There are times when the real estate market is hot to the point that it feels like you scarcely need to work to make a deal. Other times, the market seems to dry out, and it can be difficult to get potential customers. Amid these slow seasons there are three things you can do to guarantee high annual returns:
1. Plan Ahead
First of all, have a plan. If you’re driving in the country to visit a friend in a area that you have never been, chances are that you would look up directions on how to get to your friend’s city, especially the home address. Without a map or a GPS unit in your vehicle, it can be difficult to navigate.
Unfortunately, many brokers enter the business with no plan. A business plan is crucial in real estate. Without a solid plan, you’ll likely turn out to be spinning your wheels.
Here are a few things your business plan ought to address:
– What is your month to month budget? What amount of cash do you have to procure to pay your costs every month?
– Who is your target market, and how would you plan to differentiate yourself from your competition in the market?
– Take time to perform a SWOT (strengths, weaknesses, opportunities and threats) examination: What are your strengths and weaknesses? What new opportunities can you take advantage of the coming months, and more specifically, what threats you would need to plan for? This is an excellent way to help you build a critical game plan, get vision and achieve your mission.
2. Expand Your Marketing
An undeniable approach to increasing your real estate sales is to increase your marketing. Quantity does not mean quality. When creating your marketing plan, be sure to plan, check and test your campaign before implementation. When possible conduct market studies to examine which messages speak to your audience. Run ads and promotions in confined locations and test the effects before you spend your entire budget.
3. Improve your closing ratio
Your close ratio is measured by the quantity of connections who after checking your services and profile are prepared to contact you to ultimately sign a listing or buyers agreement. Among the things that can help your closing ratio is your website. Be sure you have a website that works as your first marketing tool, selling your services, trust and confidence to your website visitors 24×7 and helping convert them into prospects and customers.