The real estate industry can be extremely lucrative for those that pay attention to detail and always seem to close the right deals. With this being said, not all businesses in real estate do well as it is incredibly competitive due to the immense financial rewards associated with success. Real estate is very detail-oriented with the smallest difference in a home causing a decent increase/decrease in price.
For those people doing the flipping of homes have to understand which features will boost the price the most when compared to cost of labor/materials to complete a project. The following are those areas to master in order to allow a real estate business to thrive.
Finding Fair Partners/Lenders
Finding the right lenders or partners to help out with financing can be extremely difficult. One partner might want too much control in a flip project while a lender could want too high of a percentage of interest. Gauntlet Funding is one of a few hard money lenders in NYC that can really help in the process. They lend to those that might not need a conventional loan stating “And if you can’t find one, get yourself a custom loan. With so many options and flexible terms to choose from, real estate investing was never easier.”
A lender that will work with a real estate company is far better than one without flexibility. Silent partners are great as well but with a certain amount of money invested, finding one of these truly silent partners is a considerable task.
Digital Marketing
Digital marketing has to be done as many consumers flock to the search engines in order to find the latest property on the market. Most consumers are not going to go further than the 1st page of search results when they find what they are looking for within the top 10 results.
What these people do not realize is that the top companies in search results don’t have to be the highest quality. These companies simply have a digital marketing team that is dedicated to making sure they stay high in the rankings long-term.
Content marketing is imperative as real estate can be complicated so educating potential customers is a must. Content written for the company blog as well as real estate related sites will both help the company rank higher in search results.
Networking
Networking is an important part of any niche of business but with real estate it holds especially true. Being able to network can lead to referrals or even partnerships between an agent and a lender.
There are plenty of events that are held regularly in most decent sized cities to network between professionals. These can be hotbeds of people that could help the business run more smoothly or even customers.
Real estate related networking events should be mandatory as this can be a place not only to find new talent to hire but also to enter into partnerships with other companies. The one thing about networking events to remember is that not everyone is as important as they might say they are. A company could jump on the phone only to find out the “decision maker” is actually just the social media manager for the company.
A Good Eye For Properties
A good eye for land, residential properties, commercial properties, or potential rental properties is imperative in the real estate niche. This does not mean that everyone has to have a great eye but rather those that pick out potential properties to purchase or properties for their clients. The eye for property can be learned as it does not come natural to everyone but with enough time in the industry anyone can have the eye.
Flipping is a much different animal though as the eye for flipping is far more complex as the flipper has to envision the completed project.
Agents That Close Sale After Sale
If running a traditional real estate agency or even commercial agency having all-star closers on your team is imperative. These are the closers that seem to have the highest percentage of closes from leads they are given and close deals on leads they have garnered on their own. Finding these agents is not difficult but many of them go into business for themselves.
For those that are not great at generating their own leads but close deals these can be very valuable team members as well. A great sales team regardless of niche of real estate or business in general can catapult a business to the next level.
Takeaway
Real estate is going to continue to thrive in different niches of this expansive industry. Taking care of the small details is essential as if one company will not, another surely will. Keep customer experience in mind as well as in today’s digital world word spreads quickly about both positive and negative experiences.
Keeping all of this in mind can help increase the chances for company success moving forward.