From personal experience with Ali Safavi Real Estate, slow days in this business are far from a rarity. They come and go. There are days when buyers are clamoring to get their hands on a property, and then there are days when they won’t even think about buying or selling proprieties and are more concerned with entertaining guests, holiday shopping and going on a vacation, rather than helping you achieve your marketing and sales objectives. Some sales agents prepare for rainy days like these by arranging advance showings and bookings to while away the slow days. However, there can be some days when business is slow and interest in real estate is waning. To succeed, you must realize that these slow days can be the busiest days of your lives, and if you are successful in garnering attention during the real estate slumber, there will be buyers and sellers who will be eager to be in business with you.
Opportunities won’t come knocking on your door. You have to get out in the real-estate world and look for potential profit generating sources. In the field of real estate, the adage slow and steady wins the race doesn’t apply. If you are the brightest, fastest and keenest, you will surely succeed. Otherwise, you will be trying hard to keep up with the forerunners.
During slow business periods, speed up and gain your momentum by staying up-to-date with the changing marketing trends and observing and documenting the local real estate market activity. Moreover, upgrade your systems to prepare them for a heated season once the market starts warming up again. Read and learn from real estate publications and keep your eye on the news, which will also help you predict buyer and seller behavior. Strategize, think about cost-cutting and look for potential revenue sources.
Ali Safavi Real Estate Pro Tip: Plan for the coming months and prepare your strategy regarding every aspect of your business. For success in a highly competitive real estate market, it will pay off to be busy when it’s a slow season.
Related Ali Safavi Article: The Four Pillars of Buying into a Turnkey Real Estate System
II. The Best Way to Save Money Is To Grow Sales
Real estate is one of the best ways to make money. How you make money in real estate totally depends on you. A real estate investment is a collection of your own tangible efforts and the best way to save money in real estate is to sell. Most of you might say “Meh! Knew that”, but selling is more than just holding on to the properties whose value is tanking with the market and client interest. It is so much more than selling quickly in the hope that the price of a property doesn’t go down more.
Real estate is a source of income and money, even if you have negative equity. For a quick profit, buy properties at their lowest price yet, or at least less than their market value. Be on a constant lookout for foreclosures, emergency quick sales and use your negotiation skills to bring down the price of any property that interests you. Making extra money after that will become easier or considerably easier.
Stage the property that will attract desirable tenants (if you are thinking of renting it) or buyers (if you are thinking of selling the property). This is one of the biggest advantages of real estate. You can make a lot of profit by beating the market. Buy low and sell high. Moreover, keeping a steady stream of sales in low season will be able to attract potential investors who will be impressed by your knowledge, expertise, business ethics and profitable investment portfolio, thus allowing you to build a network of people.
Related Ali Safavi real estate article: How To Invest in Out of State Real Estate
There is one difference between ordinary and extraordinary, just that little extra. In real estate, being successful and being ahead of your peers means that you make that extra effort to get ahead in the game. Only ordinary real estate agents believe in the possible. The extraordinary visualize goals and objectives that seem beyond their abilities, but through hard work they make the impossible possible.
Getting ahead and being one of the best in real estate is not an easy task but neither is it rocket science and impossible. The trick is to prioritize work and stay focused amid slow season.
Setting goals early in the year can also help with you achieving objective that might seem extraordinary to someone who is just starting out in the field, but to you they should be a casual affair. In real estate, ordinary people achieve extraordinary things and you can too. They are willing to be a tool of change in their locality. They support causes, build lasting relationships, dedicate their time to causes, identify empowerment opportunities and participate in exciting new opportunities. You can do the same.
Gaining success at an early stage of your career is not just a dream anymore. You can be one of the greats. Having a handle on the greater tactics and completely understanding the schematics of the trade will help you effectively achieve your goal of being extraordinary. Being goal oriented will align your achievements with an effective timeline.
Don’t be afraid of the costs as it will pay off in the end. A re-vamped property is much more than it is worth and it will reward you at the time of sale. Gather in-depth knowledge about an element of real estate business before adopting a new strategy. Take a hands-on approach to interact with your clients to ensure that you are not only in a good position now, but will remain so in the future.
Ali Safavi Real Estate Pro Tip: Making smart decisions at the right time will help you achieve exactly that. Remember, research is consequential. It is that one basic element whose importance cannot be replaced by anything and is one of the basic differences between an ordinary or extraordinary deal. Make it your new best friend and get close to success with leaps and bounds.
Most real estate personnel pride themselves on their extensive databases or client repositories used to generate leads. Although these databases can be used to fall back on in time of need, they are seldom used to their full potential. Most people are satisfied by just approaching the minor fraction of these client lists also known as “low hanging fruits”. However, these prospective sales bursting through your pipeline require little to no effort. It can be a gold mine of information from which prospective client names and contact information can be extracted from and used.
Make sure that you are on the same page or rather the same sales cycle as the client’s financial situation could have changed after so much time. There is one important fact that you have to remember; you never truly know when it is the right time for a client to buy or sell until you call them. A client who was way bottom at the sales cycle last year might be ready to buy his first home, which brings us to our second point.
We cannot impress upon the importance of prospecting enough! After you build up your client pipeline, it is time to give all your attention to prospecting. Some clear strategies to adopt would be online real estate prospecting, social media, cold calling, referrals and drip marketing.
Online prospecting can be maximized by utilizing your online friend list or email lists to engage them or share your listings. Build an interactive and engaging website that details your achievements and strengths, your listings and other basic real estate related information.
Building your repertoire requires a strong social media strategy. It should include quality content, relevant information about the real estate process, and information about what you have to offer to others. Don’t brag about what you have done, talk about what you can do for them. People often see what they are interested in and not what you have achieved in life. It is just a sad truth of life. Target their needs and they will soon flock to your business.
Cold calling can seem to be offensive to most real estate agents, but it’s an important communication and interactive tool that can help you secure potential listings of For Sale By Owner properties. It is better to develop a thick skin in the real estate business and not mind when you are rejected. Remember to every person who says no there will be someone who will say yes. Just don’t give up! Having a positive attitude is essential in these situations.
Referrals are another great tool for advancing you towards success. After ending your business negotiation on a positive note, let the clients know that you will appreciate if they would refer you to their friends and family.
Drip marketing takes times and effort. It requires nurturing and patience. It is a detailed process of adding content and personal influence to your professionally generated relationships. Emails, newsletters and home maintenance reminder notifications can be used to work magic on your clients. Persistence is crucial and if executed with perfection, it can work wonders.
Although drip emails are great to plant the seed in your client’s mind, it requires a certain level of finesse and precision to pull off the deal and close it. Real estate is not a one size fits all marketing game. Every case, property, neighborhood requires a different approach. The trick is to say the right thing at the right time. This is where your communication skills and behavioral traits will help you nurture your eraltionhsip0smwith your clients. A strong behavior will pave the way for you to develop trust and a level of commitment to your clients, thus helping you close the deal faster. This will actually help you use your databases in an effective manner and making the most out of it.