7 Factors that Need to Decrease for Your Firm to Grow
There are always new opportunities on the horizon. It’s up to you to take action for there to be a positive outcome in your life and career. Some inefficiencies need to be brought down for things to move up. Where are the inefficiencies in your business? What does it mean for our economy and society? Companies must evaluate themselves and modify their processes during times of market transition. So if you want to know more about these different factors, then this blog is for you.
For today’s blog, exclusive for our Real Estate Heaven members, we will be talking about the seven areas that you must decrease for your business to increase. The real estate market is influenced by many factors such as interest rates, economic conditions, and job growth. The real estate market goes through many ups and downs. Regardless of the current volatility in the market, there are many methods that help both rookies and veterans to take advantage of the opportunities.
For most individuals looking in to growing their business, it can be difficult for them to compete with the larger companies already established in the real estate industry. There are about 2 million active real estate licensees in ‘the United States making it hard to feel like you’re ever going to beat them out. When you take stimulating actions, your business can grow. There are a whole variety of ways that you can make your business more successful – reaching more people who will buy your products. So here are the 7 factors that you need to decrease for your firm to grow.
The first one is your ego. Our egos can often give us the false sense that we are better than we really are. The good and prosperous markets often give you this reason to believe that you have things figured out when really, things are going well for no other reason than chance. Success is the greatest obstacle. Success tells us that we don’t need to ever change, which can lead to our downfall because shifts in the market deeply affect success. Ego can leads you to think, “We’re so successful that new trends won’t affect us.” The problem is that a stagnant real estate agent can seem worse than they are when marketing transactions slow. The challenge of a struggling real estate market can make agents look worse than they are in comparison to those who were more successful during the booming sales.
Real estate agents looking to grow need to be more proactive and creative in how they differentiate themselves from the competition. The Oracle of Omaha said that “Only when the tide goes out do you find out who’s been swimming naked.” In light of the decline in the insurance industry, it is important to be aware that you can still do good work. You just need to hone your skills and lower your expectations. The old saying “pride comes before a fall” is true, but humbleness comes before a rise. In order to prevent the natural tendency of developing a false sense of security and pride, look at what you do as your job when it is nothing more than just being your job. Provide the best service for your clients and continue to learn about this business so that you can provide a better service.
Next is to decrease the amount of time you waste. How much time do you waste on distractions in your day? If you want to spend less time on work, it might be worthwhile to invest in productivity software. We all have pockets of time where we can be more productive. The amount of time we waste is a common blind spot for agents, and many don’t know how to get out of the rut of inefficiency. What we inspect, we can expect to improve. So if you’re looking for a way to maximize your time instead of wasting it, here’s a practical way to improve.
Take minute-long notes every hour about your work hours. Answer the following questions when you start a new hour: How many real estate-related conversations did I have this past hour? What did I do to improve my business this hour? How many real estate-related conversations will I have in the coming hour? And what will I do to improve my real estate business in the coming hour? By tracking productivity, you can find out your most productive times. Most people are shocked at the amount of time they waste when evaluating themselves and considering their accountability.
Aside from that, you have to decrease your fear of the phone. Adding value through communication is necessary for a real estate business to grow. Communication with new people is possible by overcoming your fears, such as using the phone. It has been said that everything we want awaits us on the other side of our fears. The largest fear most agents have is using the phone. Putting it simply, the business you are looking for can be found on the other side of your fear to make phone calls.
The number one reason that many new agents fail, or don’t reach the levels of success of average agents, is because they fear picking up the phone and having real estate-related conversations with homeowners and buyer prospects. Improving your real estate business boils down to one solution. Do you want more income? Make more calls. Do you want more listings? Make more calls to homeowners. If you want to take your family on an unforgettable vacation this year, make more calls. For your business to grow, you must overcome or eliminate your fear of the phone.
To be successful in real estate, you should go to the places people are, not just the office. So you have to decrease your time in the office. People often don’t go into offices as much anymore – find them instead. To make more time for your clients and grow your business, here are some of the ways to spend your time outside the office: hold an open house, attend a local charity event, and join a local service organization. Yes, there is a time to stay in the office. However, it’s important that you also schedule time outside of the office. Here are a few questions to ask yourself. Who is my ideal client? Where does my ideal client spend time?
