When is it time to expand your business?
One of the most important question in business is, when is it time to expand and the answer might not be very clear. Here are some tips for you!
Do you have the demand?
Before thinking of expanding your business there must be a demand for your service. If your home base is in one city but you have many customers inquiring from another area then perhaps it is time to expand to another location.
Can you do your job efficiently?
As demand for your business grows, there will be more responsibilities for you to take of. If there is more demand for house showings and consultation then you can hire an operations manager to help organize your activities. Likewise, it might be a good idea for you to hand off other aspects of your organization to a professional such as marketing!
Do you have a lot of cash?
Having a safety net of cash is great however too much of it can be inefficient. The money that you have should be reinvested back into your business to help it grow. You can also use this money to invest in other ventures that support your current business. Perhaps you can start a real estate photography business on the side.
How to expand your business
Invest in a CRM
A CRM is a Customer Relationship Management system. This is crucial in real estate because it will help you organize your leads and establish a system to make the home buying or leasing process easier and more efficient.
Create a website for you business
If you haven't already done this as a realtor then you must. In this day an age, everything is done online. Before contacting you, your clients will want to be able to see your work and let you advertise what you do at the comfort of their own home. It also makes a good point of reference when they need to contact you or while choosing a service.
Referrals and Networking
In the real estate industry, a connection can get you far. Make it a point to attend networking events and when you network with someone make sure to follow up. Nurture those relationships and ask for referrals. The best part about referrals is that it is free marketing!
Be on top of your stuff!
It is a competitive market out here and you need to be aware of the ever changing landscape. Being in the know about the market will give you good insights on how to better market to your audience. If it is a seller's market how can you market this to home owners and if it is a buyer's market how can you make it more enticing for home buyers?
There are many more ways to to expand your business these are just a few ideas to get you started!