All real estate businesses work with real estate agents to get hold of customers and maintain on-ground relations. But the competition is stiff, and this job is mostly commission and sales based. According to NAR survey reports, there were around 1,564,547 registered realtors and real estate agents in the USA by October 2021. And the numbers are increasing every day. Developing a concrete strategy to stand out among the such steep competition is the key to success.
If you are a real estate business owner working with many different agents, it might be hard to manage them all simultaneously and do a regular quality check on their work. As a primary step, you can start by undertaking some best practices for your real estate agents. This will not only help your agents become more successful but will also uplift the good reputation of your business. Read this article to learn more about them.
10 best practices for real estate agents
Here are the top tips to get your real estate agents to become more successful in business and get more clients.
A need to improve their communication skills
NAR survey reports have found that there are around 106,548 real estate brokerage firms in the US. Each of these firms has multiple real estate agents. There are more agents in the market than there are unsold properties. If your real estate does not communicate well with the leads they gather or their existing clients, your clientele will fall through.
Before you hire an agent, it is better to test them on their communication and salesmanship skills to understand if they have the potential to work in the field. This will help them get ahead of so many of the others competing to sell similar properties in the same market.
Stay in touch with local real estate agents
Even if your real estate business is national or global, it is always advisable to stay connected to grassroots agents to stay updated about the market. Building a strong network among agents and maintaining it is one of the primary keys to success in this business. Promote healthy relations for fair competition and business.
Always use email marketing
People who believe that email marketing is dead are wrong. Email marketing, when done right, can bear fruits for your company. Research by DMA has found that for every $1 invested in email marketing, businesses can expect up to $42 in return.
Your agent can send customized offers, personalized property listings, and other information to the leads they have to convert them into customers. This will also help them establish a direct relationship with the customers and make them feel valued. You can even use a selection of technology in project management, like CRM, to automate the email marketing process.
Create business social media profiles
Email marketing is important, but social media is equally important to increase your outreach. Firstly your agents need to understand where their target audience spends the most time, then create their page on that social media platform. Agents must interact with customers and create quality content to grab people's attention.
If you want to cater to your target audience, being active on social media is inevitable. Sprout Social research says that 76% of American customers expect brands to reply within 24 hours of sending a social media message. Whereas the average reply rate is lower than 25%.
Research what other agents in the area are doing
Competition analysis and market research are crucial to succeed in this cutthroat real estate market. Make a list of successful real estate agents in and around your area of operation, then analyze their strategies. What are they doing that is getting them more customers? What is their USP, and what extra do they offer that their business is flourishing? Answer these and then try to become aware of your own USP and market it to your customers.
Ask them to do a client verification before work
Before your agents onboard a client and sign a contract with them, make a strict guideline to get them verified and run background checks on them. This will help bring authenticity to the business, and you will not suffer at the hand of scammers and unreliable clients.
Plan and strategize to grow for leads
Leads do not come ready for any business. Planning strategy and leadership to get credible leads is one of the biggest tasks in real estate. Each of your agents should develop their own ideas for lead generation to help grow the company's clientele.
They should be an expert in a particular field
Most real estate agents tend to become generalized property dealers. But if you are a national or global real estate business, it is always better to have specialized agents working under you. Every agent should be encouraged to pick a field of interest, say residential real estate, retail real estate, hotel real estate, etc., and expand their market in the said field. This will cut down competition and improve efficiency at the same time.
Always value the customer relations
Your agents should take the effort and go the extra mile to always stay connected with customers. Every customer is paying money to buy/rent properties, and your agents need to make their time and money feel valued. This will surely make these customers refer the agents to other people and even redo business with them.
Tap into the personal network to grow business
When people enter a business, they forget to tap into their personal networks to expand their business. Personal connections generally provide more credible leads, which have a higher chance of converting into business. But it is the best place to start getting leads if your agent is just starting out.
How can Assetsoft Help You?
There is a lot to handle in a real estate business, do not add bad project management and unplanned leadership to this mix and make your work suffer. Get expert help from the experienced real estate professionals at Assetsoft and nip these problems in the bud. From strategy planning for your real estate agents to making customized growth plans for you, we can do it all.
To know more about our services, give us a call.