Real estate agents and investors should take time researching as much as they can before starting in this industry. It’s wise to create a detailed business plan before you get your business up and running.
In order to start a real estate business, it really pays off to take the following tips into account before doing anything:
Before you start taking on any new tasks and responsibilities, take some time to reflect on the goals you have and prioritize them. This includes things like your personal, professional, or financial goals. Spend some time thinking about where you see yourself in the next 5, 10, and 15 years. It can help make planning for your future more achievable. The next step is to strategize the steps you can take immediately. This is important & will allow you to stay focused, while allowing you to accomplish your big vision.
Real estate agents and investors have to balance their ambition and actions as they plan out their future business goals. Operating with both short term and long term goals in mind can be tough. A great way to remember a process for helping with this, is by using SMART goals. SMART goals is a framework that helps you focus on these five points to create success.
One thing that is often overlooked in a business plan is the process of research. One good place to start is to identify your niche, your market and your competitors. Once you know who you're competing with, it becomes easier to formulate a game plan.
The beauty of real estate is that there are so many niches and creative ways available for investors and real estate agents to make money. Based on your experience level its best to get a clear outline of how you plan to get there and who you want to work with.
After you have a good understanding of your target market & industry practices, now you can start putting together more informed decisions and eventually close more transactions. Getting started in the right direction can prevent mistakes that can take a considerable amount of time recovering from.
When you are researching your target marketing and building a strategy look at things like median home values, rental properties, average days on market, etc. Knowing these basic market starts can help you start to put together a timeline of how long it can take to reach your goals.
Of course doing online research, going to networking events, and even offering to volunteer with a mentor can help significantly with this getting your framework and business plan formulated. You can never be to prepared when it comes to putting together your business plan.
There are many ways to get involved in real estate without using any of your own money, but that doesn’t mean you should neglect your financial status altogether.
If you are trying to become a real estate agent take the time to study and get your license before you quit your day job. If you did a thorough job on your business research chances are you accounted for this process. There can also be up front fees and a lot of work hours you before you see a payday.
If you are looking to be a real estate investor its wise to approach a money lender. They will of course want information on your financial history. It is important to take the time to prepare your finances and have a good understanding of where you stand financially before you approach someone with questions about getting funding.
You can start by requesting a copy of your credit report, and getting documents of any existing accounts or investments you may have. Regardless of your financial status there is always a way you can get started and still be successful. If there is a will there is a way!
There are a lot of great tools to help organize your research as you start to compile ideas and put together your business plan. A great place to start saving content is a project board or free software such as Trello or Google Docs. Make sure you also keep track of potential competitors and include any tools or online resources you plan to utilize when you start your business.
Pro Tip: Learn tips & tricks by tapping into our knowledge base for more articles like this. You can also get access to exclusive content once you get Authorized.
If you want your real estate business to be successful, you need to prepare a found marketing strategy. To get clear on a sound strategy ask yourself these questions: What makes me different? What is my value proposition? What are my core values?
Getting clear on these questions will help with your marketing and your business branding. The more detailed you get with answering these questions the better. After that try to think of high value low resistant offers or solutions you can provide for your customer. Don’t get frustrated or caught up analysis paralysis, small improvements everyday eventually move mountains.
When you are ready to start a real estate campaign its time to get the word out with some of the following campaigns:
The times we live in are very digital-focused. Having a website is now crucial for most industries, and any business that deals with real estate should have one.
Since real estate is such a personal business it is especially important for real estate agents and investors to have a professional website. This might often be the first impression for your clients.
Online searches are the first step for most homebuyers searching for a new property. This means that your website will be an indicator of whether or not a potential buyer sees your agency as a serious option, so it's important to make sure it's eye-catching, informative and professional.
Consider using professional prebuilt real estate template websites like the Authorized system offers. We save you the headache of figuring out design and SEO by handing all that for you. You can have a website setup in minutes not months.
Pro Tip: You can make a free digital business card & an individual property page for free.
We understand what new and seasoned real estate professionals need in a website. So we include pages that help you showcase who you are as a real estate professional. You become the authority when you are on the Authorized system and you can clearly showcase your core values, and the value you can provide to them.
Don’t forget to add your Authorized URL & QR code to all of your marketing materials and social media pages. Of course this will refer clients back to your website along with publishing relevant thats valuable to customers.
Make sure your message and content are consistent across all of your marketing communications channels. Things to keep in mind: a) Make sure follow-ups are scheduled, b) Be sure to make use of each channel the right way, and c) Make sure you have a clear call to action that connects it all. d) make sure you are consistent on all marketing channels.
Stay on top of your leads! It sounds easy but it’s hard to do if you don’t have a system in place. Even when you are starting out make a list of who might be a good client. It can be as simple as making a “hold, medium, or cold” column in a Google Sheet.
Someone might not present an immediate opportunity, but cultivating a relationship over time may earn you their business in the long run, as long as you stay consistent. Do not shoot yourself in the foot by launching marketing campaigns without a way to process leads and follow up. Follow up is key and if your campaigns get a good response you have to stay organized.
You can use free CRMs, Google Sheets, or even calendar reminders for your follow up process just make sure you stay on top of them! You can always upgrade your processes and systems as long as you have them in one in place.
All these tips will help get you started in the right direction. There are a lot of ways to get involved in the real estate and surely putting together a plan is the start. Also, do not underestimate the power of getting a good mentor, this can jumpstart your career.
For more real estate tips & tricks check out our knowledge base or more articles like this.
