Real estate is a booming sector today. Multiple projects are coming up in all corners of the world. However, easy licensing processes and the sudden boom have led to huge competition. Sometimes, you might feel stagnation. However, there are several ways to grow and make more profits than you are currently making.
Suppose you have started as a residential builder; you can expand into commercial and retail. Moreover, taking up government infrastructural projects is another way. There are plenty of available options. However, whatever you choose, you need a proper marketing plan, networking abilities and should also take action at the right time.
Start a Website
Considering that you were operating through brokers and agents, this will be your first step towards growth. Starting a business requires a lot of excitement. You need something more to keep that excitement moving. Now, times have changed. You will find people who have stopped interacting with agents and brokers. Moreover, with time, everyone is getting more organized. You will rarely find customers loitering around construction sites to meet the builder.
Smart millennials log in to the property website and start searching for properties. You also have the option to advertise on a classified site. But having your own website adds more credibility. As the need for building a website has grown significantly, so has the ease of developing one. You can easily get a website developed today on easy-to-use platforms, such as WordPress, Blogger, or Wix. Get a self-hosted WordPress site and create a positive impression on the market. Or, you could choose a professional agency to carry out the end-to-end task for you.
Add a Lateral Venture
You can think of various avenues to choose from. Vacation rentals are a good option. Or else, you can go for a property enhancement business. Many real estate builders are thinking about converting to land and building refurbishment businesses. It is a lucrative opportunity today. You can also provide some additional services, such as helping the property owners with restoration in case of any damage or as a part of the renovation. If you already have one, it will be wise to convert it to a known property restoration business. This will also give you recognition in the market. Once you are set with that brand, you can also advertise your real estate business alongside. So, it is a winning proposition for both.
There are several perks of partnering with another known business. For instance, you can increase your national database, access additional tools, and reduce marketing expenses. Thus, you will be able to invest that money somewhere more useful and get lucrative returns.
Additionally, you can also add a property management venture to your portfolio. It is one of the best expansion opportunities for real estate service providers. You can cross-promote your offerings as well. In times of recession, the home buyers decline, but rentals grow in number. So, you can generate bonus income from there.
Create a Social Media Plan
Just creating a Facebook or Twitter page will not help. You need to post your content there regularly. This is one of the new-age ideas to expand your business beyond known markets. Use social media channels to show your audience what you are up to. Social media is a breather for small and medium businesses.
You can even target the customers, according to the demographics. Here is an example. You may be developing two properties simultaneously. One is for the mediocre stratum of society, while the other one is high-end—post both on your social media profile. However, boost each one to a different set of audiences. Always ensure to add a few walkthrough videos as well. Add a catchy headline, along with a good description and the call to action (CTA). Today, you have to coax the audience to call you. Create that necessity through your words. You can always use lines such as “Hurry! Before the flats fill up!” If done right, you will be flooded with phone calls and emails.
Engage with Your Existing Leads
If you are already working with a CRM, then this is easy. Instead of finding new customers, this can give you double returns. You can send them emails about your existing projects. Even if they do not buy, they might refer the property to a friend. When you email a known customer, you generally do not end up in the spam folder as you may already have exchanged several emails for a sold project. This is one of the ways to utilize the services of your old customers to gain new ones. Mailing them also acts as a reminder of your relationship. They might simply recall some acquaintance asking for a deal.
There are several ways you can take leverage. You must think out-of-the-box to gain an edge over others. So plan well and act on it.