It can be difficult to diversify and change up what you’re used to doing, but it might be necessary for our ever-changing real estate market. To stay ahead in this market, it’s important to develop new ideas and provide new services to build additional income and generate new leads.
Let’s look at a few ways to expand your business and explore new opportunities.
Investors are great clients because they’re consistently looking for homes and usually want to buy and sell quickly. In addition, the state of the real estate market doesn’t matter as much to them because these are homes they will probably be flipping and putting back onto the market.
Some Realtors® are even trying their hand at investing and are building their own investment portfolios. Not only is this a relatively easy way to make money now, but it’s also great for generational wealth in the future.
Provide Staging Services
Staging a home can help maximize the overall value of a listing and usually costs less than the first price reduction. A study from the International Association of Home Staging Professionals showed that staging homes help to sell them 3-30 times faster than the non-staged competition.
Partnering with a local staging service or adding someone to your team with staging expertise is another way to provide value to your clients and make additional income.
If you’re stuck in a specific city or neighborhood and want to branch out to new territory, farming is the way to go! Homeowners love knowing what their home is worth and love seeing homes in their area that have sold.
If you have a home that just sold in a specific neighborhood where you want to get more business, start by sending postcards to that neighborhood. You may even come across a client looking for a home in a particular neighborhood, so try farming to that neighborhood with a postcard to let sellers know you have an approved buyer looking to live in their neighborhood and see what calls you get!
Networking & Promoting
People love being in the know and talking about the real estate market. Don’t be afraid to talk about yourself, your business, and your knowledge! You never know what opportunities could come your way by just having a conversation.
Even if you’re slow in real estate, you should always be thinking of ways to promote new business! If you need help with marketing or transaction management, Agent Operations can help you with both – send us a message! We would love to help you focus on your strengths while we handle the rest!