Hard to believe we’re almost three whole months into 2021, isn’t it? It felt like December was just a few weeks ago and we were all glad to bid 2020 adieu! But just because we’re well into the year doesn’t mean you should let yourself fall into a rut. Even if you’ve already dropped your personal New Year’s Resolutions (we won’t tell anyone) you can still draw up new business strategies to grow your real estate business in 2021.
Here are seven promising strategies that you should consider pursuing this year:
- Reward Referrals
After covid hit, 2020 saw a lot of migration from larger coastal metropolises like LA, San Francisco, and New York to growing cities like Boise. With so many people choosing to move, now is a great time to invest in referrals that can connect you to new leads that are coming from out of state.
It might be tempting to think that you never have to think about a client again, once you’ve closed, but building an efficient system to incentivize referrals and keep you in touch with previous clients is a must. Some reports suggest that 75% of the average agent’s business comes from referrals, but only 20% of clients regularly provide referrals! Keeping in touch with previous clients and rewarding referrals—even with something as simple as an annual email and a $10 gift card to Starbucks—can boost your client referrals and your number of leads, all at very little cost!
- Improve Your Management Strategies
Your everyday business practices and procedures can be just as important as your leads, networks, and outreach. It won’t matter if 2021 brings in more clients than ever before if your business is overworked and overscheduled.
Look at your daily proceedings and identify if any regular business activities are eating up your time. Are your phone calls taking too long? Are you regularly rescheduling your meetings around drives to and from your listings? Once you know where you’re losing time, consider producing stricter deadlines and streamlining your workflow. You can also consider using a time management system like Trello or Asana to keep track of all your daily tasks and deadlines.
- Network for Your Market
Growing markets are great, but you should always remember that the housing market is really an aggregate of many smaller markets with different audiences, interests, and communities. There is no “one size fits all” approach to acquiring leads and closing. Developing a qualified and knowledgeable network for your specializations will be much more rewarding than connecting with anyone and everyone.
Draft up a handful of specific, concrete networking goals for 2021. “Collaborate with three local business owners near my downtown listings,” and “connect with another realtor or instructor who can help me as I start specializing in property management,” are clear goals with honest expectations. Even if you don’t accomplish all of your objectives by the end of the year, they will help you cross off dead ends and focus on more compelling opportunities to expand your network.
- Advertise Your Services Hard and Fast for This Seller’s Market
2021 is starting off with a hot seller’s market and the Boise Metropolitan Area is sizzling! Idaho has a lot of migration paired with low inventory, so houses are selling at extremely high prices. While this may change by the end of the year, you should still pay close attention to its impact on your business and audience.
Take advantage of the market conditions to create attractive, clear, and concise advertising focused on this seller’s market. Offer services to help buyers understand their financial situation, locate resources, and plan for potential properties that may open up in this competitive market. Tell sellers which of your connections and specialties will secure them the best offer and streamline the selling process. It can be hard to know what buyers and sellers are looking for, so take advantage of these clear-cut market conditions to make advertising that you know will connect with your audience.
- Get Familiar with Social Media Marketing
Chances are that you are already on at least one or two social media platforms. Which is great! But it’s also likely that your social media game could be better. Social media marketing is an odd beast; it’s a little bit of creative writing, a little bit of statistical research, and a little bit of salesmanship all rolled together. In a world of constantly evolving technology, researching new social media tools and practices can be a huge boon to your real estate business.
If you’re relatively new to social media, start by familiarizing yourself with at least three platforms and looking at their advertising opportunities. Facebook Ads and Instagram Ads are both great places to start. Already know the basics? Consider any gaps in your social media knowledge: are you unsure how you should measure your marketing success? Uncertain how to create effective video content? Curious if new platforms are gaining popularity? There’s always more to understand about online networks and marketing, and it’s seldom a waste of time to expand your understanding of these technologies.
- Expand Your Team
If your business is already growing, picking up new clients, and expanding its resource network, congratulations! 2021 is likely to be a great year for your business if you take advantage of the market growth in developing cities like Boise. However, rapid growth can be cumbersome if you try to handle it all on your own.
2021 could be the right year for you to consider expanding your team. This might mean getting a personal assistant to take calls and keep your calendar straight, or it could mean bringing on a team to handle your social media and marketing. If you feel like you’re juggling too many tasks as your business expands, consider what you could potentially delegate to others while focusing your attention elsewhere.
- Learn Something New
The real estate market is a fickle beast and prone to change. Nonetheless, an agent who takes the time to study up will be better prepared to identify trends and benefit from new developments in the real estate market. From estate management, to environmental real estate investment, to changing laws and codes, there’s always something new to learn.
Investing in your education will open the door to new opportunities and provide long-term gains as you develop leads, connections, and prestige as an agent. In addition to core courses on state standards, you should seek out courses related to your interests as a real estate agent. You can even plan towards completing designation courses for additional resources and specialization!
It’s always uncertain what lies ahead in the future, but the right strategies and research will help you adapt to any changes that 2021 throws your way.
Wondering how you should be orienting your real estate business? Curious where you should begin? Reach out today, and I’ll be happy to answer any questions about continuing your education and recommending courses that can contribute to your business growth!
