As the real estate industry continues its frenetic pace, it’s important to prepare your business for what lies ahead, while continuing what is already working. It may seem safe to stick with what you know, but the best agents never stay put.
Here are three areas you can focus on when it comes to keeping your business growing in this ever-changing and downright unpredictable industry.
1: Create your own inventory
As professional REALTORS®, we know firsthand that the housing market is facing a lack of inventory. But where some see limitations and obstacles, the best agents see that the very factors that created the lack of inventory are actually creating opportunities. If you know what these factors are and how to exploit them, you can generate new ads, ads that are not yet on the market.
Pledge to send 10 “neighborhood reports” per day via text, email, video or handwritten cards for the next 90 days. If 900 consumers find that their home is in high demand and are reminded of their home equity, they might just sign up with you.
2: Streamline your processes with technology
In today’s fast-paced world, you should be thinking about how to streamline your work to not only reduce processing time, but also help you stay focused on your customers rather than the paperwork.
Consider using an all-in-one proprietary platform, which makes daily tasks more efficient and faster. This type of tool, which aims to make an agent more agile in the field, offers more accessibility and options to create personalized transactions. For example, agents should be able to accomplish everything from creating listings, to checking the status of a transaction, to uploading documents for broker review in the palm of their hand.
Without this kind of technology, you won’t be able to transact at the pace you want and have what you need to outpace the competition in such a fast-paced environment.
3: Team up with trusted partners
Teaming up with trusted professionals who specialize in other areas of the real estate transaction like mortgage, title and escrow offers an opportunity to provide your clients with helpful connections when they need additional support. . Top agents tell me this is also one of their best sources of new business via referrals. Investing in these relationships cultivates reliable associates in your corner who continually refer clients to you and bring not just ongoing business, but quality business.
The right partners also expand the reach of your services, allowing you to provide superior service to your customers, whatever their needs. Plus, if you expand your mindset beyond mortgage and title/escrow, and into roofing, electrical work, landscapers and more, you can build a large group of go-to partners who offer more to your customers from the start and throughout their transaction. This can greatly differentiate and set you apart from your competitors, creating new business in a narrow market.
By stepping out of your comfort zone and seeing how you can improve your business, you position yourself for better potential results and quality customers no matter what’s going on in the industry.
Todd Sumney is the industrial director of HomeSmart. For more information on joining HomeSmart as an agent, please visit HomeSmart.com/joinor visit HomeSmart.com/franchising for franchise opportunities.