The Best Real Estate Business Growth Strategies in 2021
The real estate industry has gone through some big changes since 2020. The pandemic’s stay-at-home orders and economic uncertainty pushed buyers and renters out of urban areas and into suburbia. According to the Federal Reserve Bank of St. Louis, in April and May of 2020, nationwide home sales dropped to their lowest levels since the housing and financial crisis that began in 2007, but improved in the summer.
As we witness a promising improvement in the real estate market nationwide, let us discuss the best real estate business growth strategies to keep in mind as we near the end of 2021.
Innovative Real Estate Strategies
The Covid-19 pandemic has had a strong impact on real estate, causing more foreclosures, evictions, and an increased need for government relief to landlords, renters and homeowners across the country.
According to Rachel Olsen, realtor at HomeSmart Realty and co-founder of AUDROI.com, people will continually move to residential single-family properties. Due to the pandemic, she saw renters all across the country moving from apartments in urban areas to larger properties in residential/suburban areas.
Real Estate Investment Strategies
Now let’s dive a little deeper into the real estate business and specific growth strategies, with regards to lead generation, target market, and brand awareness. Andrew Carnegie once stated that 90% of millionaires built their wealth in the real estate industry, yet to do so, an investor needs to find investment opportunities and oftentimes investment partners.
Lead generation for real estate investors can be done by working closely with real estate agents/brokers, attending networking events, using social media, developing direct mail campaigns, or increasing web traffic to target investors in your particular market.
The first step is to identify a target market. According to REIClub.com, investors must concentrate on one market until gaining enough experience to venture into another market. Before venturing into a new market, one must ask, Is this a buyer’s or seller’s market? Is this a renter’s market? Is this an area where people rent/buy homes? Use the answers to these questions to focus on a target market that will provide you the most opportunity, and in return, income.
Real Estate Marketing Strategies
In a recent article, we discussed the role of a brand consultant in the real estate industry. Brand awareness is the number one focus when creating the foundation of a marketing strategy for any business, yet in real estate, where sales is involved, typical marketing materials need to have a personal touch. When branding a realtor or a sole property, business cards, social media, a website/landing page, email marketing, and banner ads will support the agent/broker and bring awareness to the real estate company, developer, or investor.
Once the brand awareness is established and can be maintained, the following real estate marketing strategies can be implemented:
- Adding social sharing to property listings
- Maintaining an eye on the competition
- Distribution of marketing materials
- Publication of property image/video – For example, 3D Matterport Scans
- Content creation for website and enhanced SEO
- Installation of Google Analytics
How to Capitalize on Real Estate Market Trends
The first rule in real estate should be to keep up with the market. This is done by consistently tracking the real estate market, listening to clients, subscribing to industry publications, tracking local and global news, observing highly volatile markets, and always pushing to strengthen your real estate team.
For example, according to NBC news, home sales soared 21% in the U.S. in 2020. This is a market trend that covers all roles in the real estate industry – buyers, sellers, brokers, developers, investors, etc., providing them opportunities from which they could benefit. Despite the fluctuating U.S. stock economy brought on by the Covid-19 pandemic, the real estate market remained a seller’s market, meaning properties are sold for top dollar, but buyers will then be more likely to pay top dollar for their next home purchase.
Grow Your Real Estate Business with Roos Advisors
Roos Advisors is committed to helping you scale your real estate team. Our certified professionals use experiential evaluation and learning to help teams work more effectively by developing the core fundamentals of trust, commitment, accountability, productive conflict resolution, and results-driven goal-setting.
We help business owners reclaim their sense of direction and quality of life by growing their dream business and providing practical, actionable solutions. Let’s kickstart your journey to personal and professional excellence. Contact us today to schedule a free 15-minute virtual consultation to see if we are the solution you have been looking for.
Contact us today to schedule a free 15-minute virtual consultation to see if we are the solution you have been looking for.