The real estate industry has faced significant upheaval recently due to antitrust commission lawsuits, impacting the National Association of Realtors® and individual brokerage firms. These changes may lead consumers to question the value of agents, making it more crucial than ever for agents to excel in their roles. To navigate this landscape, agents should adopt a strategic approach, operating like small business (that they are :-).
First 30 Days: Strengthen Client Relationships
Building a successful real estate career involves cultivating long-term client relationships. Ideally, agents aim to increase their repeat and referral business over time. Focus on two main areas: past clients and new clients. Agents should develop clear talking points that highlight their unique value in today’s market, whether targeting a specific geographic area or niche. Include two groups:
Engage Past Clients: Reach out with personalized interactions and schedule quality time that aligns with their interests.
Attract New Clients: Initiate meaningful conversations and build rapport with potential clients.
Next 30 Days: Conduct a Business Audit
A thorough sales audit is essential for identifying strengths and opportunities. Create or update a spreadsheet or CRM with details of every client and transaction. This helps pinpoint a target audience, which might emerge from common interests like sports or community involvement.
Analyze Competitors: Review how competitors market themselves and their share of the local market. Aim to match or exceed their presence.
Identify Target Markets: Determine the specific geographic or social segments to focus on and know your competitors in these areas.
Following 30 Days: Set Goals and Plan for the Future
Think big-picture about the business’s future. Define personal, professional, and financial goals clearly.
Brand Audit: Assess how well your brand reflects your business and its values.
Financial Planning: Meet with an accounting team to understand expenses and their long-term benefits.
Develop Plans: Create 12-month business development and marketing plans.
Beyond 90 Days: Implement Long-Term Strategies
With a strong foundation, implement your plans to smooth out market fluctuations, such as changes due to the NAR Settlement, limited inventory, or interest rates. By establishing clear value, you ensure that clients choose you for the superior service you provide.
By following these steps, real estate agents can enhance their strategic thinking, build stronger relationships, and establish a more resilient and successful business.
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