Successful real estate agencies all have a few things in common.
Working in any field has their positives and negatives, and working at a real estate agency is no different. If you are considering working at a real estate agency, it is possible that you may be afraid of failure. In fact, many good real estate agents never make it past their first two years. Often they underestimate their expenses and overestimate their income. That can lead to frustration and could be fatal to your career at real estate agencies. But you can combat that with our help. Here are some proven tips that can help real estate agencies succeed. Here’s a brief list of a few of them that you can try.
1. Reach out to local reporters.
Real estate and journalism are two fields that have a lot in common. Real estate agents need as much publicity as they can get to increase their reputation in the community and boost their number of clients. Meanwhile, journalists are always hungry for a good story to keep their name in the headlines. Real estate agents and journalists can help each other. When there are changes in the housing market or trends that you haven’t heard about on the news, a real estate agent should contact the journalists in your area. Pitch them a story that you feel is newsworthy. This will mutually help both of you to increase name recognition. One quick recommendation, be sure to verify that they haven’t done a similar story recently before you reach out.
2. Hire a publicist.
To increase the reputation of your real estate agencies, hire a publicist with strong and long-standing relationships. A well-positioned and connected publicist network can be invaluable in helping you to become the “noted source” for all real estate stories in your local newspaper or other periodicals.
3. Host lots of open houses
When business is slow, having open houses for properties that you are assisting with selling is still enormously beneficial. Firstly, having an open house can help familiarize you with those who live in the neighborhood where the house is being sold. Secondly, it can help you make connections with individuals who may be looking at homes but currently don’t have a real estate agent.
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4. Co-list instead of turning clients away.
There are numerous reasons why you may not wish to work with a prospective client. The home buyer or seller may not be the right fit for your agency because they may want to sell too high or too low for your ideal target client, or maybe there is a personality clash. Instead of turning them away, consider co-listing the property with a competitor – meaning you as a real estate agent list the proprerty with another real estate agent instead of by yourself. While co-listing may not be at the top of your list, this can be a great way to earn commission on a property that isn’t ideal for your business.
5. Maintain connect with past clients and referral sources.
While there are a lot of ways that you can keep in touch, think business lunches or a marketing list, keeping in touch can pay dividends. Send past clients and referral sources email invitations to open houses, and if you do not have a recent email address – or if it’s a very important listing – mail them a postcard. But if you are doing email marketing (and you should) keep them updated on your property listings. And when doing business, be sure to get the birthday of your clients and always send them a birthday card along with a copy of your business card. Even if they aren’t in current need a real estate agent, they may know someone who is looking for one.
6. Build up your agency’s online presence.
These days every business (well, not every business but most of them) have a website. But how effective is your website? Is it more of an online billboard that showcases your properties and contact information but not much else? How many leads and customers have you received just from your website? Real estate agencies need to have a strong website that will allow them to have the highest possible ranking on search engines. But your online presence is much more than just a website. Ask clients to review you on review sites like Yelp and Angie’s List – for example. And while you are at it, put forth some effort into your social media networks as well. Together, they can boost the online presence of real estate agencies everywhere.
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What tips have you learned from working at a real estate agency? Do you have any suggestions to ensure success for other real estate agencies? Please share your stories with us by commenting below.