Australia has more than 46,000 real estate businesses, according to the Real Estate Institute of Australia (REIA), which represents agents and agencies. Ninety-nine percent of these businesses are small businesses. Some companies only have one agent.
Being a solo real estate agent is exciting. Solo agents can build close relationships with their clients because they work with them so closely throughout the process. Creating a sense of trust is easier.
However, being a solo real estate agent is also challenging. The success of the transaction depends almost entirely upon the agent. The agent must be present at every stage, even if they have to miss important family events to do so. A solo agent also has to handle all aspects of the business, including marketing and business development.
A solo real estate agent can grow their business through networking, building an Internet presence, following up with leads, asking for referrals, hiring an assistant, and outsourcing to the Philippines.
Network with Purpose
Networking helps you grow your business because contacts can provide referrals, advice, or mentoring. You must make the most of their networking time, however.
To get the most out of networking time:
- Choose events carefully.
- Consider which events are most likely to bear fruit.
- Set specific goals for each event and keep them in mind as you’re talking. If you already have a contact at the event, ask them to introduce you to someone who can help you achieve one of the goals.
Build Your Internet Presence
Build a good website and update it regularly. Include blogs that provide helpful information for those buying or selling their homes. For example, market and pricing trends are always of interest. Tips that help first-time homeowners navigate the process are also helpful.
Stress why you are the best choice for a potential buyer and seller. Include a way for potential clients to contact you via the website with questions or other comments.
You’ll also want to maintain a presence on social media such as Facebook, Instagram, or LinkedIn. You’ll want to post frequently for your social media to be effective. Examples of good posts are:
- Video or photo tours of new listings on Facebook.
- Congratulating new owners on Instagram.
- Providing market statistics on LinkedIn.
Follow Up With Your Leads
Your networking, Internet presence, and customers will result in leads. Some leads bear fruit immediately, while others may require months or years.
You’ll store your leads in a CRM system and want to engage with them frequently through emails. You send emails to keep you at the top of the prospect’s mind so that when they are ready to buy a home, they’ll think of you.
Every email you send should have a goal. The email can include a newsletter or an update. Each email should have a call to action related to the goal. The CTA helps you achieve that goal. It could be to download a market study or to claim a special deal.
Ask for Referrals
Most agents receive the majority of their business from referrals and other word-of-mouth. A good strategy is to seek referrals from all your happy clients.
Many people will be willing to give a referral if you contact them and ask, especially if you provide an online or paper referral form. You can also drive referrals by offering referral gifts or providing branded materials. You can also request referrals on your website. Test several methods of gaining referrals to determine which works best.
Hire An Assistant
Once you receive leads and satisfied clients, you’ll soon realize that you can only manage some aspects of the business yourself. You’ll have to choose between attending a networking event or arranging a property inspection. Or, you may have to choose between meeting with a potential new client or updating your website. Your choices can limit the pipeline of new leads.
Time management software tools can help you manage your time better. However, these tools still don’t add hours to the day or enable you to be in two places simultaneously.
The solution is to hire a real estate virtual assistant. You might hire a real estate sales assistant or a transaction coordinator, depending on your skills and preferences. Whichever role you choose, you’ll gain the time you need to grow your business.
Outsourcing to the Philippines
A real estate virtual assistant is affordable, even for a solo agent. Outsourcing to the Philippines will save you significant money and gain you a well-trained assistant who speaks English well. Outsourcing to the Philippines also gives you access to hard-working professionals who are keen to work with foreign companies.
Bio
Stephen Atcheler is an entrepreneur in the Real Estate space. He has grown multiple businesses, including a Real Estate Agency, and an online Real Estate Advertising business, and is currently the founder and driver of the fastest-growing Real Estate BPO in the Philippines. If you would like to connect or get in touch with Stephen, he is very active on LinkedIn and always happy for a new connection.
