Increasing Revenue in the Real Estate Industry

The real estate industry saw the integration of technology that allowed its practitioners to connect with clients when the pandemic started. The traditional method of selling real estate saw changes as people opted to stay home to avoid the virus.

Instead of buyers visiting the house for the tour, real estate professionals brought the house to their buyers through a virtual tour. But technology only facilitates the sale. In the end, real estate professionals should work to increase revenue.

Here are some tips that real estate companies can consider to increase their revenue in the middle of a health crisis.

Hire and Train the Right People

The first thing that a real estate company should do is to hire and train the right people. They should look for people who have experience or an understanding of the industry since it increases the chances of the person making a sale. A productive workforce can optimize the limited resources of the company.

The company can also consider hiring people who have sales experience even though it’s not in the real estate industry. It is easier for the company to impart knowledge about the industry than teaching people how to sell. A person with sales experience can easily acquire knowledge about real estate.

Training is also important since it ensures the people will start on the right foot when selling properties. The company should have a standard operating procedure (SOP) in training its agents. The training should cover different subjects in the industry, including property types, the technology used in the industry, and customer relationship management (CRM) software used in the industry.

The real estate company should also ensure their agents become familiar with the new real estate apps that they are using in their work. Becoming familiar with the software increases their productivity and efficiency at work. It also allows them to connect directly with qualified property buyers.

Develop a Routine

The real estate company should also develop a daily routine for their teams to follow. The routine should streamline their operations and increase the efficiency of the real estate professionals. For instance, they can start their day by reaching out to potential buyers and scheduling their tour of properties that they can consider buying.

After going through their list of potential buyers, the agents can focus on the tours of the properties and answer their clients’ questions. Following a routine allows the company to identify areas of improvement for their agents. It also allows the company to evaluate the routine and make the necessary adjustments to improve it.

Analyze the Workload

The real estate company should also analyze the workload of its agents. It should make sure the workload is not too heavy that it can affect their productivity. It also ensures the agents can deliver the best results in their work.

The company should create an efficient task distribution system to ensure equal workload distribution among the agents. Aside from the workload, it should also distribute the projects or properties to its agents equally sothat they have a good chance of making a sale.

Set Attainable Goals

Real estate agents can find it challenging to meet sales goals if it is too big. Due to this, the company should set attainable goals since it can encourage the agents to reach them. The company can set smaller goals that the agents should reach each week rather than the goal they need to attain for the quarter.

When the agents attain these smaller goals consistently, they will gain more confidence and increase their productivity and attain the goal for the quarter.

Provide Incentives

Even though the agents receive a commission for the properties they sell, the company can go beyond the minimum. They can provide a monthly salary to encourage the agents to meet more clients and perform better in their sales presentations. The salary also shows the agents that the company wants to make sure they have something to look forward to at the end of the week, even if they do not make a sale.

Aside from salary, the company can also provide incentives to top-selling agents or agents who can sell properties that are challenging to sell. It can also incorporate the feedback of clients in the incentive program to prevent bad selling practices. This method also shows the agents that the company is serious when helping its clients buy the best property in the market. Additionally, it can ask for referral bonuses from developers that it can give to its agents.

The real estate market cooled down after it surged when the pandemic started. But real estate companies can still increase their revenue by implementing measures to encourage their agents to sell more properties in the market.

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