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Communication, sales, customer service and attention to detail spring to mind when we discuss skills that are essential to running a successful estate agency.
Most people reading this article will already be heavily involved in the property industry and have a degree of experience.
However, what is often forgotten is how much new and additional knowledge is typically required to differentiate and become a unique leader in the industry.
When setting up your own estate agency you may need to venture slightly out of your comfort zone to improve upon skills that you are not as used to taking advantage of.
For example, technological proficiency and being comfortable using technology and real estate software tools. Proficiency in using CRM systems, online listing platforms, email marketing tools and social media platforms like Instagram, Twitter and Facebook can enhance productivity and marketing efforts.
Here’s my top 10 tips on the fundamentals that you will need to consider.
BUSINESS PLAN
A business plan will help you clarify a vision for the business and define your short-term and long-term objectives. It forces you to think critically about your goals, target market, services, and strategies for success. This clarity provides a solid foundation and guides decision-making throughout the business journey.
MARKET RESEARCH
Before launching your estate agency, research the local market extensively. Understand the current trends, competition, pricing and customer preferences. This knowledge will help you position your agency effectively. Coming up with a unique selling proposition is becoming harder for estate agents, so if you do not have one in mind, focus on perhaps selling a lifestyle, with excellent service along the way.
ONLINE PRESENCE
Having a robust online presence is crucial for any business. Create or purchase a professional website for your agency, optimise it for search engines and provide comprehensive property listings and contact information. Leverage social media platforms to engage with potential clients and showcase your properties.
NETWORKING RELATIONSHIPS
Networking is key. Attend local events, join professional associations, and engage with other industry professionals. Establishing relationships with other agents, brokers, lenders, and conveyancers can lead to referrals and collaborations that benefit your agency.
CUSTOMER SERVICE
It should be a given but focus on delivering exceptional customer service to differentiate yourself from competitors. Be responsive, listen to clients’ needs and provide timely updates and feedback. Going the extra mile to meet and exceed client expectations can lead to repeat business and referrals which is the backbone of a good estate agency’s future pipeline.
MARKETING STRATEGY
Develop a comprehensive marketing strategy to promote your agency and its services. Utilise both online and offline marketing channels such as social media, email marketing, print media and direct mail campaigns. Consider partnerships with local businesses to cross-promote your services. Initially, routes might include leaflet drops and organic social media posts outlining testimonials, video content and a display of your knowledge as an expert estate agent.
KEEP UPDATED
The property market is dynamic, regardless of where you are operating, so it’s crucial to stay updated on industry trends, regulations, and technological advancements. Attend seminars, workshops, and conferences and invest in continuing education for yourself and your team.
STRONG BRAND
Developing trust and integrity is absolutely essential for any business and estate agents are trusted with, what is often, the largest and most important event in a person’s life. A strong brand creates a perception of value in the minds of clients. When your brand is associated with quality, expertise, and outstanding service, clients are willing to pay a premium for your services.
MONITOR FINANCES
Keep a close eye on your business finances and monitor them closely. Maintain proper accounting practices, track expenses, and regularly review your financial statements. This will help you make informed decisions, identify areas for improvement and ensure the financial health of your business.
AUTOMATE, AUTOMATE
Automate as many tasks as possible to allow you to focus on what you are good at and to ensure that productivity is maximised at all times. A growing business can better attract talented individuals who are seeking new opportunities and challenges. Growing your business will help facilitate diversifying your revenue streams.
Jamie Arthur is Managing Director of Property Webmasters.
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