The year is fairly new, but generally, the property industry remains optimistic and, as has been proven over many years, resilient. It is expected that moving forward, the competition will be fierce as agencies compete for stock and sellers negotiate their selling prices. To differentiate yourself as a professional property practitioner requires an arsenal of tools, some of which are unique to individual choice and methodologies.
It’s very easy to get bogged down with work challenges, dealing with on-the-spot queries and other daily distractions, but discipline in sticking to a well-designed overall blueprint allows you to be acutely focused, informs your team and colleagues that you are professional, organised, and alert and responsive to change. If you haven’t done this already, consider including the following in your arsenal, many of which are recommendations by some of the top-selling agents across the American and European markets.
Business systems
Why? A business system that is coordinated and synchronised across all activities is a set of principles or procedures that determine 'how' things should be done - in other words, a framework showing what actions are required and in what order. Building one requires brainstorming and including every aspect of the business, whether it’s marketing, networking, legal procedures, brand identification, and so on.
Creating one means breaking down all actions, taking apart systems and determining if they can be improved, and liaising with contractors and service providers to have clarity on their processes so that they can be included in your business system. Business systems are ‘living’, meaning they can be added to, improved upon, and tweaked … for instance, if you encounter a hiccup in an activity, you include how the problem was resolved, so that should this happen again, you (and your team) know immediately how to overcome the issue.
Systemising your entire business through a business model means you will no longer need to constantly monitor your and your team’s activities, as all can refer to this 'blueprint'. It maximises efficiencies and elevates performance.
A monthly real estate newsletter:
Why? Because you want to: be memorable; be seen as the local go-to property practitioner in your area; sustain brand awareness; present your successful sales; maintain your statement of intent; and, if the content is educational, be seen as knowledgeable and a fount of information. The cost implications can be contained by producing a digital newsletter, and if your area is small, it may serve you to associate with other area service providers in your business environment.
Strategic partnerships
Why? Because you want to grow your real estate business in an economic downtown. These relationships include service providers such as plumbers, electricians, local home loan providers, swimming pool and garden services, security companies, police, builders and handypersons, and even the local council and councillors.
If property sales prove to be limited, strengthen ties with competing property practitioners in the area, and discuss how you can affiliate and share stock and clients, working together but independently. Sometimes it is necessary to put professional competition aside for the benefit of the market as a whole.
A website
Why? It’s your business on the web, and you are able to tap into markets that you may not be able to reach otherwise, such as would-be buyers who are moving to new areas or those building investment portfolios. The website should be easy to navigate and have search features that answer all questions before they are asked.
‘Help' and ‘advice’ articles can be presented, as can valuable local contacts, including presenting any relationships you have with local home loan financiers, and those partnerships mentioned above, such as garden services, painters, and other home and property-related suppliers.
Prospecting and marketing
Why? When times are tough, marketing and advertising budgets are usually the first cuts to be made, but this would be dangerous in the current environment. Consistent marketing keeps your business/name in circulation. It is also valuable to track and measure the outcomes of marketing and advertising to determine what is and isn't working. Automated systems can undertake these tasks, giving you time to physically prospect and better service relationships with buyers and sellers.
Social media and a social media marketing person/agency
Why? Most people are actively engaging on social media platforms. With all other tasks a property practitioner performs, there may be little free time to monitor social media, where new leads may be found. Having a dedicated social media person is not especially expensive and may pay off in terms of new prospects and stock.
Employing a social media professional is also good for monitoring any negative publicity, someone who can alert you so that you can quickly contain any issues. They can also be tasked with monitoring all social media activities related to industry news that may impact on your services, such as interest rate hikes, so that you can be prepared to issue a short social media statement within minutes. This will distinguish you as someone with your finger on the pulse of the economy and property market.
An interactive electronic business card
Why? You want to be memorable. An interactive business card is a contemporary way to share contact information. They are cost-effective and sustainable and can be delivered to anyone who has an online presence or mobile phone. These cards can even include clickable links or a QR code so that recipients can easily access your other online activities. Interactive business cards are dynamic and will undoubtedly get you noticed.
Referrals and a scorecard
Why? A satisfied client is your best voice. Standardise your referral questionnaire system online, making it quick and easy for clients to complete. These questionnaires should also be included in the closing process and used across your various marketing platforms to highlight your credibility in the industry. Use the referrals in your marketing campaigns; short ‘unprompted’ messages from clients make the strongest statements.
Scorecards are important because they allow you to track your own performance based on your goals, which also helps you to stay on track or be warned early when you begin to stray from your goals. Scorecards should be personal, and shared with your team, and checked daily to keep the focus strong and in play. A good policy is to have a second scorecard devised with your team so that everybody is singing from the same hymn sheet. Similarly, these should also be reviewed regularly.
Writer : Kerry Dimmer