Just like any other business, a real estate agency can continuously strive for growth and expansion. Perhaps you’re a broker who’s thinking of strengthening the performance of your brokerage and improving your livelihood in the process. In that case, it’s worth looking into some of the strategies that you can use to effectively take your business and people to the next level. Here are some of the things that you should do to surely and steadily grow your brokerage:
Recruit and Retain More Real Estate Agents
Many real estate brokerages struggle with keeping their roster of real estate agents full and retaining the said agents in the long run. This can be a significant hurdle in growing your brokerage, as you’ll need reliable agents to improve the agency’s performance and reach.
There are different ways of addressing the high attrition rate in a brokerage, and one of these is to accelerate recruitment. Brokerkit is an example of a tool you can use to help in your efforts to attract more talented individuals to your team. It’s worth looking into solutions like this to make sure you always have people who can meet potential clients.
Aside from boosting recruitment, it’s also important to determine why your agency has an attrition issue. After all, it’s hardly worth boosting your recruitment process when your new agents are likely to leave in just a few weeks or so. Addressing the source of this problem will enable your team to grow more smoothly in the long run.
Maximize the Benefits of Digitalization
The digital revolution is in full swing, and it’s time for real estate brokerages to also benefit from the advantages that this movement offers. Making the move sooner than later will benefit your business, as digital systems are a key enabler in streamlining fragmented processes.
If you already have a hardworking team of staffers that support your agents, providing them with digital tools will further improve their productivity and allow them to do much more with less effort. This can help you cover more ground as you work towards leveling up your business.
Also, a back office with access to digital platforms can easily send and receive timely information to and from your agents whenever they’re working away from the office. This enables your team to work synchronously even though you might not share the same workplace for the day.
Digital tools do more than improve your productivity, as they can also bring your business closer to its target market. If your establishment and agents are accessible online, for one, you can be easily found by tech-savvy buyers or sellers. Your brokerage also has a better chance of being included in their list of options. For these reasons, your brokerage must leverage the tools that will accelerate its growth.
Keep a Close Eye on Your Target Market
The real estate market is ever-changing, and the trends that impact the decision of the current generation of home sellers and buyers have shifted considerably over the years. To keep up and grow with your market, you need to have a better understanding of what they’re looking for and how you can provide exactly that.
Digital tools can help you do this, as many of today’s prospective home buyers and sellers are active online. You can get a glimpse of their views, opinions, and the factors that affect their decision-making if you engage with them on social media platforms. Then, observe how they use your website, app, and other digital sales and communications channels.
Understanding what makes your market tick is key to delivering exactly what they want and getting their business. If your target market demands convenience, for example, then you can opt to use a variety of tools so that your customer can do a virtual tour of the property or drop by the property’s address and tour it at a moment’s notice. These options, in turn, can help your business win theirs.
Improve Your Networking Efforts
Taking your networking skills to the next level is also an important strategy in boosting your real estate brokerage’s performance. You can do this by offering your existing clients a more personalized approach.
For example, with the integrated real estate CRM your all data would be on the tips of your fingers. Customer relationship management (CRM) software can help you do this by serving as a single platform for tracking all communication channels and consolidating the messages, files, documents, and tasks that concern each potential customer or account. With this tool at the tip of your fingers, you can immediately get the gist of the conversation and respond with the information that the client needs.
Aside from your clients, you can also pull off the same approach when improving your recruitment. Hosting and attending more industry events, getting in touch with the attendees and the contacts you’ve made, and promptly responding to inquiries from interested agents can help you go far in building your team and reaching another level.
Reaching a new height for your brokerage is not an easy task, but you can do it with the right approach and support. If you have any doubts, just check out the strategies on this list and see which ones are best suited to your particular goals and situations.
Germaine Ignacio is a content writer and marketing professional who’s on the lookout for a new house. As part of her research, she’s taken a good look at how the real estate industry works and how she can find agents who can help her get a good deal. When she’s not working at home, she can be found baking and looking for new recipes online.