Real estate is, in many ways like any other sales business, you have weekly and monthly targets to hit, clients to please and deals to close. But in other ways, it’s a totally unique entity needing specialist treatment and consideration. With that in mind, below you will find some specific help on how to expand your real estate business, that should enable you to make more deals and bigger profits
The first way to do this is fairly basic, but it’s definitely important. It’s all about employing more sales people. Having more sales staff increases the likelihood that there is always someone free to deal with a customer’s needs. Something that allows you to take on more listings.
It can also help in another way, as having an office full of sales minded folks can help gee up that sense of competition that salespeople thrive on.
That is right, the more new people in the group and the bigger the group. So the more chance there is to shake up any previously held sales records. Keeping everyone on their toes and offering the best sales service to your clients as possible. Something which you can read more about at https://www.nextiva.com. That will hopefully pay off in an increase in deals and profits.
More support staff
Obviously, if you are going to expand by employing more sales people, you will also need to expand the support function of the business as well.
To do this you need to consider what things must get done for everything to run smoothly, that also doesn’t have to be completed by the salespeople. It is those things that can be delegated to support staff, including photographing properties, loading up listings and displaying them at your premises. As well as writing up reports and drawing up contracts.
Also, when expanding your business, you also need to consider the creative side of things. Creative advertising and marketing is vital to the success of a real estate businesses and should not be left out of the equation. You can read the ins and outs of this on https://placester.com/.
It may be that you may require a creative and the book to help you develop your brand identities such as logo, company colours, and visual feel. Although, unless you are a very large firm with multiple branches it may be the more cost effective to hire a freelance creative to do this on an ad hoc basis. Rather than having someone on the books all of the time.
Paying for more employees
Obviously, it’s a delicate balance when employing more people regarding finances. To expand you need to take more people on, which should hopefully lead to an increase in revenue. But of course, there will be a gap where you have your new employees, but the revenue does not change straight away.
To deal with this, ensure that you account for the increase in wages without an increase in revenue for at least a few months. Until the effect of having a new person on staff kicks in.
Also, remember that there are ways of freeing up additional finances. Like using sales advance sites such as NationwideCommissionAdvance.com. As these can help you to makes ends meet at the beginning of your expansion when times are hard.
Locations and Areas
Next, to expand your real estate business, you need to think about the physical locations that you cover.
First of all, identify the areas in your town or city that have the highest property prices. But also consider the ones that are that are the most popular and have the best potential to make a profit and remember that these might not all be the same area.
Remember too, that you can make great profits in up and coming areas that have recently been gentrified. Even if they don’t have the highest selling prices in the whole city. A good commission is better than no commission, as they say.
Once you have defined the keys areas in which you want to increase your business, then it’s time to move into those areas as best you can. This may be easy or difficult depending on who is already set up in those locations.
Canvas the best areas
One way you can get added attention for your company from these areas is to canvas in them as much as possible. This is where employing those good creatives comes in handy. As they will be able to produce visually clever and eye-catching materials that will help to get you noticed.
Even posting material through doors, in a plain white envelope can help to grab a potential customer’s attention. So be sure that your creative team are up to date with all the latest marketing tricks and techniques.
You may wish to consider expanding your advertising to cover benches, buses, and billboard within the area. As well as targeting specific properties, streets, or estate with prospective advertising. Don’t worry if no one in those locations isn’t selling at the moment as what you are aiming for is manoeuvring into a position that when they are your company is the first name that comes to their mind when they so want to sell.
Virtual as well as physical
Lastly, don’t physically think about scope, as getting online with your listing and your advertising can help you to expand as well.
Web sites that are user-friendly and easy to search are becoming the stalwart of real estate businesses everywhere. They provide a quick, easy way for the potential customer to check what is available in their required area and price range. Meaning you can reach a massive audience online with a few basic actions.
Online advertising to is something worth considering too. As getting a poster put up on a billboard or bench can cost a fortune for printing and rent. But getting a banner that is responsive to cookies can cost a lot less. While again expanding the reach of your offerings far beyond the people that are walking past your shop front.
Merge with successful companies that are already there
Another option in expanding your business is to team up with or merge with real estate companies that are already at work in that areas. Of course, this is something that you have to do carefully as mergers can be tricky and could leave you out of pocket if you are not careful.
First, consider what benefits it would mean for you to do this, such as access to more properties in the areas without a hostile listing war. But also consider whether the company you are considering merging with is a good match for you. Do they work in similar ways? Do they have a similar reputation, or will being associated with them bring your company’s rep and trust level down?
Also when expanding a real estate business, something you should always consider is your scope. This refers to the areas of real estate that you are dealing with.
Many companies deal with residential listings. That is private homes sold to individual buyers. But there are other ways to make money in real estate as well, including diversifying into other areas.
For one, why not consider an expansion into commercial real estate? This includes office blocks, manufacturing buildings, warehouses, and even land on which to build these things.
Yes, it may take training or employing someone with particular experience of this side of the industry to be successful. But remember commercial property is rarely ever cheap, so the commission margin is larger.
Then there is also the possibility of joining forces with a commercial building firm to help them find properties to do up and sell quickly. Something known as flipping in the industry.
Making good links, in the ways described at https://www.inc.com, with companies that do this can definitely help you to expand your real estate business. That is because businesses interested in flipping homes will often buy properties that no one else would. As they can see the potential for them once they have been done up.
OK, you may have to lower the price according, but it’s always better to get some sort of sale than none at all. As the finances from this can help to grease the wheels to allow you next one to happen.
Lastly, another brilliant way of expanding your real estate business is to add to the facility for renting properties as well as selling them. We’re not talking about switching trades here to rental, but running it as another arm of the business.
As real estate success is so dependent on the property market, renting and managing properties can be a great way to enhance your income. This is because when sales are slow, the rental market is normally booming. This is due to people not being able to afford to buy, but still needing to move and it becomes what is known as a renters’ market.
That means you may not be making as many sales as before. But you can charge increased figures on the rental side of the business. Meaning some of the profit from this offsets any losses you will experience on the sales side when the market is down. Making this a financially viable and clever expansion to consider in the real estate industry.