4 Tips for Running a Successful Real Estate Business - dummies

By Terri M. Cooper, Dirk Zeller

Whether you’re just starting your real estate career, looking to up skill, or opening your own real estate agency, there are a few vital things you need to keep in mind:

  • Know and be known in your area. It’s so important to make yourself a known identity — and this doesn’t mean spending big money on billboards or bus-seat advertising. It means driving around your area, meeting the locals, supporting your local retailers and suppliers, and leaving business cards everywhere.

    Support your local schools or clubs with sponsorship and ads in local newsletters. Remember you’re on show all the time, so wear your name badge with pride and you may be surprised how this small gesture can lead to new business.

  • Develop client loyalty. This is simply about doing what you say you will. If you promise to contact a client, do it. Schedule contact activity plans and regularly touch base with your past clients; referrals and repeat business opportunities are gold.

  • Understand that your service guarantee is very important. Many agencies have their own standard service guarantee, but why not personalise your own? The biggest complaint about agents is their lack of service and failure to follow up and keep in touch. You can be different.

    The Internet has revolutionised the way people search for property prices and information. They can even get help to sell their own property privately. However, online tools can’t match your huge advantage: The ability to offer platinum client service over and above what your clients expect.

  • Learn to prioritise. If you don’t prioritise, you’ll find that your day will be spent concentrating on non-dollar-productive activities and watching your bank balance decline. Before you go home each night, set up your next day and be clear about what needs to be done.

    Do a mind-dump, write down everything you need to do, then highlight the six most important things. Write these on a new list and do them first! Work through with the next six, and so on. You’ll be amazed at the difference this will make to your daily routine.