Is your real estate business becoming stagnant? Have you tried all the basic marketing strategies? Well, you are not alone; when it comes to basic marketing and sales ideas, most businesses think similarly. This sometimes leads to stagnancy in growth. The competition is stiff, and the number of agents and real estate businesses is growing by the day. How do you stand out in this crowd? You improvise and bring more quirky ideas to the table to help in expansion.
As a real estate professional, you have 1,564,547 NAR registered members to compete with every single day. As advertising and marketing professionals believe, great sales and growth strategies are mainly about knowing what not to do. The first thing you should not do when you want to grow your small real estate business is swim in generic marketing trends.
But if you are not a trained marketing professional, it might be a little hard if you are following a DIY process. That is where we can help you with our strategy and leadership plans. Here are some clever and quirky ideas to help you think outside the box and easily grow your business and speed up sales.
Quirky and offbeat ideas to grow your business
When the expansion budgets are tight, you have to improvise and innovate and make the strategies work in your favor. Here are some unconventional ways to grow your small biz.
Buy it, fix it and flip it
House flipping is sometimes considered a redundant purchase because these houses generally have a lot of additional work. But you need to have the right eye to find the properties which are being sold at a lower price than the market value because of their bad insides. The money you save in buying it is the money you can reinvest in fixing and flipping it.
The main concern is, that the house buying and the flipping process should not exceed your budget. When you see a house, get an inspection and evaluation done to understand if it's worth your money and labor. Then move forward.
House flipping is a full-time profession for some people. Reports say more than 323,465 homes were flipped in 2021 in the USA alone. You can use this strategy as a secondary measure to grow your business. These properties will be an addition to the properties you already have in your portfolio. The best place to find such properties is foreclosure markets.
Find hidden, distressed, and off-market properties
Off-market and distressed properties are not always found on conventional real estate listing sites. These are properties that owners want to get rid of quickly due to bankruptcy or personal issues. Traditional housing channels need a long time to list properties and make a sale. You can buy these properties from the owner's hands at lower prices and sell them at the actual market value.
Again, there is a similar problem here; like flipping properties, you need to have a good eye for identifying off-market and distressed properties which are worth investing in. Some of these properties have issues with their documents, and some have disputes with ownership. If you plan on buying one, you need to find one with the least issues.
There is a huge vacation rental market
Many real estate businesses do not tap into this market because it is seasonal. But if you plan it well, there is always vacation season at some locations around the country. You can diversify your portfolio by renting out short-term rental homes for higher prices than yearly rentals. Or if you want to create vacation homes for the long term, then the prices need to be medium ranged. This will allow customers to fill up your space throughout the year.
According to Global Wire News reports, the vacation rental home market in the USA was as high as US$14.32 billion in 2021 and is expected to reach US$21.53 billion in 2026. Are you still contemplating if you should invest in this sector? Market reports say you should.
Go bold on social media
Boring and mundane content on social media is dead, especially posts that stand out as ads. You need to create content that can blend in with the normal feed of your target audience. You can use micro-influencers to talk about you in candid videos; you can create awareness and educational videos. The Hubspot research blog says that more than 77% of marketers and businesses have seen effective growth with better social media strategy and posts.
Get people to follow you for your content quality. You will gain no followers if you only sell your products on your social media. It has to be more about being organic and interacting with customers than just sales.
Indulge in local and small-scale sponsorships
When you indulge in local events and sponsor small-scale occasions, it portrays you as a real person and not just a hardcore real estate business. You do not need to necessarily talk about your business at these events; just have your name and contact out there. If you perform well in naturally communicating with the crowd at these events, they are sure to convert into clients. Make these events about connection building than just sales.
Try TV and radio ads for the older generations
Yes, working your social media is important to cater to the tech-savvy generations like Gen Z and the millennials. But a certain number of people still have minimal to no contact with the internet and other technology selections. The best way to communicate and hit this market is through conventional advertisements.
If you do market research and find out that the kind of market you cater to, the audience around you is filled with people from the older generations, make sure to use TV and radio ads. This will positively impact this crowd, and the chances of converting them into business are much higher. You can also list your properties in local newspapers and poster adverts.
Growing your business with Assetsoft’s strategy and leadership
Do these ideas seem interesting and intriguing? We can provide you with many more such tips and tricks. If it gets a little too daunting for you, plan your strategy and leadership with the Assetsoft team, and we will guide you every step of the way.
Talk to us for more!