If you’re looking to grow your real estate business this year, you might find some comfort in knowing you’re not alone.
In our recent Voice of the Real Estate Agent report, more than 1,000 real estate professionals from across the United States shared their insights on next year’s biggest growth opportunities. Specifically, we looked at how these opportunities translate into revenue.
Survey responses show that the best opportunities to earn more this year focus on three key areas:
- Build a strong referral network
Fifty-six percent of respondents said growing referrals is the surest way for agents to make profitable gains in their business this year. More than 92% of top-performing agents in the study attribute their professional success to their strong referral base. These top-performing businesses derive most of their customer base from repeat customers.
Where does that leave those who don’t yet have a portfolio built to build on repeat business? There are two opportunities at the top: community involvement and developing your knowledge of the local market. Those who have achieved the highest performing status increase their referral base through community efforts. They engage in volunteer opportunities and network in professional and community venues. They cultivate references by working side by side with neighbors.
The second key to growing your customer referral base is to develop your local market expertise. Focus on becoming the go-to resource for the community by posting blogs, videos, and social media posts that truly help others.
- Embrace digital marketing and social media
Thirty-two percent of agents recommend increasing online marketing to grow your business. Across all segments measured, agents unanimously caution against ignoring online marketing and social media opportunities. Some responses morph into a broader concern about the profession’s ability to keep up with changing technology. Most agents said they don’t embrace digital and social media marketing because they don’t have the time to invest in it, they don’t know where to start, or they simply prefer not to have a digital presence.
If you are unqualified in this area, you can establish a mentor relationship or enroll in continuing education and professional development courses to help you gain the skills and comfort you need in this space.
- Manage your time
Twelve percent of agents say time management is the most important aspect of earning more this year. Sometimes that’s easier said than done given the competing priorities in an agent’s day and life. Respondents who are successful in taking ownership of their time rely on several habits, including building their team, automating, and taking a “whole lifestyle approach” to their time, meaning that ‘they plan their real estate calendar around their lifestyle rather than the other way around.
You can download the full Realtor’s Voice report at realestateexpress.com/agent-insights. The report shares advice and best practices from real estate professionals spanning all markets and specializations.
Alexis Peterson is Director of Content at Real Estate Express, a national leader in online learning for licensing, continuing education and professional development. For the past six years, she has been teaching real estate professionals how to successfully launch and grow their careers. She is also a seasoned marketing veteran, with nearly 15 years of experience.