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Setting up your own business can be hugely rewarding, but it can be a time-consuming process, which requires careful planning. As more and more people look to take control of their schedules and earnings, this guide offers useful information and helpful advice for those looking to launch their own real estate agency. Here are some steps to take to facilitate a seamless transition from employee to entrepreneur.
Research
The most critical stage of launching a new venture is carrying out research. Before you start thinking about ordering customized business cards or contacting potential clients, conduct extensive research. Learn more about your competitors, analyze the local markets in depth, keep an eye on headlines and new trends and make use of your experiences as a real estate agent working at a different company and as a buyer to shape the way you work in the future. Take advantage of online tools, see how other agencies function and use data to help you make decisions. Using an effective, reputable real estate resource, you can learn about all aspects of running a business at the same time as identifying new trends that could impact your choice of clients or the areas you serve. Collect suggestions and feedback from prospective customers and use the findings of data analysis and market research to figure out who you want to target, how you’re going to market your agency and how you can set your business apart.
Define your ideal buyer
Real estate agencies cater to a diverse range of customers. From first-time buyers and city dwellers to clients looking for vacation homes or luxury properties, it’s wise to establish an agency with an ideal client in mind. You can focus your search on a specific type of buyer or offer services that are suitable for a wider range of customers. Use the results of market research and consider your location carefully before you make a decision. It’s worth asking questions about the types of houses that are in demand in the town, city, county or state, the average sale price, the average age of buyers and the most sought-after features to determine whether there is a demand for the type of agency you want to run. If you don’t want to move out of the area in which you currently work, for example, you will need to match your listings to the preferences and requirements of local buyers. Once you have pinpointed a target customer, or you have groups in mind, conduct further research to find out more about buyers, their behavior and how they search for properties.
Client interactions
One of the most critical aspects of launching any new business is figuring out how to interact with clients and build a customer base. Once you have established a target market, you can utilize research techniques and data to establish the most effective marketing and communication channels to maximize the chances of creating high-quality leads. If you have a relatively young client base, for example, young professionals, families with small children and first-time buyers, you may find that they prioritize online searches when looking for properties and that they respond positively to email updates and social media posts. Older buyers may be more likely to use more traditional methods of finding houses, for example, browsing brochures, going into real estate agency offices and reading flyers and agency newsletters. Cater to your target customer and take ideas, suggestions and feedback on board.
Services
Determining what kinds of services you want to offer is an important stage of getting your business off the ground and attracting customers. When you are drawing up your business plan, think about your skills and expertise, how you plan to staff your agency and which areas you want to focus on. You may decide to start with a relatively small range of specialist services and expand as your client list grows, or you might have ambitions to run a large-scale agency from the outset. Research the local and national markets, think about what your ideal customer would want and highlight areas where you would need to recruit. Play to your strengths, use feedback from market research and utilize your own experiences both as an employee and a buyer or vendor. It’s also advantageous to see what other agencies offer.
USP
If you took a second to do a quick online search for real estate agencies, you would find that there are thousands of options, with all kinds of links and adverts at your fingertips. Even if you operate within a small area, it is highly likely that you will be competing against others to win the trust of clients and ensure that they choose you. Every business should have a USP (unique selling proposition). What makes your agency different from others and why should customers buy or sell a house with your help instead of working with a rival? What can you offer that others cannot? When you’re working on a USP, always bear your target client in mind and consider what they would be looking for. You want to ensure that the features, services or incentives you offer will appeal to and resonate with your ideal customer.
Spreading the word
If you have grand plans for an innovative new real estate agency, and you want to get off to a flying start, it’s important to figure out how you’re going to spread the word and let people know that you are open for business. Draw up a marketing strategy that targets customers who are likely to want to take advantage of your services and take an interest in your agency. There are several ways to create a buzz around a new business, including planning a launch event, sharing details online and via social channels and apps, posting adverts in local magazines and newspapers and putting flyers through mailboxes.
If you are planning an event to celebrate the launch of your agency and let customers know who you are and what you’re offering, it’s wise to think about the guest list and try to make the event memorable. Make contact with buyers and vendors who are currently either looking to sell their home or searching for a new property, consider inviting local journalists to cover the story and post updates on social media. Encourage prospective customers to leave contact details and follow up expressions of interest after the event. If you are doing a presentation, practice as much as possible, make sure your pitch showcases your agency in all its glory, upsell your USP and demonstrate your passion and enthusiasm. You want the event to urge potential clients to find out more and take the next step.
When you first set up a new business, it can also be beneficial to generate interest through flyers and adverts. Many people who want to either buy or sell a house want to work with an agent who has local knowledge and expertise and using flyers and local magazine and newspaper adverts is an effective means of connecting with residents and introducing your agency. It’s also an excellent idea to use local SEO to drive traffic to your website. Include your web address and social media handles on all marketing and promotional materials and optimize web content to ensure that your agency is clearly visible at the top of the page to attract clicks and create leads. Studies show that over 85% of smartphone users will either contact or visit a store or office within 24 hours of carrying out a local search.
Marketing your real estate agency
As a real estate agency owner, you want to create leads and spark interest among customers long after your launch event or your first month in business. Your marketing strategy should focus on generating high-quality leads, reaching people who have a genuine interest in your business and the services you offer and setting your agency apart from others. There are various techniques you can use to market a real estate business and expand your client base. When putting plans together and working on campaigns, it’s vital to consider your target market. This will help you to determine which channels and methods are most effective. Use market research to see how buyers look for properties, how they spend their time online and how they prefer to be contacted by brands or organizations.
Increasingly, people are searching for properties online. This means that it is essential to have a functional, aesthetically-pleasing, mobile-friendly, slick website. If you don’t have expertise in web design or content production, it’s a great idea to consider outsourcing these jobs to experts. The design and look of your site should reflect your brand and your ideal customer and it should have the desired impact in terms of creating positive impressions. If you want your business to come across as reliable, dependable, and trustworthy, for example, it’s best to opt for a smart aesthetic and to use clear, concise language and provide informative, detailed content. Link to service pages, make it easy for prospective customers to get in touch, use video clips and images to break up passages of text, and include a clear call of action on every page. Optimize content to drive traffic from search engines and use social media to engage with customers and build relationships.
Launching a new real estate agency is an exciting prospect, but it involves a lot of hard work and planning. If you’re switching from employee to entrepreneur, follow these steps to maximize your chances of success.
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