With 2023 housing market predictions pointing toward a more neutral US market, it’s likely that many people will be looking to buy homes this year. This means there will be plenty of business for real estate brokers and agents.
If you haven’t already created a solid business growth plan to take advantage of this impending return to normality, it’s not too late. In this article, we have gathered four of the best ways to grow your real estate business in 2023.
Become a Local Real Estate Market Expert
One of the most important ways for real estate agents and brokers to grow their business is to become an expert on all things real estate. Specifically, you need to know exactly what goes into the home buying and selling processes and how to clearly relay this information to your clients.
Moreover, it’s important to be knowledgeable about trends in the local housing market. This includes the number of properties up for sale at any given moment, the range of listing prices, the most prevalent type of properties, the most sought-after amenities, and the average days on market.
Establishing and retaining your position as the top real estate agent in the area is a must for growing your business amid the strong competition in the real estate industry.
In addition, conduct research to learn about other top agents and brokers in your local market. By knowing who you are up against for the attention of real estate leads, you can find ways to offer a competitive advantage.
Focus on Boosting Your Conversion Rate
Another effective way to grow your real estate business in 2023 is to prioritize your lead conversion strategy. Mastering the skill of turning leads into clients is a critical piece of achieving success in the real estate market. Many incorrectly assume that lead generation is the main challenge in the industry, but that’s far from the truth.
Close to 7 million homes are sold in the US market each year, between existing homes and new construction. Furthermore, the desire to work with an agent or broker has only increased with time. 86% of homebuyers purchased their home through an agent or broker in 2022, which is up from 69% in 2001.
The real problem is that only 0.4% to 1.2% of real estate leads convert, according to the National Association of Realtors (NAR). This conversion rate is lower than many other comparable industries, due to the higher costs and longer processes involved in buying and selling real estate.
That’s why in order to grow your real estate business, your primary focus should be on improving lead conversion.
One strategy you can take is to engage your leads immediately and effectively. Also, offer value by educating potential homeowners on the real estate process and local housing market trends. According to a Century 21 survey, nearly the same number of home sellers benefitted from their agent’s local market knowledge (73%) as their advice and counsel (72%).
Furthermore, 53% of home sellers received help navigating the stress of the process from their realtor and the majority stated that they confide in their agents more than a therapist. So in addition to providing factual information, be readily available to lend emotional support.
Improve Your Online Reputation
Digital marketing has quickly become the driving force behind real estate marketing, surpassing other traditional strategies like cold calling.
With 97% of people searching online at some point in their home buying journey, it’s especially important to focus on improving your online reputation.
To do this, take advantage of third-party online review websites both inside and outside of the industry. Real estate platforms like Zillow, Realtor.com, and Homes.com allow agents to build profiles and gather reviews from past clients. You can also list your brokerage or agency on websites such as TrustPilot, BBB.org, and YellowPage so that clients can review it.
In addition, make sure to leverage these platforms to their full potential. The NAR Technology Survey found that only 17% of realtors use the free bio page on a third-party website, despite its advantages for showcasing your value and ultimately generating more business.
Any reviews that clients write on an external website are viewed as more trustworthy in the eyes of leads because they are not controlled by you. Therefore, a few hundred authentic reviews from happy clients will do much more for improving your conversions than anything you write yourself.
Another digital marketing strategy that can improve your online presence is optimizing your website for SEO. This ensures that your name appears more often when leads search for the best agents in the area or specific listings for sale.
Also, consider making social media a bigger priority. According to NAR, 52% of realtors name social media as the technology tool that gives them the highest number of quality leads. This is ahead of their CRM (31%) and the MLS website (28%). Facebook is the most popular marketing channel, used by 90% of realtors.
Turn to Technology
There has been significant growth in the use of technology in real estate within the last decade, and this trend is expected to continue into 2023. Sometimes, agents can be hesitant to innovate due to fears that technology will replace human interaction in the real estate process.
On the contrary, technology can improve human communication and free up agents’ time and energy to intervene when it is truly necessary. Therefore, adopting the right technology can ultimately help you grow your real estate business.
Landlso, for example, is an innovative tool that helps agents and brokers automate the lead nurturing process. This allows them to focus their efforts on the second half of the journey, after leads have been thoroughly warmed up and prepared for homeownership.
Landslo’s AI-based digital assistant can provide leads with tips on buying and selling a home, as well as data on local real estate market trends. They are also always available to answer questions at any time of day. And when the time comes, Landslo matches leads with the best possible agent for their needs. This prevents agents and brokers from spending valuable time on leads who are not a suitable match.
Last but not least, Landslo can set up meetings with clients and follow up afterward to keep the entire process on track.
To learn more about how Landslo can help you grow and automate your real estate business, sign up for a free demo.
Start Growing in 2023
After a few unpredictable years in the market, 2023 just might be the perfect time to take your real estate business to the next level. Whether you are an agent who is just getting started or a seasoned professional in need of a career boost, following these strategies will set you up for success.