Generating New Revenue: Strategies for Growing Your Business

While finding buyers and sellers who are ready to get off the sideline is the ultimate goal for real estate professionals who are looking to keep their pipeline full, there’s no shortage of strategies that can be employed to generate new revenue and grow your business as the busy summer selling season heats up.

Become a hyperlocal expert

Know your market inside and out. One of the best ways to position yourself as a hyperlocal expert in your market is to use the tools provided by your MLS. Whether it’s public records tools or statistics—or anything in between—make sure you’re aware of the tools available to you and use them to your advantage when it comes to prospecting for new clients. MLSs provide great tools, many of which are underused, so learn how to use the tools that can help you grow your business

Clean up your contacts and prospect database

No matter how few (or many) years you’ve spent in the business, you likely have outdated information in your database. Block out some time over the next few weeks to tidy up your contacts and get your prospect database up to date so that it isn’t working against you. Once you’ve gotten your database into a good spot, find ways to re-engage with past clients. Utilize prospecting tools via the MLS to engage with first-time buyers and help them find resources for down payments or to send former sellers a market report telling them what their home is currently worth. 

Polish up your skills

As buyers continue to turn to the internet to begin their home search, it’s more important than ever that your listings make a good first impression. To that end, enhance listings with high-quality visuals and attract prospective buyers with captivating virtual tours and detailed descriptions. This can ultimately attract more interest and often facilitate a quicker sale. It’s also important to fine-tune your CMA and flier-making skills.  

Dig Into the data

More often than not, real estate professionals overlook the value that’s sitting right there in the data. By taking the time to drill down into it a little bit more in order to serve whatever your specialty is, you can set yourself apart from the competition. Open the door to new opportunities by looking into the data and identifying things that are important to today’s consumer, such as energy-sustaining/eco-friendly homes as well as properties that are suitable for remote work. 

Embrace new technologies

As artificial intelligence (AI) continues to become more mainstream, new tools are emerging that have the potential to help real estate professionals generate revenue and grow their businesses. That said, while incorporating new technologies into the mix can be beneficial, it’s also important to be cautious. While AI is a great tool to help jazz up your listings, it’s critical that you do your due diligence and ensure that the information is accurate. 

If you’re truly looking to grow your business and set yourself up for continued success, embrace change, but don’t get caught up in the noise.

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