Successful real estate agents handle a multitude of responsibilities to keep their business efficient and lucrative. The list of things they accomplish weekly can seem insurmountable. Many agents aren’t sure where to begin and spend too much time focusing their efforts on areas that won’t return an investment. So where should realtors be spending their time to maximize income?
Marketing & Advertising
Real estate agents who invest time into marketing and advertising themselves see growth in their business and income. According to the “Life As a Real Estate Agent” survey conducted by Placester, 62% of agents spend at least one hour a day marketing themselves and their properties. Realtors invest a lot of time each week to gain exposure for their business. Additionally, real estate agents need to focus efforts on marketing themselves both on the internet and through traditional channels. Creating a solid marketing plan and sticking to it will allow agents to maximize income.
Lead Generation
Once a realtor has created an online presence for themselves, it is time to invest some time and money into generating leads. Without sourcing people to sell homes to, a realtor will not make any money. Focusing on lead generation should be a priority for every real estate agent.
Furthermore, contacting and nurturing those leads is incredibly important. A lead that is not contacted is a missed opportunity. Hiring an inside sales agent to contact and nurture those leads will more than triple the investment made into hiring them. Additionally, while the sales agent is turning those leads into clients, real estate agents are free to use their time on continually marketing their business online, meeting with clients, and ultimately selling homes.
Meeting with Clients
After taking the time to generate and nurture leads, realtors need to follow through by meeting with their potential clients. Second to marketing and advertising, this is the most important way realtors spend their time. Agents must build up a rapport with their clients to solidify the relationship that was developed through phone and email. Agents should encourage meeting in person with their clients to secure their business and create a working relationship. Real estate agents will see a return on the investment of their time by meeting with clients.
Showing Homes
Real estate agents must be out showing homes in order to sell them and get paid. It really is that simple. After real estate agents invest their time into marketing themselves, generating leads and meeting with clients, it is time to actually show some homes. Below are some of the ways real estate agents will invest their time into showing properties.
- Bringing clients to view properties.
- Meeting with listing clients at their homes.
- Hosting open houses for listed properties.
- Attending open houses to find properties for clients and network with realtors.
Networking
Networking is a key part in building up a referral business and adding credentials to your real estate business. Real estate agents who invest their time and energy into networking will continually promote their business through word of mouth marketing. Potential clients trust recommendations more than any other type of marketing. Networking also establishes credibility for realtors.
These are some ways realtors can successfully network to maximize income:
- Build up a referral business.
- Develop a relationship with industry professionals (lenders, title companies, mortgage brokers, etc.)
- Establish credibility on LinkedIn.
- Join a business development group in your area. These groups are a great way to motivate, innovate and create referral business.
- Join an online business development group for real estate agents.
It is integral for agents to prioritize where they spend time growing their business to maximize income. Agents must identify where their time is best spent amongst the increasing amount of tasks to get done. Agents should also consider hiring some help to take some responsibilities off their plate and allow them to spend their time where it is most lucrative. Hiring an inside sales agent is a great example of maximizing time and profits. Using the strategies above to best focus time and energy will allow real estate agents to increase their business and income.
