Low Risk, High Return Growth Strategies for Real Estate Teams

For large brokerages, cash and power drive growth. But for the single Realtor or small team, the improvement road can be rocky if you lack funds, knowledge, resources, and opportunities. You want to exploit strategies that will yield a high return with low risk and preferably with a marginal investment of time and money.

Here are some simple growth strategies you should be implementing now.

Invest in your existing clients

Have you ever analyzed your marketing spend and compared it to where you get your leads? On average 75 percent of a real estate agent’s business comes from referrals and word of mouth. If it costs you six to seven times more to acquire a new customer than it does to retain an existing one, then a more frugal strategy would be to focus efforts on marketing to your past clients.

Consider these stats:

• 88 percent of buyers would use their agent again or refer them to others
• 84 percent of sellers would use their agent again or refer them to others
• 92 percent of consumers trust recommendations from friends and family above all other forms of advertising

(Source: stockwet.me)

With a proper real estate CRM, you can consolidate information from all your lead generation sources in one place. Collecting and organizing your contacts ensures that these relationships continue to get nurtured after the sale.

Invest in automation

Real estate is a competitive market and those Realtors that can establish direct relationships with clients early on will have an easier time growing their business. You want more conversations that lead to closings, and responding immediately to inquiries, particularly online inquires, is a critical component of successful conversion.

Having a solid, automated system to run email campaigns, text-messaging, lead notifications, and more allows you focus on the right activities while automation takes care of the rest. Your time is valuable and limited; embrace the tools that help offset the amount of hands-on work you have to do.

Invest in getting out there

Social media platforms are a great way to get out there and connect with people. They’re free and give you automatic access to large audiences in your area. Facebook can be leveraged organically or via pay-per-click strategies. Data shows us that 74 percent of sellers used social media to find their agent, and 45 percent of clients have walked through a home found on social media.

Also, try to curate content that can be shared via blog, social channels, and e-newsletters. This doesn’t have to be time consuming. There are many tools out there to help you get your content marketing game in ship-shape. By offering consistent, relevant information, you will be branded as an industry expert and remain top-of-mind with potential prospects.

Making the most of limited resources means building a well-rounded portfolio of strategies and tactics that will provide the biggest ROI.

To wrap things up, your high value investments include:

• Growing relationships with existing clients.
• Using automation to save you time while simultaneously increasing the effectiveness of your efforts.
• Positioning yourself as an industry expert with thoughtful and consistent content through a variety of channels.

Check out our resources below for more real estate best practices and insights:

eBooks:

• How-To Guide: 5 Simple Steps to Close 4X the Deals

Blog Posts:

• Things Every Broker Can Learn From Elon Musk
• 7 Habits of Highly Effective Brokerages

To view the original article, visit the Inside Real Estate blog.