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6 Ways to Expand Your Real Estate Business

  • October 30, 2019

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6 Ways to Expand Your Real Estate Business

The real estate business may be thriving, but it’s a competitive field. If you want to be successful, you must know how to stand out among your peers. The key to achieving this is to put time and effort into educating yourself on the different aspects of the field. Whether you’re selling homes or renting them out, we can help advise you. Below, you’ll find a list of tips on how to expand your real estate business.

1. Know How to Market

We list this first because marketing is one of the most important parts of real estate. If you don’t know how to market, your homes won’t sell. Prospective tenants scroll through dozens of listings, and it can take them as little as a second to dismiss a home based on one unattractive picture. Hire a professional photographer to take pictures of your home, and put them on platforms where they’re sure to be seen. Once you have a strong listing, get to work on optimizing your social media channels.

2. Ask for Referrals

Even today, word of mouth is one of the strongest ways to gain business. A recommendation from a friend can be stronger than 100 online reviews. A good landlord isn’t always as easy to find as one may hope, and a strong recommendation can help your business exponentially.

3. Practice Time Management Skills

When it comes to real estate, a lot of factors may make your days unpredictable. When you’re dealing with tenants or prospective buyers, one day can be drastically different from the next. You’ll need to learn how to juggle the expected as well as the unexpected. This is a business in which poor time management can cause an uneven work-life balance.

4. Hire a Property Management Company

When you’re a landlord, the best way to grow your business is to continuously acquire more property. However, you can only cater to the needs of so many tenants before you’ve reached a full workload. If you want to continue to expand, you may want to outsource some of your work. The right property management company will take a considerable amount of work off your plate, allowing you to invest your time in other aspects of your business.

5. Spend Wisely

Anyone new to the real estate business will quickly learn there’s as much potential to lose money in the real estate business as there is to earn it. The initial investment in a home, plus the cost of any repairs and taxes, are just a few of the fees you may come across. You must know how to budget these expenses and charge a price that’s competitive, affordable for tenants or buyers, and profitable for you.

6. Know Your Strengths—and Your Weaknesses

Always be aware of what you excel at as well as where you have room to grow. If tenant communication is your strong point, do what you can to target this strength in marketing and reviews. If you could improve your budgeting or staging skills, consider taking classes and collecting advice from experienced professionals. Even when you’ve honed your skills, always be open to further learning. If you don’t allow yourself to plateau, your business will continue to grow.