Discover proven strategies to grow your real estate business in 2023. This blog post reveals the top real estate business growth strategies to stand out in today’s competitive market.
The real estate industry has a low entry barrier. Anyone with a 15% down payment on a property can start the business in 2023.
However, because it is such an attractive market, the influx of new competition is inevitable and fierce. So, if you don’t keep growing and staying on top, you risk losing your voice in the crowd.
Thankfully, here, we uncovered the real estate growth secrets that can give you the competitive edge you need. Use them to grow and scale your realty services in 2023.
But first, let’s explore the trends you can jump into to drive your growth journey.
Table of Contents
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Real Estate Marketing Trend for 2023
With so many new and exciting trends emerging, staying ahead of the curve is more important than ever. We’ve rounded up some of the most dominant real estate trends to capitalize on in 2023.
1. Virtual Staging
Virtual staging is a process that involves digitally imagining and furnishing vacant or empty properties to make them more appealing to potential buyers or renters.
Say goodbye to traditional staging processes which can be expensive and quite strenuous. By using intuitive digital tools, you’ll be able to transform the style of furniture and accessories in a room to show your clients.
And the best part? Virtual staging is up to 97% more affordable than conventional methods, making it an irresistible trend to use in your real estate business.
We recommend VisualStager, a do-it-yourself virtual home staging solution. Just upload your room photos and select from over 4,000 furniture items. The software is also one of the most affordable in the market.
2. Video Tours
A picture is worth a thousand words, but today a compelling video tour can be worth a thousand leads. It is a great way to showcase your property and grab the attention of potential home buyers.
These immersive experiences give viewers a virtual tour, helping them understand the flow, layout and overall feel of the property. A visual experience has a positive impact on the conversation rate in the real estate sector.
3. Aerial Views with Drone Photography
Most real estate professionals now use drones to capture realistic aerial photography. Gone are the days when it was mandatory to organize a property viewing. Now you can showcase your property with vibrant photos and videos that capture all of what makes a community and property stand out.
4. Interactive Viewings with Virtual Tours
Physical open houses are becoming less common, but the desire for immersive property experiences is still strong. Virtual tours provide a way for potential buyers from anywhere to explore a property’s layout and get a true feel for its size and atmosphere.
It’s similar to a physical walk around the grounds, but there are no time or distance restrictions. There are signs that this trend will soon become an industry standard. As such, you cannot afford to skip using it to show off your listing.
Now, with these sorted out, let’s explore some of the real estate challenges you’ll face in 2023.
Real Estate Business Growth Challenges In 2023
Here are aome of the biggest growth challenges for realtors in 2023.
1. Failure to Leverage New Technology
Technology is changing the way people buy and sell real estate, and real estate businesses that do not leverage new technology will be at a competitive disadvantage. So, it’s no surprise that using any or all of the technologies just discussed will help you reach a wider audience and close more deals.
And this article will uncover some of the secret tools savvy realtors use to supercharge their growth.
2. Ineffective Marketing
Online marketing is important for real estate businesses. For instance, real estate brands that regularly blog—producing more than 15 articles per month—get five times more website traffic.
Ineffective marketing can have a huge impact on your real estate business as it leads to a shortage of prospects. If people don’t know about your business, they won’t use your service. It’s that simple!
3. Not Meeting New Industry Standards
The real estate industry is constantly setting new standards, and businesses that fail to meet these standards will be at a disadvantage. For example, the industry is moving towards a more paperless environment, and businesses that fail to digitize will lose out.
Now, how would you grow your business in the face of all these challenges?
Let’s find out.
Top 7 Strategies to Grow Your Real Estate Agency
Real estate is a highly competitive industry, and can be challenging to stand out. However, with the right strategies, you’ll grow your business and achieve your goals.
And here are some of our favorite business growth strategies for realtors
1. Define Your Marketing Goals
The first step in growing your real estate business is defining your marketing goals. Don’t wait for new customers to find you, be proactive and promote your business with a thoughtful marketing strategy.
The aim is to set well-defined goals that are measurable and achievable.
And here are some steps to help you define your marketing goals.
Build your own marketing strategy
Align your strategy to meet your business goals and maximize conversions. A targeted marketing strategy serves as a guiding compass, helping to direct and control the success of your business.
The first step is researching your target audience.
Take the time to gather information about your ideal customer. Find out what their pain points are, how they currently try to solve the problem and the limitations they face. These will help tailor your offering to their needs.
Focus on Creating a Consistent brand image
A consistent brand image is key to building trust and authority. You can pull this off through personal and business branding. Begin by ensuring that everything you do looks and sounds the same.
This includes your website, social media pages, ads, and even how you and your team talk to people. Also, make sure what you say matches what you do and aligns to your goals across all touchpoints.
2. Be Strategic
Once you have defined your marketing goals, it’s time to be strategic in your approach. Here are some key strategies to consider:
Create a Unique Selling Point (USP)
Research shows that companies with strong USPs outperform their peers by an average of 20% in terms of revenue growth. A compelling USP can help you stand out in the market and give you a competitive edge.
Your USP, for instance, might be offering specialized services or expertise in a particular area of real estate. But whatever it is, make sure you consistently highlight it in all your marketing efforts.
Do Keyword Research and Competitor Analysis
Find out the search term your prospect uses to target them when they are most likely to convert. Also, spy on your competitors to uncover why they are ahead of you on the search results page.
Thanksfull, SEO tools like Marketing Miner helps you conduct extensive keyword research and competitor analysis. You can begin with the 1,000 free credits. It’s one of the favorite tools in our techstack.
