Try These Tactics to Expand Your Business
As this year winds down, so does real estate activity in your community. While you should stay top-of-mind through your holiday marketing, you can use this extra time to re-evaluate your real estate business with the goal of promoting sustainable growth in the coming year. There are many different avenues and channels real estate agents can take to see more growth and additional income.
Thinking outside of the box and getting creative will help in more challenging times. Showing clients that you are constantly making changes to improve will instill in them a sense of trust that you will go the extra mile to make their dream home a reality. With that in mind, here are some ideas to reinspire your real estate business in 2021.
Fix it and Flip it
If you’ve ever considered flipping a house, you’re not alone. Whether it's for you or your client, flipping houses is a great way to make additional income. Based on TV shows, it may look simple, and you can make $100,000 without breaking a sweat. In reality, the smart way to approach fixing and flipping houses is to create a steady stream of income through multiple properties.
Mark Ferguson, a professional real estate agent and the owner of Invest Four More, urges eager flippers to remember that "the real money is not hitting it big with one flip, but in flipping multiple properties that make a modest profit."
This 12 bedroom, 3 bathroom family home, is the perfect example of a property you can invest in. Taking the time and effort and to fix, then flip it. And if at first you don’t succeed, check out our blog with home flipping tips!
Try Your Hand in Vacation Properties
Vacation properties are a great way for you or your clients to make some extra money. You can gain equity with property in a high-demand location while capitalizing on seasonal activity. In Vermont, you have the unique opportunity to capitalize on both the winter and summer seasons. Having a firm understanding of your audience will help you pick the properties that meet their needs.
The key to a successful vacation rental is to price the property low enough that it stays rented all year. If that’s not possible, ensuring you can make enough in the good season is essential to keeping this side-venture afloat.
This 4 bed, 2 bath home in Jacksonville is a great example of a vacation property to start you off. This charming farmhouse with a view of the river is a close drive to several ski resorts in the winter and provides easy access to lakes in the summer. Ready to be rented, or cheap enough to add your own touch, this home gives you plenty of opportunities to work with.
Upgrade Your Online Real Estate Presence in Your Community
Utilize some free time to audit your current website or online presence. Find areas of weaknesses and opportunities where you can update and revamp. In our current digital age and change of pace caused by the pandemic, having a strong online presence is extremely important for the success of your real estate business.
Your goal should be to become an online local real estate expert so you can best serve those who help your business grow. If you know what’s available in your community and have seen the areas firsthand, you can much more easily assist consumers who aren’t sure exactly what they are looking for and even aid those who have done their online research to determine where they want to live. Your goal should be to serve as a resource and valued connection for both types of customers, so stay on top of and in touch with the community that you serve.
Reinvest in Your Business
During slower periods, it can seem foolish to spend money and reinvest in your company. Reinvesting can take on many forms, so it’s important to assess what is a priority for you and your business.
For many businesses heading into 2021, an important channel in your business is your website. Many businesses have websites that look like they were created in 1998, and haven’t been revamped since. To stay competitive, it’s important to have a killer website that will boost your lead generation. Learn how you can utilize the internet to create more business with our free ebook.