Do you feel overwhelmed trying to keep your real estate business going strong? It can feel like a lot to manage. Most Realtors choose to focus on their sphere of influence and do a little marketing, waiting for the referrals to pour in. While they sit there and wait for the phone to ring, let’s get out there and hustle up some business for ourselves by utilizing these five pillars of a successful real estate business!

1.Client Referrals 

Being in the real estate business means you’re in the people business. To build and establish rapport with clients, you need to keep up with past referrals while you build present ones. Studies from the National Association of Realtors (NAR) have shown the majority of buyers and sellers get their agent from a referral. Consider the following ways to keep relationships with past clients strong and stay top of mind, while also making new referrals:

• Stay in contact with past clients and provide value. Set up a system such as an e-newsletter to update them on current market trends, projects within your real estate business, tips for homeowners, and more. ‘
• Respectfully request referrals. Don’t be afraid to ask previous clients for referrals by letting them know how grateful you are to have worked with them and how much you would benefit from and enjoy working with any referrals they might have.
• Cross-promote in the real estate industry. Build relationships with other real estate professionals such as investors, home inspectors, lenders, and others to promote their business while they promote and support yours in return. 
• Close the loop. When you do get a personal referral, it’s a good idea to send a hand-written thank you note to the one who gave the referral, and keep them updated appropriately on the current status of that referral. 

2.Sphere of Influence

Your sphere of influence consists of all your connections as a real estate professional. This includes your friends and family, past and present leads, and other professionals in the real estate industry. When you nourish your sphere of influence appropriately, you can get the leads you need to close sales. Nourish your sphere of influence by:

• Organizing your list of leads. Never throw out leads! Keep track of them and sort them categorically using a lead software or your own system. This helps you tailor communication successfully and keep track of where they are in the process with you.
• Engaging in your community. Ask questions to your leads and local businesses about how you can help problems in the community, and offer solutions. These things may or may not be real estate related, but sometimes it’s important to focus on service to get sales. 

• Becoming a trusted source. With authentic, consistent communication, you’ll quickly become a trusted source in your community. Create content on social media to engage the community and offer helpful information on the local real estate market. 

3.Business Referrals

As you engage in your community to expand and nurture your sphere of influence, take special notice of locally owned businesses. Local businesses can provide a unique opportunity for you to advertise your real estate services, as well as bring your clients to them. For example, you could partner with a local coffee shop to advertise your real estate business by keeping a stack of your cards or a sign, and then bring your clients there as you discuss with them their goals in purchasing a home. 

4.Builders

Custom home builders and real estate agents want the same thing – people to buy homes! When you partner with a builder, you have the opportunity to open up a new channel of advertising for one another. Make sure to discuss with the builder the policy they have in working with realtors known as a co-op policy. 

In addition to working with custom builders, go check out tract home developments. Speak with a member of their team to learn their business model before you bring clients in and discuss how you can serve their business as you serve your clients. 

5.Marketing/Advertising

Content, content, content! Create content and get your name out there! One of the best ways you can advertise in this day and age is using social media platforms like instagram and facebook to promote your real estate business. Start a separate account for your real estate business apart from your personal social media account, and post consistently daily. In addition to this, think about other ways you can promote your business. Maybe you need to get a sticker of your instagram handle and put it on your car. Or discuss with a local business your partnering with how they can enable you to advertise at their premises. 

I love helping my realtors grow in their success! I have over ten years of experience in real estate, and want to see other real estate agents boost their leads and close sales. Reach out to me today for more information. For a helpful video on converting online leads, click here!