Inflation is up, house prices are down, and consumer confidence is waning. Is this a looming recipe for disaster in the real estate industry? To outside observers, it might as well be.
In every crisis there are opportunities – and you can even grow your real estate business as uncertainty lies ahead. Here are some ways you can set your real estate business for growth in 2024.
Having a plan and taking risks
A lot of real estate agents’ first instinct is to tighten their budgets in these trying times. But spending a bit of money on automating busywork, establishing attainable goals, and branching out into new services that may not fit into your core competencies will reap the benefits in the long run.
Can you add white label energy comparison? Removalist services? Offer insurance? These are all new revenue streams that can help hit your strategic growth plan.
Amp up your digital marketing
If you aren’t online, you might as well not exist. You should take time to set up your digital marketing and analytics. Analytics helps you capture data so you know where your visitors are coming from and which keywords they are using to find your site.
This way you can target paid advertising to those demographics or keywords. If you aren’t using social media, why not? It’s free to set up and only takes a bit of time each week to potentially reach hundreds or thousands of local would-be clients. A digital marketing firm can help you with this if you don’t have the time or expertise.
Invest in Search Engine Optimisation
If you have a webpage that’s been neglected in terms of updates and content for a few years, your search engine ranking may be low for your relevant keywords.
How search engines like Google locate your website will depend on its content, copy, or language. Your website will appear higher in search results if it contains certain keywords and offers users more relevant or valuable content than rival sites.
Engaging holistic digital marketing services that offer search engine optimisation to ensure your site ranks well over time is an investment that can’t be ignored.
Local and hyperlocal networking
Sitting around the office with nothing to do? As your grandparents used to say, it’s time to wear out your boot leather and hit the pavement. But not annoying people and knocking on doors, but networking.
Many local councils and shires have their own Chambers of Commerce or Business Networks that you can use to promote your business. During council or shire chamber meetings, there may be formal and informal networking.
What goes on in your neighbourhood is very important to your business. Taking a stand on local issues can also help you stand out in the business world, which is a great way to meet new business contacts.
Join as many networking clubs as you can – but stay away from the more “cult like” ones with quotas and pushy requirements.
Remember – overnight successes usually take a lot of time and effort to pull off!