And how can I position myself to be where my ideal clients spend time? By spending time in your office less and time with your ideal clients more, you will be positioned for more business opportunities.
Do you know how much different marketing strategies can generate for your business? As long as you’re spending your time and money wisely, use this method to choose the best marketing strategy. Make a list of all the contacts that you’ve closed in the past two years. Next, next to each client’s name, write whether they contacted you or if they found you on your own. For example, some might have contacted you after an open house or through social media. Afterward, total up how many clients came from each strategy and identify which one accounts for the most of your business.
Knowing where your business came from can be revealing. If 60 percent of the time people find out about you is through referral, why are you spending 90 percent of your own marketing dollars buying online leads that only accounted for 10 percent Y instead? If 50 percent of your clientele comes from open houses and social media promotion, why are you prioritizing the latter over hosting more open houses? Your business is as different as you are. When you understand what your strengths are, you can focus on getting more of that work and getting out of your comfort zone to get better at what you’re not experienced in.
If you spend most of your time with buyers and less of it with sellers, then you are a real estate salesperson. If you spend more of your time on listings and helping potential sellers, then you have a real estate business. With the help of listings, you can have each homeowner show your listings through their account. This gives you leverage and means that all of the homeowners are able to see and chat with you during a time that is most convenient for them. Do you want more listings? Then focus on what will generate them. If you are marketing your homes effectively, generating more listings will be a result of your strategy. By working towards improving listing presentation, your housing investment will increase. To grow your business, it’s important to focus on decreasing the amount of time you spend with buyers and increasing the amount of time you spend listing items.
And lastly, you have to decrease your passivity. In order to increase one’s worth and profit, now is not the time to remain passive. Now is the time to discuss one’s future plans with an enhanced perspective. During periods of shifting markets, most agents become complacent and inactive. The unique ones who are innovative continue growing exponentially by adding value to their past, current, and future clients. The answer is to decrease your passivity and increase your actions. Make more calls, host more open houses, add more value to the marketplace and the marketplace will add more value to you. To increase your business, identify areas that you can decrease. This will make room for the new growth that is supposed to happen. Taking action today will result in a successful business tomorrow.
And if you think that’s it, here are some tips you have to keep in mind as you take your real estate business to the next level.
To grow your business, you need to develop a targeted approach to finding people that can help you. When entering an event, your goal is to reach out and connect with people who can help you most. If what you need are someone’s contacts, advice, or money, the goal is to find those people at networking events. “Networking will be most profitable for you when you master this targeted approach. Focus on meeting with and building a diverse group of individuals and surround yourself with the people that can help you reach specific business goals,” suggests Ted Rollins, global entrepreneur, recognized by Inc. 500.
He continues, “Commit to your purpose, and as these relationships grow, consider how they fit into that burgeoning ‘why.’ Someone may be more valuable in expanding your business while another person would serve you best in a mentor role.” Successfully starting your networking process is all about attitude. When you are at an event, figure out one to three goals ahead of time. One of these goals should be finding new people with relevant skills that would help your business. Then, ask your friend to introduce you to someone they think might be able to help you achieve this goal.
You also have to improve your time management. If you’re always fighting to reach the end of your to-do list, it’s difficult for your business to grow. Instead, you’re focusing on what you were late with and not what can take your business to the next level. One of the main causes of lack of time management is being distracted, which is also a common problem for real estate agents who often have limited desk time and an increasing amount of technologies to manage. They say that an easy-to-use time management tool can be worth its weight in gold in helping realtors to complete specific tasks within a set amount of time. Stay productive by organizing your day, week, or month efficiently. Make sure you set aside time each day for a “distraction.” Use Trello as an example of a program to organize everything. Remember to make realistic goals for each section.
Aside from that, you should email your leads. If you’re already tracking your leads with a CRM system, it’s time to engage with your leads. It is important to connect with people who are still unsure about working with you or have not yet made up their minds. These emails provide an opportunity to show potential clients more about the region or your real estate agency in general. You’ll stay top of mind when you consistently send regular quality emails to your contacts.
