Big Wins, Minimal Risk: 6 Growth Hacks for Real Estate Teams

Teams at large real estate brokerages can often power growth with cash and resources. Smaller teams (and individual agents) that lack funds, knowledge, resources and opportunities, though, find the road to growth is rocky. You need strategies that will yield a high return with low risk, preferably with a marginal investment of time and money. Here are six simple strategies to help you grow now.

1. Invest in your existing clients

‍Have you ever analyzed your marketing spend and compared it to where you get your leads? On average, 82% of real estate transactions come from repeat and referrals business, and 21% of agents get more than 50% of their referrals from past clients (per NAR). If it costs you six to seven times more to acquire a new customer than it does to retain an existing one, then a more frugal strategy would be to focus efforts on marketing to your past clients.

2. Consolidate new contacts in one place

‍When you use a great CRM, you can consolidate information from all your lead generation sources in one place. Collecting and organizing your contacts ensures that these relationships continue to get nurtured after the sale. If that doesn't convince you, consider these stats from the 2020 NAR Profile of Home Buyers and Sellers.

• 88% of buyers would use their agent again or refer them to others
• 84% of sellers would use their agent again or refer them to others
• 92% of consumers trust recommendations from friends and family above all other forms of advertising

‍3. Invest in technology and automation

You want more conversations that lead to closings, and responding immediately to inquiries, particularly online inquires, is a critical component of successful conversion. Having a solid system that runs email campaigns, text messaging, lead notifications, and more allows you to focus on the suitable activities – while automation takes care of the rest. Your time is valuable and limited.

4. Invest in social media

‍Social platforms are free and give you automatic access to large audiences in your area. Data shows 74% of sellers use social media to find their agent, and nearly half of all homebuyers have walked through a home they saw on social media. So, it's not just a great way to get out there and connect with people – it's essential. Teams can leverage Facebook organically (free) or via pay-per-click strategies.

5. Curate shareable content

Offering consistent, relevant information on social channels, your blog and beyond brands your team as an expert and keeps you top-of-mind for your SOI and prospects. It can be time-consuming, but many tools are available to help.

6. Consider an administrative role

Hiring more agents may give you more sales, but chances are a good admin will free up some of your time-consuming tasks. Try making a list of the thing you don't want to do anymore. Your list will likely include things like putting paperwork together, replying to emails, and even answering the phone. Hiring a great admin frees more of your time so that you can devote more time to clients.

Real estate teams, if you're ready to take your business up a notch, remember these key takeaways: grow relationships with your existing customers, use automation to save time, increase productivity and position yourself as an industry expert with thoughtful and consistent content through a variety of channels.

To view the original article, visit the Inside Real Estate blog.