to see significant growth and an increased clientele.