Starting a real estate business is an exciting step in any real estate agent's career. However rewarding running your own real estate business may be, though, it's not without its difficulties. Starting your new small business on the right foot will offer you a solid foundation to build upon and put you ahead of the game.
In this article, we'll provide vital tips on how to expertly start your real estate business and set yourself up for success.
1. Complete requirements to become an agent
If you're not already an active real estate agent, you will have to meet some requirements to become one. Start by following the qualifications to obtain a real estate license in your state. Your local real estate bureau will be able to provide you the information you will need. Also bear in mind, you may be required to work for a brokerage the first few years after obtaining your license. If you want to use the term REALTOR®, you will also need to join the National Association of Realtors. Members of NAR enjoy many benefits including access to their MLS and content and trainings relevant to the real estate industry.
2. Lay out your personal goals
Your new venture offers the perfect opportunity to reevaluate what you want from your real estate career. Perhaps you're starting this new real estate company so that you can set your own hours or take time off at your discretion. Maybe you're aiming to retire by 60 or pay for a family vacation each year. Defining your desires will help you stay focused and motivated as you work to expand your real estate business.
3. Determine your business objectives & values
Now is the time to set your business aspirations and define the ethos of your brand. Creating a business plan will double your chances of success. What are your financial goals, and what steps will you take to accomplish them? What are your values? What sets you apart from your competitors? Document these important cornerstones of your real estate business and use them to guide you in your future decision-making. Once you have these core decisions made, start creating visual identity for your real estate business. Create a logo, select brand colors and choose a font.
4. Find the right team
Starting a real estate business is rarely, if ever, a completely independent task. Even if you're a solo operator, you may choose to enlist a marketer to increase your exposure, or a financial advisor to ensure your hard-earned money is invested wisely. Maybe you're going into business with other real estate agents or have decided to hire an assistant for extra help around the office. Whatever your circumstances, ensure that the people you surround yourself with share your vision and will work hard to see it through. Visit this blog post for a more in-depth look at real estate recruiting.
5. Implement a comprehensive marketing strategy
A solid marketing strategy will spread the word about your new business and capture the attention of prospective clients. Keep your branding consistent across all marketing channels, and use messaging to communicate your brand values.
Consider using marketing automation software to bolster your efforts. After all, "67% of marketing leaders currently use a marketing automation platform" and "80% of marketers using automation software generate more leads."
A thorough guide to marketing your real estate business can be found here, but here are some essential components to keep in mind.
Create a website. In today's digital age, it's absolutely essential that your real estate business have a strong online presence—and this begins with a website. Your website will be used to introduce yourself and your business, post current listings, share client testimonials, provide contact details, direct visitors to your social media profiles and host your blog. It's important that your website is professional and user-friendly, so work with a web designer if necessary.
Social media. Social media is one of the greatest tools an agent has in their arsenal. Using outlets such as Facebook, Instagram, Twitter and LinkedIn will give you a direct link to prospective clients and the greater real estate community. Be sure to post engaging content regularly and keep your posts true to your brand. While it may be tempting to post a stream of real estate listings, provide other informational content as well such as information about the company you work in or advice for purchasing real estate for the first time. This post offers an in-depth guide of social media in real estate.
Blogging. Having a blog is a great way to attract more visitors to your website and establish yourself as a thought leader in the field. Your blog posts will also give you interesting content to share across social media. The topics you choose to blog about should be relevant to potential real estate buyers and specific to your location when possible. Blogging frequently and using SEO-friendly titles & keywords will increase your exposure and result in more leads. In fact, a recent study showed that "companies that published 16+ blog posts per month got about 4.5 times more leads than companies that published zero to four monthly posts." Learn more about content marketing in real estate.
Paid advertising. Consider investing in paid advertising in order to target your prospects wisely. Google and Facebook ads are especially effective and there are options to suit every budget. On average, businesses make $2 in revenue for every $1 they spend on Google Ads.
Email marketing. Now is the time to start building an email database and sending regular updates to your list. It's been proven that "77% of people prefer to get permission-based promotional messages via email (versus direct mail, text, phone or social media)," making email one of your most valuable marketing tools. Learn more about real estate email marketing and grab a free template.
Build your offline collateral. While online collateral is essential, so are your offline offerings. This includes things like business cards, stationery, brochures, flyers and signs. These are especially important for realtors, because they will be seen repeatedly by clients and prospective clients. As always, your branding should remain consistent across every outlet. It's critical that you maintain a professional image at all times, and a brand templating platform can help you accomplish this.
6. Host a launch event
Hosting a launch event for your new real estate business is an excellent way to introduce yourself to the community. According to Bizzabo, "Most (41%) marketers believe that events are the single-most effective marketing channel over digital advertising, email marketing and content marketing."
A well-crafted event will create buzz around your real estate brand, allow you to reach a wider audience, and start your business off with a bang. Be sure to publicize your event across social media and ask your friends & family to help spread the word. Invite relevant business owners, influencers and news outlets.
An event also provides the perfect opportunity to meet and get to know your prospects. Real estate is a personal business, and connecting with potential leads face-to-face will set you apart from the competition.
Source: Design Wizard
These tips will help launch your real estate business successfully and allow your new venture to flourish. Start your business on the right foot by following our advice, and turn to Lucidpress for all your custom marketing materials. We wish you the best of luck on your new & exciting journey.