5 creative strategies to grow your real estate or property business

Let’s get down to brass tacks – the real estate and property industry is not for the faint-hearted and it can take patience to grow a real estate business. Selling property is ultra-competitive; succeeding requires plenty of drive, determination, patience, stamina, and no small amount of persuasive selling skills.

It’s also a constantly evolving industry that requires that you move fast and act decisively to stay abreast of property trends and what property owners want. As such, it can take time to increase real estate sales and grow your property business.

Selling strategies that worked last year may not deliver the same level of success this year, meaning you may need to adapt on the fly and potentially change tact to continue to enjoy success as a real estate business owner.

All of this means that real estate agents and property professionals are constantly looking at ways to improve their real estate business and increase their chances of sales success using the latest selling techniques and tips. So, here are five tips for growing your real estate business or property business in 2024 and beyond.

1. Build a strategic business plan

When we talk about strategic thinking and strategic decision-making, we are talking about making decisions that are guided by data insights and a carefully considered strategic business plan.

There is plenty of advice out there around creating a business plan for a small business. But before getting too deep in the weeds with it, it can be worth your while to start out small. Keep in mind that consistency is key, and it may take some time for your plan to take hold and deliver results. Give it adequate time to succeed before you give up on it and change tact.

Recommended reading: How to Create Business Continuity Plan

2. Enhance the property you are selling

For most homebuyers, purchasing property is an inherently emotional experience. As they peruse the property in question, they are imagining how they will use each room and where they will hang their family portraits. They are visualising how they will arrange their couch and entertainment system and the rest of their furniture, and how the home will or will not enable them to live the way they want to. They are ultimately assessing if this is the house for them.

As such, selling an empty house can be tricky. It can be worth your while to furnish the property you’re selling with furniture and accoutrements to make it feel homely. Once the home sells, you can reuse the furniture in the next home you sell.

3. Embrace content marketing

When done right, content marketing is a fantastic way to add tangible value to your target audience, while also building trust and value in your business and brand. Content marketing is not about overt self-promotion. Instead, try to position yourself as a helpful authority when it comes to selling, buying, or renting properties.

Think about the homebuying and home-selling topics that your real estate or property business can create content around that will add value to your audience. Then create it and push it out to your audience via email marketing and social media marketing. Word of warning though – don’t aggressively sell your property through your content marketing. That is not the purpose of content marketing.

Recommended reading: How to Market Your Real Estate Business to Get More Qualified Buyers

4. Increase comfort and security for your tenants

If you own rental property, you can increase your tenant’s trust and faith in you by making improvements to your rental property. These improvements may include increasing the security of the property; making it more comfortable to live in (heating/air conditioning); and perhaps even some minor renovations.

The added benefit here is that you may be able to increase the rent as well. You may also consider surveying your tenants at lease renewal time to gauge how satisfied or dissatisfied they are with your property, and where they would like to see improvements made.

5. Engage your buyers and tenants

Increase customer engagement by maintaining regular communications with your residents or tenants through various channels. Send your tenants notifications via email, SMS, or snail mail when:

• payments are due;
• property maintenance is scheduled that may impact them; or
• when surveys and other tenant communications are sent out.

Also, allow them to submit complaints and queries through an online portal when needed.

As a real estate agent, property manager, or strata manager, your priority is helping your clients realise their real estate dreams. So let BizCover help out with your real estate business insurance*. With our simple to use online platform you can compare real estate insurance quotes quickly while saving on your real estate insurance costs. Visit the BizCover website or call us on 1300 920 864.