How to Become a Successful Leader in the Real Estate Industry
~by Lizzie Weakley~
The real estate industry in the United States is already crowded with agents. The competition for clients is expected to increase significantly in the coming years. So agents will have no choice but to come up with new strategies that can make them have a competitive advantage over others. They have to be smart and employ effective techniques to bring business to their doors.
Here are some helpful tips on how an agent can stand out from others.
Determine what your competitors are doing
Sometimes it pays to be nosy. Look at what your competitors are doing. Determine what is working for them and what is not. Avoid directly copying what they are doing, as this can lead to legal problems. Instead, model them to come up with a unique but effective plan. Look at the strategies they have in place and their marketing efforts to give you insights on how to make your profession better. You can also learn from their mistakes. Go to social media or any other online platform and see what people say about them. Focus on the negative reviews and find out what mistakes they did to annoy the customers. Work to avoid making those same mistakes.
Adopt the latest technology
You should always be up on the latest technology in real estate. A majority of clients nowadays prefer to communicate and view listings in a digital platform. Make sure your services are tailored for such people, especially the millennials. Use apps to keep track of the properties you manage. Podcasts can assist you to stay tuned for the current real estate market news and trends. You can use a smartphone to take pictures and videos for showing to your clients. Not to mention, mortgage calculators make it easy for you to figure out the monthly payments right from the phone. Your main goal here should be to keep up with emerging trends in order to stay competitive.
You need to optimize your Pinterest account to get positive reviews. You can look at examples such as Success Path reviews to get ideas. Only pin real estate images that are relevant to the targeted group of people. Make your account lively by posting regularly. Your pinning frequency should be between two to eight boards per day. Use properly sized images and easy-to-read fonts for customer convenience. Consider asking for reviews at the end of your pins. If there is a bad review, respond to it as fast as you can. Reach out to the negative reviewer directly and try to solve the problem.
Know the market
You need to study your market in order to come up with effective and realistic strategies. Analyze the current pricing trends in the area. This should also include the market segments you plan to explore in the future. Check to see whether the average home prices accelerate faster in one area than in others. Studying these trends allows you to understand the prices that are fair for certain properties. You can then be in a position to come up with the right price for a specific property.
Build strong relationships
You need to relate well with other realtors, customers and the general public. Having good relationships is the key to getting more referrals. Agents who relate with you well will be more than willing to give referrals if they find clients who want a house matching your listings. Over-communicate and over-service. Become a trusted adviser and resource to increase the value of your services. A client will be more loyal and give a positive review if you offer more value. A positive review shows that you have what it takes to provide a good experience. It will most likely lead to more clients. You should also be honest and live up to your promises as a real estate agent. This is even enshrined in the real estate legislation.
Becoming a leader in real estate is directly related to how prepared you are to compete with others. The tips discussed above will help you make the right steps towards becoming a respected agent.
Lizzie is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky, Snowball.