Starting a real estate business ain’t for the faint of heart. What other industry requires you to cold call dozens of leads every day — only to close approximately five deals in your first year (if you’re lucky)?
It’s a common adage that 3 out of 4 real estate agents fail within the first five years. But for those who have what it takes, starting your own real estate business can absolutely give you the seven-figure job of your dreams.
1. Leverage your Sphere of Influence.
When you’re just starting out, you won’t have much of a lead generation engine outside of your SOI, so make sure that your sphere knows that you’re in the industry if they need anything. Many real estate agents worry about being too pushy with family, friends, and acquaintances, but if you avoid spamming and only work your profession into conversations organically, you won’t have an issue. This is a big part of your life, and they should know about it.
2. Start networking.
Your sphere is as powerful as its size, and you don’t want to draw from the same well over and over again. One way to widen your SOI is by going to networking events and interacting with other business owners in the community. After all, they might also be potential home buyers.
Just keep in mind the Law of Reciprocity, making sure to give in these situations just as much as you take. The more you interact and engage, the more your name will stick in their minds. You definitely want that should they ever need you in the future.
3. Learn how to use sites to your advantage.
Similar sites have more authority and larger audiences than you, so it only makes sense to use them as tools in growing your business. Many of these sites allow you to create an account, connect your listings, and add contact information and more. Should someone stumble on one of your listings or your profile, they’ll be able to connect with you.
4. Check the cost for Google Ads in your area.
Because real estate is such a competitive industry, especially in metro areas, Google Ads may not be a cost-effective strategy. However, it doesn’t hurt to check the cost for Google Ads and at least try it out, especially when you consider that people are taking to Google at the beginning of their home buying journey. Google Ads is one of the quickest ways to drive traffic to your website, so if the cost per click isn’t too high for your target keywords, it is a viable option.
5. Run Facebook ads.
Sixty-nine percent of adults in the Australia. use Facebook. Chances are that your audience is on this platform. By running location-based ads, you can increase your brand awareness in your area and get highly targeted views on your ads.
6. Optimize your website for organic search.
Search engine optimization takes a while to work, especially in competitive industries, but if you’re going to have a website, it should be optimized for search. Make sure that each page has a purpose, is crawlable by Google, and contains keywords you’d like to be found for.
7. Start blogging.
Since Google ranks pages, not websites, one way to get more search engine visibility is by blogging. Choose topics that your target audience wants to read, and be sure to also promote each post on social media.
Once you’ve leveraged business and marketing strategies to the advantage if your real estate business, you’ll begin to see the fruits of your efforts in the form of leads, sales, and revenue.
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How to Start a Real Estate Business