If a time comes when they’re on the fence as to who they should hire, they’ll think “Oh, I should reach out to [insert your name or business]. They’ve been sending me all these great emails.” Include a call to action in each email you send. This will help you grow your business by gathering emails, driving traffic, or collecting leads. Make sure each CTA has a clear goal to succeed and complete one of the aforementioned items.
You should hire an assistant when you can’t manage everything yourself. As a small business owner, there will come a time when you can’t take on every responsibility yourself. When that time comes, it’s best to find outside help – even if that just means hiring an assistant – to keep your sanity intact throughout the day and still make sure you stay in touch with clients. You can save money, and grow your business, by hiring a virtual assistant. These assistants can take calls, manage leads, and do many other jobs even if they are remotely located. You can also hire contract workers through websites like Upwork on a project-to-project basis. Instead of manually working on your website, consider getting a freelance designer or developer to do the job. These people will attract a higher quality of clients, and it will cost you less in the long run.
You should also let go of fear. Entrepreneurs can often be very afraid of failure. However, fear of failure can lead to businesses avoiding high-value opportunities that can ultimately help them grow. When you let go of your fear, you can see desperate opportunities for what they are and decide whether or not they’ll be valuable to your business. Find someone who has gone through the process and can give you an idea of what to expect. They will let you get an understanding of both the good and the bad in order to help prevent making a premature decision. One way of finding a mentor is through SCORE (Counselors to America’s Small Business).
You can also ask for referrals. When your customer has a good experience with you, they will tell more people. And if you do your job well they will refer you too. A survey showed that 75% of business comes from referrals and word of mouth. Here are some ways to get customers to refer you offer referral gifts, request referrals on your website, use branded materials to make it easy to be referred, and give thoughtful client gifts. Create content that is engaging and generates a high conversion rate. Continuously test different ideas to see which ones lead to the most effective results. Social media can be daunting when managing it, but if you are proactive, you may find success with social media. 2.8 billion people use social media and it’s still growing. In order to grow your business, it is a must to have a social network presence where you can manage leads and advertise.
There are many ways to make the most of social media for your company. One is You can create live tour videos of new homes and other relevant items you have for sale to people. Use Facebook’s Live Video function to share your feed with others on the site. If someone doesn’t contact the live video, it will still be up on your Facebook wall as a resource for potential customers. You can congratulate people on Instagram by sharing a special offer or discount.
It feels great for your customers and gives you the chance to talk about how are you helping them and making their process easier. Aside from that, you can boost listing posts on Facebook, so they will reach a wider audience. You can target your audience by region, occupation, age, and much more in order to stay effective. To learn about boosting posts, read Facebook’s guide. If you’re not using Facebook advertising yet, it can be a great platform for growing your business with a wide variety of advertising options. Facebook has the largest number of active daily users.
One thing you should not forget is to identify your target market. This is probably the number one strategy that you can use to become truly successful as a real estate agent. Slight knowledge about an industry can be a huge advantage. If you have specialized knowledge in real estate and focus on one niche market, you can gain a lot of insight into the information your target audience would find most interesting. For example, a real estate broker who has knowledge of new developments in the area could change his marketing strategy accordingly.
And lastly, develop brand awareness. To be successful, any real estate sale strategy that you are applying must be cognizant of your brand image. If a potential client doesn’t know you or your business, how will they contact you? For example, if you have under your own name, what does the public assume about your professionalism? You need to make the product you sell so desirable that people will not stop buying. To do this, start planning for a future branding campaign early on. This way, it will become easier to market your product for years.
Great business ideas are always good to cultivate in a way that sets you apart. Try these three new concepts and see which ones work best for maximizing growth in your industry.
That’s it for this blog Real Estate Heaven Fan, remember to subscribe to our channel and if you feel like we’ve delivered value please share this blog with ONE person. That’s right just one person as a token of your appreciation for the hard work we put into making content that educates and helps you on your mission of building your own fortune. Remember you can read blog after blog, but it isn’t until you actually take action that you’ll start to see results. See you soon!
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