Real estate agents across the country talk to me every day about what's going on in their businesses. Here, I combined some of the lessons they have taught me with those that I have learned through my own school of hard knocks.
I came up with these five tips that could help you be more productive and profitable during this year's hot summer selling season.
- Plan for the Future
I know what it's like. When you are busy, it is very hard to think ahead to the rainy days that are certain to come. The property market has been booming today, but every experienced agent knows the market moves in a cycle. No booming market will last forever.
And it can be especially hard to plan for the future in real estate because of the fickle nature of the business. The lesson I've learnt from some of the best agents in Australia is that you have to take some time, sit in a quiet place, and think ahead to how you will survive the lean years. You might decide to invest in training and coaching, upgrade your technology, increase the size of your rainy day fund, or build a team that will help you gain market share.
- Build Relationships
If you’re in real estate, you’re probably what they call a people person. But even good agents can forget to invest sufficient time in building relationships when they get busy.
Relationships are a major component of lead generation, and it’s important that you are always looking to make new contacts and stay in touch with those you already have.
A good CRM can automate many of these tasks so that it is easier to plant the seeds of your future success. Whether you use our VaultRE or Eagle Software or another CRM, let the software take care of the tedious tasks involved in staying in touch, such as automatically sending out emails about nearby recent sales, so you can focus on the highest value activities.
- Invest in Your Website and Social Media
The real estate portals do a good job generating buyer leads, but they are much less effective at driving vendor leads or building the brand of an agent or agency.
Your own website and social media presence are more effective, affordable, and dependable for this purpose. With these owned assets, you can scale your results over time without having to pay more.
For agents, your personal website and social media presence can be the basis for an effective lead generation campaign that catapults you above your competitors.
Your personal website can be your passport. If you change agencies, you can take your online and social presence with you -- including all the SEO ranking, direct links, and awareness that you have invested time in money building.
- Embrace New Technology
Today more than ever your vendors and buyers expect you to use the latest technology to market your listings. The pandemic accelerated the adoption of tech in real estate. Drone video, virtual and 3D tours, social media advertising, virtual inspections, online auctions, and automated marketing are the starting point today -- after more than a year and a half of intermittent lockdowns.
Technology is part of the promise you make to vendors when you pitch their listing. And it is how you reach buyers and persuade them to make offers once you start the marketing campaign.
It is time to accept that these new tools have become the standard way of doing business. They are no longer temporary measures. Integrate them into your workflow so you can deploy them easily and effectively.
The tradie is more important than his tool. Knowing how to focus and what to prioritize will help you succeed.
It’s not magic. Making activities that generate leads your everyday priority will lead to more leads coming in. Focus on the high-yielding activities in your business if you want to be a high-performing agent.
In his book, The One Thing, Gary Keller challenges you to think of the one, single thing you can do that will make everything else on your to-do list either easier or unnecessary.
Keller’s advice is especially valuable for real estate agents because he founded Keller Williams, the largest residential real estate company in the world.
Take his advice. Keep your focus. Believe in yourself. Remember the grass isn’t actually any greener on the other side.
Mark Levin. group head of sales, the PropTech Group