Starting a business is one of the most fulfilling things we could do. But simply settling on a niche and powering up a website doesn’t mean you’ll succeed.
We hate to break it to you, but not every new business survives past year one. A surprising number of businesses actually fail within 12 months – about 20%, according to LendingTree.
So that means you need to find ways to not only safely start your business, but grow it past year one. And if real estate is your type of cookie, then here are 4 ways to do that.
Always Focus On Networking
You might not be the type of person that likes to go on random events just to make connections, but doing that is essential in real estate. Networking is always something you can rely on when looking to grow your real estate business.
And there are plenty of ways to do it. One way is to attend networking events. These events are specifically designed to connect businesses with clients and vendors. Once you attend one of these, you’ll notice why they’re so important.
Everyone looks to make new connections when attending networking events. You’ll see people talking to other people and exchanging contact information. People attend these events for multiple reasons. One reason they do it is for advice.
To make this approach help grow your real estate business, look to find people in different fields. That way you are growing your sphere of influence and diversifying your contact list. Forge relationships and maintain them as everyone knows someone that could use an agent to broker their next home purchase.
Step Up Your Email Game
Email is going nowhere. In the past, quite a lot of people put their money on the fax machine and even called it “the end of email”. But sadly, email has gotten from strengths to strengths ever since.
Everyone has an email address. Some even have multiple. And there isn’t a better way to track leads than with a customer relations management system. As one would imagine, email is one of the best CRMs out there. Once you get a potential client’s contact information, they’ll most likely give you their email address.
If they’re on the fence on whether or not they require your services, sending an email to follow up is the best way to do it. No one wants to be bothered through the phone, so reaching out by sending an email is the convenient thing to do.
Leverage Social Media
Every business benefits from social media. In real estate, social media is a powerful tool. Real estate agents rely on social media to advertise their services and listings. This is what makes it so powerful.
So one way to grow your real estate business is to leverage the power and reach of social media. Platforms like Facebook, Twitter, and Instagram are great for this. Not only do they allow you to advertise your listings and service,s but they also connect you with millions of clients.
All you need to do is learn how to use it effectively. From paid advertisements to natural reach, leveraging social media to your advantage is a great way to grow your real estate business.
Look For Investment Opportunities
Much like doing any sort of business, real estate is all about finding great deals before someone else does. If you’re in the business of flipping houses, then no doubt you’re aware of this one. Flipping houses is hard if you’re not identifying properties with tons of potential. But flipping houses is also hard if you aren’t ready to buy a house.
When in this line of work, you should be making $5,000 plus per house. But there is one additional thing we have to discuss. Making $5k is good and all, but it’s all about making a quick profit. You can’t afford to spend months on repairing the house and make such a low profit.
This is why you should spend more time identifying opportunities than actually making repairs and renovations. Look towards the foreclosure market as that gives you access to tons of properties that sell fast and for a lower price.
Beware as this market can be quite competitive, especially in big cities. But in smaller towns like Canon, Georgia, finding a foreclosed property and flipping it fast is a dream for every house flipper. As always, you need to determine whether or not the deal is worth your time and efforts. So make sure to hire a real estate agent to evaluate the value of the property once you repair it.