Real estate trading has always been a lucrative business. Some of the richest people in the world have acquired their business empires on real estate. Although changes in this market are persistent and often difficult to predict, real professionals, do not give up. Not even in times of economic crises or the general decline in trading. If you’re thinking of starting a real estate business, these are the things you need to think about…
Why Did You Choose to Deal with Real Estate?
If your answer lies in quick and easy money, please look for another job, because you are in irreverent delusion. Also, if you just “want to get to something better,” real estate is not a good choice. This profession requires serious, worthy, dedicated, responsible, and educated people who love their job. They do not look for “something better”, but instead they want to improve what they are dealing with. Do not misunderstand this profession as a job for individuals who are still wandering, not knowing what to do in life. Real estate trade is not an asylum for the insecure, and it’s definitely not an ATM. Tolerance towards these phenomena is what tears down hard achieved results at the level of this entire industry. If you have already resolved to go into this business, then ask yourself these key questions:
- Is this profession needed in the market in which you are?
- What are your qualities comparing to the competition?
- Who are your customers, and what’s your circle of recommendation?
- What are your funds to get started and work for at least a year?
- Do you have a business space and equipment for work?
- What are the legal frameworks of your business?
All these questions need to be answered before you embark on such a business adventure.
Have a Well-Developed Plan
According to researching, 87% of real estate agents fail during the first five years. But those who succeed, usually start their own real estate business. Many of them manage to fulfill even their wildest dreams. The main thing you must know when you start to work in the real estate business is that – it’s a business. It doesn’t matter if you’re a solo agent or a part of the team – you must think like you own a business. And that means planning.
So, what do you need to do first?
1. Set Your Personal Goals
Before you make your financial goals, first you need to clear your life goals. This primarily refers to organizing your life with your work. For that reason, you must ask yourself a few questions:
- At what time will you start to work?
- What time will you finish?
- How much pressure can you handle and how will it make you feel?
- What is the amount of money that you wish to make?
If you have a plan to retire at 65 and pay for your kids’ college education – you must figure out how to do it. How much money will you need to put aside in order to achieve your plans?
2. Make Your Business Plan
Your business plan must be set by paying special attention to the things that set you apart from your competition. You should think about it seriously because this will provide your identity in business- an unavoidable factor in achieving the profit. That’s why it is so important to see the “big picture” and have your team be inspired by your vision.
3. Make an Effective Marketing Plan
A good and efficient marketing plan is often “gold-worth”. In the era of mobile and internet communications, it is very important to be genuine, but also fast. In addition to all the qualities of a good real estate dealer, you must also know well the fields of advertising, social networks and other types of new communications. First, try to make a unique proposition. This will drive all your future marketing. Make yourself think strategically about opportunities on the market and try to offer something valuable and compatible with your abilities.
Use New Technologies
As in any other business field, the development of the Internet and technologies also changes the real estate business. Real estate agencies are aware that thanks to modern Internet technology, clients become better informed and more educated. Therefore, the agencies are forced to change their reach to consumers and users of their selling and rental services.
1. Social Networks
Nowadays, thanks to the availability of information, users are better informed and far more demanding. This especially occurs when it comes to moving prices in the market and terms of sale and lease. Social networks may be the most popular channels for real estate sales. Here, people can get a lot of useful real estate information, express their opinions and share their impressions publicly. They can even publish their own announcements of offers and demand.
Real estate information is available across the Internet in various forms from YouTube videos, blog posts, ads on various web sites and online real estate databases. It has also changed the role that today’s real estate agent has in real estate affairs. Real estate agents are no longer there to give you a list of new interesting offers, but more to advise you on certain purchases and help with the documentation. Due to a large number of different online real estate information, you will surely need someone who will filter this information for you. However, serious clients who want to use their money wisely will certainly engage their own real estate agent. Regardless of the development of the Internet, this is still the smartest and safest way to reduce the risk of losing valuable time or money.
2. VoIP Technology – Your Ally in the Real Estate Business
The foundation for success in any business is good communication. Therefore, you need to have a tool which will provide it. Reliable business phone is essential in the real estate business since agents often communicate with clients from many different locations. That is the reason why their business lines must be supportive of an agent’s working habits. This is why VoIP technology is so recommendable.
Very convenient, low-cost and full of features, VoIP is an excellent solution that can help your agency to stand out in a real estate market. It will help you to communicate better and to increase the accessibility of your agents. You can also manage a team of your agents more easily, which is one of the most important issues when running a real estate agency. This way, managers can be monitored easily and track the members of their team anywhere at any time.
3. Make a Web Presentation
Almost 44 % of potential buyers who are looking for a new home take their first step in search online. Even when you invest in marketing, you simply need to have a web presence in order to attract customers as well as possible investors. This may cost a bit, but having a good SEO oriented web presentation is a base of any serious real estate business. The moment you activate your website, you are stepping toward a consistent blogging or social media strategy so you could generate your potential clients.
A Nice Word Will Keep Every Door Open
Do not forget that in this business, you will work daily with the most sensitive material – people. You will see them in a variety of moods, or listen to various stories. But there will be those who will be grateful for the service provided and who will give you recommendations whenever possible. How to endure all this, how to do good and at the same time preserve yourself?
Collect 100% of your good upbringing, smile, tolerance, tranquillity, knowledge of work, and faith in yourself. Use the magic words like “thank you, excuse me, please …” regardless of whether you are addressing your client, colleague, lawyer, or a tax inspector.
But in the end, do not forget this:
You can have excellent working conditions, good managers, great colleagues, but that will not be enough to succeed if you are not motivated to work.
This article has been contributed by Amelia Atkins.