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3 September 2018

Five Ways the Top Real Estate Companies Remain Relevant and Profitable

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Over the past few decades, the real estate business has continuously evolved. The introduction of technology and social media has once again changed the way real estate is purchased and sold. Staying ahead of the curve keeps the top real estate companies in business. Companies need to hire agents that do the same. Here are five critical ways agents can remain relevant and profitable as the years pass.

Expand Your Knowledge and Expertise

Online resources encourage people to buy and sell homes on their own to try to save money. Despite the availability of such sites, most people still choose to work with a licensed real estate agent. Websites and apps cannot provide the customized information an agent can. Buying or selling a house is one of the most significant financial decisions of a lifetime. Clients want someone to hold their hand every step of the way. Agents who continually expand their knowledge and expertise will always have clients. Understand purchase agreements, contracts, easements, and variances. Take voluntary continuing education courses to learn topics others don’t know. Embrace technology such as digital cameras, social media, mobile websites, and organizational apps. Bring one-of-a-kind value to clients, so they recognize your worth to them.

Become a Data Interpreter

Modern real estate agents have become data interpreters. Buyers and sellers have access to a myriad of information online, from home values to school district rankings. However, information on a website or page does not provide the complete story. Automation home valuations are often inaccurate. School district grades can be misleading. A real estate agent can sift through the data and provides clear facts to clients. Parents want to know if a school has a vibrant parent-teacher community and robust special needs programs. Sellers need to find out which home renovations are a worthwhile investment to boost their bottom line in their local market. Buyers don’t want to pay more for a home than it is worth and wind up underwater for years to come. A dedicated real estate agent uses general data and personal research to provide meaningful insights to clients.

Dig Into the Local Vibe

Localization is another benefit only real estate agents provide. Relevant agents integrate themselves into the fiber of the community they serve. They are eager to dig into the local vibe, experiencing the best the neighborhood has to offer. From joining civic groups to dining at the area hot spots, agents know where to be seen and interact with locals. Profitable agents know how to share their enthusiasm for the community with potential clients. Share information about neighborhood attractions, events, and share updates on a blog and social media. Visit homes as they go on the market to visually determine their value. Compile a list of comparable local sales with a customized analysis of the current market in the area. People buy into a lifestyle and neighborhood as well as a home. Agents can help them find the perfect niche for a sense of belonging.

Offer a Full Range of Resources

Websites can offer links to resources, but there is no personal touch. A relevant and profitable agent networks with local professionals. Agents should build personal relationships with business people in the area who can help each other. Pros to know include builders, home staging experts, lawyers, accountants, mortgage bankers, inspectors, engineers, contractors, pest control companies, landscapers, title companies, assessors, and cleaning companies. Buyers and sellers gain instant access to a team of experts who help move the deal along smoothly. From cleaning out a house to listing it to finding the right mortgage, an agent can take the pressure off a client every step of the way. Get to know each potential team member to ensure they provide the highest level of service with integrity. Engage in reciprocal referrals to build a network of potential clients for everyone. Create influential liaisons that benefit everyone involved.

Get to Know the True Meaning of Profit

Making more money does not necessarily mean an agent is profitable. It is crucial to continually check the numbers and make the necessary changes to remain profitable. Know the definition of profit, which is the cash left in an agent’s profit after expenses and taxes. The formula to determine profit is commission minus expenses and taxes equals an agent’s pay. If that number falls short of an agent’s goals, there are three ways to boost it. The first is to increase commissions by making more sales. The second is to reduce expenses, such as handling specific administrative tasks to save money. And finally, often it makes sense to consult with a tax accountant to discover ways to decrease taxes. The numbers are continually changing and the agents who make money stay on top of them.

The top real estate companies stay relevant and profitable by hiring dedicated agents. An agent who harnesses the power of technology and continues to learn about the local market each day is worth his or her weight in gold. Everyone benefits when a dedicated agent helps buyers and sellers achieve their goals.

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