When it comes to Commercial Real Estate, one thing is for sure–you are only as successful as your last deal. But as the hours we have in a day seem to dwindle and the demands on that time increase scaling to become the real estate broker or investor of your dreams can feel like pushing a rock up a hill, especially for those working for themselves as self-employed real estate investors. Luckily, the solution to scaling the right way and increasing your margins isn’t hidden at the bottom of some cave but can be found at your fingertips. Just apply these foolproof real estate tips for taking your business to the next level.
Scaling And Determining Your Business’s Growth Path
So, what is scaling? Why does it matter? How is it going to help take your real estate business from spending endless hours copying listings fliers to having your assistant do that for you? Scaling is putting your commercial and/or investment real estate business on a growth plan that has the longevity and sustainability of the business at the forefront of its implementation.
Not only that, but scaling can also differentiate you from competing real estate agents, brokers or investors by showing that you purposefully and strategically think about the future of buying and selling real estate and help make one-off clients life-long partners.
A Deloitte report revealed that “more than 70 percent of our surveyed CRE executives plan to maintain or increase their overall technology investments even if an economic slowdown occurs”. This highlights the importance that technology tools will play in any scaling strategy.
The first question you must ask yourself when determining how to scale your real estate business is, where do you see yourself in the future? Do you want to become a renowned real estate broker with a client list a mile long? Or maybe you see yourself as a developer, investor, or property owner with hundreds of real estate and commercial properties for rent, sale, or lease? No matter how modest or big your dreams are to successfully scale your commercial real estate business, you must first lay the foundation for success by investing in marketing, systems, and education.
Invest In Marketing, Systems, And Education
You’ve heard the saying before, “you’ve got to spend money to make money.” Nowhere is that more true than in Commercial Real Estate. That doesn’t mean you need to break the bank in the pursuit of increasing your cash flow. Planning where to invest your hard-earned dollars can help you get the most bang for your buck. You don’t have to have your MBA to create a strategy for your business. All you need is to focus on marketing, systems, and education to scale your business and increase your margins.
Investing In CRE Marketing
Without proper and effective marketing, your business ventures are most likely going to tank. Effective strategy and marketing execution are vital to the sustainability of your business. Creating a strong marketing engine is more than calling as many property owners as possible. It’s about delivering the right message to the right person at the right time, consistently and efficiently, in order to aid you with the succession of closing more deals. Effective marketing can lead to closing growth you’ve never dreamed of. You always need to be on the lookout to improve your marketing strategy, optimize it, and use tools that can automate steps in the process for you.
Investing in CRE Systems
You’ve done your time at the bottom rung of the ladder. You’ve made phone calls, booked appointments, spent countless hours hunting down leads. This is why it is equally important to invest in technologies and systems in order to create efficient processes for you to easily manage and scale with automation solutions like 1PropertyMarket, offer a wide range of automation and lead nurturing technologies, that allow you to focus more on marketing and closing deals, instead of hunting for them. Also, mega-hubs like Reonomy are great technologies for collecting and gathering pertinent data that can be used to elevate your market insights and reduce downtime by alleviating time spent searching.
Investing in CRE Education
Did you know that a successful business owner, is one that continues to learn, even after he/she becomes successful? That’s right, investing in continued education is a core component and separating denominator between those who succeed and those who fail. Keeping up-to-date on contracting techniques, regulation updates, and other industry changes, will ensure your CRE business is able to thrive, not merely survive. Taking advantage of advanced online CRE education like MTIPU, and MTIP Systems will make sure you are well equipped to gain more leads, close more deals, and lead the life you want, with success.
At first glance, real estate marketing is straightforward and yet simultaneously complex. With the amount of importance placed on marketing real estate, it’s no wonder so many real estate professionals ended up with ineffective strategies and abandoned social media channels.
Fortunately, there are many real estate marketing professionals out there to help guide you toward the marketing tools that are right for you. Whether bringing on a marketing professional to run your Instagram page or consulting with one on what SMS & RVMs gain the most traction, your investment in creating a marketing engine catered to your market and needs is sure to yield more leads and a return on investment.
Crafting Your Winning Strategy
You’ll often find that when creating your real estate marketing strategy, you will need to create processes that facilitate their seamless integration. This is where investing in systems comes into play. Systems cover everything from the software you use to your brand guide and ensure you become the real estate firm of the future and not a chaotic office stuck in the past. By implementing systems that automate tasks, you gain back precious time that would be better spent securing a new client or commercial real estate property.
Tools That’ll Boost Your Commercial Real Estate Success
Luckily, there are more tools than ever that help to aid the entire marketing process. 1PropertyMarket is an easy to use lead generation system that does a lot of work for you. By automating these processes, you can be more efficient in your approach. Additionally, you can use tools such as Zapier to closely analyze your workflows and automate more processes. Tedious and mundane tasks can be replaced or made more simple. Remember that it is essential to do this if you want to continue to grow. Work on what you do best, and let these tools handle the rest.
These technologies will transform the way you interact with your business forever and will expand your horizons on what you can accomplish with one hour of your time.
The use of the data is tipped to become even more important in the coming years. A Deloitte report states that, “CRE organizations appear to understand the importance of data governance, as nearly two-thirds of the respondents plan to somewhat or significantly increase data governance investments in people, processes, or technology over the next 18 months”.
Now that you have a killer marketing strategy and reliable systems in place, you’re all done scaling your real estate business and can focus on all of the commercial real estate properties for lease just waiting to be signed, right?
Not so fast. Now it’s time to reinvest in yourself. Investing in continued real estate education will set you apart from other Commercial Real Estate agents, brokers, and investors in ways that might not be immediately apparent.
Hitting the books and investing in education to learn about current trends in real estate will keep you abreast of the market, how brokers and investors are spending their money, and give you the tools to convert what you’ve learned into increased margins. Between managing your new marketing strategy, keeping your systems running smoothly, and educating yourself of current real estate trends, it can seem as if there aren’t enough hours in the day to get it all done. It’s time to assemble a team of trusted real estate professionals around you to take your commercial real estate business where you see it headed.
No one is an island. Even the most do-it-yourself real estate agents need help from time to time. This is a business that will require you to work with other people on a constant basis. Collaboration with others sparks the imagination allowing you to come up with creative business solutions that will propel your real estate life into the future.
While the number of real estate agents or other professionals you add to your team might look different than your competitors, one thing is for sure, having a group around you that mirrors your work ethic. Goals will lift not only your real estate business but you, too.
Maybe it means bringing on one real estate agent to assist with your growing portfolio of commercial property for rent or sale, or maybe it’s hiring a marketing professional to target new real estate clients and diversify your demographic.
It is vital to delegate correctly. This is done by giving precise tasks and having metrics that can be measured. Having clear goals makes the process smoother, and it means that less effort is wasted. Learn your team’s weaknesses and strengths, and then optimize the workload based on this. Delegating is all about finding the right balance, and knowing which team members you can rely on to deliver the quality that is required.
By determining your growth path, investing in marketing, systems, and education and delegating to a team of trusted real estate professionals, you will be on your way to scaling your commercial real estate business the right way and increase your margins now and for years to come.
Our Closing Inside Tips
Regardless of your approach, intent, and available liquidity, there are some simple tactics that can help boost your business to the next level. One of the hardest and most time-consuming parts of this business is lead generation and nurturing. Follow these simple tips to break free from the shackles and constraint and learn to start scaling today:
- Find data and approved properties to target
- Develop a winning message and a distribution engine that drives inbound leads
- Determine tasks that require a human touch
- Create systems for automation to enhance outreach automation and business processes