5 Roadblocks Getting in the Way of Your Real Estate Success
Industry veterans, coaching experts, and market analysts are all predicting big things for 2021. Consumers are more mobile than they’ve ever been. There’s huge demand for housing. Mortgage rates are dipping to all-time lows.
No doubt you’ve heard it, but are you ready to capitalize? Here are our top 5 roadblocks you need to address to stay ahead of the competition, position yourself for growth, and put the right systems in place to seize every opportunity.
Real Estate Success Roadblock #1: Time
Time is money (louder for the folks in the back) Time is money! But so many folks are not focusing on their most dollar-productive activity. They’re swamped in admin work, or chasing cold leads with a manual approach. If you want big things, you need to focus on the right things.
This means getting support to help you prioritize. It could be hiring an assistant, or ISA (or buyers agent, transaction coordinator- whatever will help you focus where you’re using your skillset to the fullest). Or it could me outsourcing tasks and avoiding the overhead with a third-party service of experts at your back.
Our clients have seen insane results leveraging BoomTown’s digital marketing team to handle their paid advertising. This means there’s no need to learn the ins and outs of social media marketing, or spend countless hours monitoring and optimizing campaigns. It’s handled.
And one of the biggest game-changers in the time-saving arena has been our Success Assurance Program. Clients can offload the heavy-lifting of lead response and engagement to our lead concierge team. Our team acts on our clients behalf, so they can extend their service offering, rest assured that inquiries and high interest behaviors are followed up with 24/7 in as little as 90 seconds (how about that speed-to-lead), and nurtured for up to a year, while they get back to focusing on transaction-ready clients and closing deals.
Whatever the case in your own business, take stock of the time vampires, and where you excel, so you’re not stretched too thin and stuck in the overwhelm to see real gains.
Real Estate Success Roadblock #2 Not Diversifying your Lead Sources and Working your Database
Too many business plans look just like the year before, and that doesn’t set you up for exponential growth and success. If you’re just checking boxes and doing the same thing every year, it’s time to shake it up.
Competition will be brutal this spring, so you have to have the lead gen edge. This means improving and diversifying your current lead sources, and really maximizing your efforts for your existing database. It means having the tools, to engage, re-engage, and re-engage some more.
Think about which lead sources are bringing in the ROI, and which ones need to be rethought. (And are you leveraging the right technology to track each source properly?)
You need tools in your marketing arsenal to engage and re-engage (and re-engage) your existing database, and market to new clients in an engaging and personalized way. Automated email, texting, social media marketing, custom landing pages to promote exciting things like new listings, featured properties, a new homebuyer seminar- you name it!
Real Estate Success Roadblock #3: Not Tracking Actions and Measuring Results
We feel like a broken record talking about tracking everything, but it’s just because we know it works and it’s the proven way to optimize your marketing, your business, and your growth. But, so many agents fail to do this because they’re too busy, and don’t have the right system to make it easy. (Like…automatic easy).
When you’re tracking everything (website visits, email open rates, website traffic sources) you get a clear picture of what marketing efforts are bringing the ROI, what leads are ready for action, and what is converting. This is critical information to help you focus on what matters and what will ultimately drive your growth.
As Tom Ferry says “Marketing is math and there’s a direct correlation from the numbers in my savings account to the numbers in my marketing.”
So make it easy on yourself. Get the tech system in place to track every single click, view, open and action. At BoomTown, this is where we geek out, so reach out if you need to learn more. And if you have a system that’s just not doing the job, let’s talk about that too.
Real Estate Success Roadblock #4: Not Enough Accountability
The most successful businesses are built on systems. This means they are run with the structure of the right software, and repeatable systems for success built around it. It’s a process, it’s a culture, it’s a direct line to success.
Every year you should take an audit of your software and services and make sure you’re leveraging them to improve your service offering. Investing in this means you can step back from the whirlwind. It means your direct involvement in every fire drill is unnecessary, and the fire drills are few and far between.
It also means that your team understands the expectations and they “why.” They know that when A happens, the next step is B, and then we move to C.
Find a tech partner that gets this. You don’t want a platform that doesn’t have a system. That means it’s a complete package and a real partner with training on the best practices, dedicated advisors to help you improve and optimize, and coaches who have been there and succeeded, and now they’re here to share and help you succeed too.
Real Estate Success Roadblock #5: Doing it All
Penny wise, pound foolish. The cost vs. the growth mindset. However you’d like to phrase it, many agents are operating under the misconception that technology, good marketing, and outsourced services are a cost, rather than an investment.
They’re not running their business with a business mindset, and it will cost them their growth and success. By nature real estate professionals are go-getters and entrepreneurs, but one person trying to “do it all” will ultimately not empower the business to succeed.
You have to have the leadership and growth mentality to put the right technology and tools in place to handle your email marketing and automation, your digital marketing and social media marketing. You need the tools to track performance, test new campaigns, and drive traffic back to your site. Every lead needs to be followed up with and nurtured. And the list goes on. This is a list that should be divided between experts and savvy tech. When the right ones are in place, the results are astounding.
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