No matter what aspect you decide to play in the real estate sector, there are growth strategies you must practice to help you scale.
Real estate is indeed a saturated industry, but being saturated doesn’t mean you cannot be successful, provided you have are deliberate, disciplined, and ready to give it all it takes.
In this blog post, we have summed up 5 growth strategies that can help your real estate business grow exponentially and make you more income than you can ever imagine.
1. Stay Up-to-Date
There are many people claiming to be real estate practitioners who do not know the last thing about real estate.
In this business, you need to keep up with the real estate market trends, you cannot afford to be uninformed or misinformed.
A piece of property valued at 7 million naira today may have gone up in 4 months’ time. It would be a huge mistake on your part to sell it lesser than its value.
No customer will be willing to pay extra after they’ve made full payment simply because you didn’t do your homework.
So it is imperative that you keep up with trends, read articles, read the newspaper, look out for what other people in the business are doing and so on.
2. Attend Networking Meetings
You can never experience huge success in real estate if you play solo.
Going for networking meetings in your industry should be top-tier for you.
With that said, we are not implying that you attend every tom, dick and harry gathering and ignore your business, we are saying that you should attend the events that will work in your favour.
Also, we are not implying that you attend so that you can shove your cards in people’s faces.
Networking meetings help you meet who is who in the industry, help you get the latest information on the industry goings-on and also make you popular among those who matter.
Meetings like these are where you’ll meet potential clients, partners, investors and so on. Don’t stay in a cubicle.
3. Niche Down
Niching down is about concentrating on one aspect of the real estate sector.
There are 4 ways to play in the real estate sector. You can either be a developer, a realtor, an Investor or a regulator.
The key to winning and building a successful business around it is to choose one aspect that you are confident in and focus on it.
If you decide to become a realtor, which is by far the cheapest and easiest to get into, you need to put your foot on the pedal and get right into becoming one.
That’s not the time to set up a development company or something else that may distract you.
4. Understand Your Target Audience
The real estate industry is huge, and the audience is huge too, but it is important that you find your own target audience.
People who are looking to build may not be looking to buy a home, therefore, your audience as a realtor is not the same as the audience of a developer.
So you need to do something called Target Audience Research, which involves doing a deep dive into their demographics and their psychographics.
You want to create a Buyer Persona, which is a fictional character of who your ideal customer is.
Doing target audience research will help you know who they are and also what stages they are in. This will help your strategy for sales.
5. Use Social Media
The key to meeting your target audience at whatever point they may be is to leverage social media as a marketing tool.
Social media is very effective in helping you show up as a real estate practitioner and getting the word out about your business.
From Facebook to Instagram, LinkedIn, Twitter, etc. you can reach out to people and get them to buy from you.
Another key tool to leverage is a website and an email newsletter.
In subsequent posts, we’ll be talking about how to do this for your business.
Final Words
In the creative industry, we say “No good work is done in a vacuum” Meaning that if you want to grow your business or career in the real estate sector, you need to be findable.
Let us know what you think, comment below if you have any ideas, suggestions or questions.