Pro Tip: Our Marketing Miner Review can guide you on using this tool to plan data-driven marketing. In the post, our team uncovered the exact ways we use the software to supercharge our marketing.
Perform Thorough Backlink Analysis
Backlink analysis can help you find link-building opportunities, build domain authority, and support your overall SEO strategy. Marketing Miner comes highly recommended for backlink analysis to identify opportunities for optimization and improvement.
Pro Tip: Backlinks are essential to outrank your competitors. However, getting them is not a walk in the park. But Adsy can help. It streamlines our backlink building campaigns, enabling us to build enough links to rank highly on search.
3. Get Your Audience’s Attention
One of the most important aspects of growing your real estate business is getting in fron of your target audience. And here some of ways to do that:
Get a website
People want to work with real estate professionals with a solid online presence. They also want to understand who you are, what you bring to the table and what other customers think of you. And the most straightforward way to achieve this without breaking the bank is building a business website.
Another way to grab your audience’s attention is to be active and prominent on social media platforms like Facebook, Instagram, and LinkedIn. These platforms are great for reaching and building relationships with a large and diverse set of potential customers.
Also, use social media paid ads to reach more people without personalised offerings.
Pro Tip: Our recommended tool for social media management is Sendible. The software does exactly what it promises. It helps you manage your social media platforms seamlessly to grow your audience.
Target the Google Front Page
Getting on the Google front page can put you ahead of the pack.
A study found that pages that rank first on SERP generate 10x more clicks than those in tenth position. SEO could also deliver 20x more traffic than PPC on mobile and between 5x and 12x ROI. So, optimizing your pages for search engines is worthwhile.
However, it takes 100 days on average to hit the second spot on SERP.
5. Get and Use Feedback to Your Advantage
You can identify your strengths and weaknesses, learn from your mistakes, and discover new opportunities by getting and using feedback from different sources. Follow these tips make the most of customer feedback for business success:
Network With Fellow Real Estate Professionals
One of the best ways to get valuable feedback is to network with other real estate professionals who can provide support, advice and insight. You can learn from their experiences, challenges and successes and get candid feedback on your own performance and opportunities for improvement.
Gather User Feedback and Analyze Website Interactions
Use Hotjar to get automated feedback on website visitors.
It does this by providing you with heatmaps—visual representations of how your visitors or clients click, move, scroll, or interact with different elements on your website pages. The tool also records users’ sessions, showing exactly how they browse your site.
Use these insights to optimize your website design, content, and functionality..
Pro Tip: Read our Hotjar review to see howit helps us get regular feedback and understand our website visitors for conversion optimization insights.
Continuously Improve Your Skills and Services Based on Feedback
Feedback is only useful if you use it to continuously improve your skills and services as a real estate professional. Don’t take customer feedback personally. Instead, see it as an opportunity to learn and grow.
6. Generate Referrals for More Sales
On average, real estate agents get 42% of their business from past clients. About 82% of all real estate deals happen because of repeat clients and referrals from happy customers. You can leverage referral marketing to grow your real estat business in 2023.
And here are some tips for you:
Prioritize Client Satisfaction
Satisfying clients through every stage of their transactions is a surefire way to generate referrals. The reason is, it help you build strong relationships with cliens, consequently, increasing the likelihood of getting referrals from them.
Actively Ask for Referrals
Some customers won’t act until you nudge them.
So, proactively solicit referrals from satisfied customers. You can entice them with freebies, like discounts, checklists and DIY guides. And when you have those referrals, keep them in the loop through every stage the referred customers take with you.
This kind of regular update show that you value them. It also gets them involved in your sales and marketing processes, building more brand connections. Remember to reward their efforts with some gifts when their referrals convert to get more from them.
Systemize your referral strategy
Randomly asking customers for referrals might not be enough.
You’d need to systemize your processes to get more from your happy customers. Having a structured referral marketing strategy adds predictability to your process, making scalability effortless. Your best bet is running a loyalty program.
And LoyalZoo can help you do just that.
It promises to grow your busines by helping you build better customer relationships. And the app creators believe the software can boost your revnuw by up 14%.
7. Leverage Technology
Real estate agents who use technology to automate their workflow save an average of ten hours weekly?
This frees up time to focus on more important tasks, such as building relationships with clients and closing sales. And you can do the same to save time and resources and provide improved customer service.
Here are two ways to go:
Automate Repetitive Tasks and Processes
Use tech to automate repetitive tasks and processes.
For example, you can connect Facebook to your CRM system with Zapier. So, whenever you get a new lead on Facebook, Zapier will automatically update your CRM with the new information. You can also connect your CRM or email list and SMS software to reach prospects on their mobile devices.
Incorporate Virtual Reality for Property Showcasing
Virtual reality technology lets you create immersive and realistic simulations of physical environments.
It helps you deliver unique and innovative experiences to your customers while reducing travel costs and time. Incorporate it into real estate presentations to create an immersive experience for clients.
Our Recommended Real Estate Business Growth Tools
These tools can help you grow your real estate effortlessly in 2023:
Marketing Miner Marketing Miner is a data mining tool that helps you perform keyword research, content analysis, backlink analysis, SERP analysis and more.
- Find keywords your potential customers are searching for and optimize your website accordingly.
- Analyze your competitors’ websites and see what you can improve on.
- Discover new content ideas and topics that can attract more visitors and engagement.
- Free plan that allows you to perform 1 project with 1000 credits per month.
- Paid plans start from $29 per month.
Gaining more insights into your website performance and SEO strategy.
Surfer SEO helps you create SEO-friendly content that ranks well on search engines. You can use it to analyze your existing content, generate new content ideas, optimize your content for specific keywords and measure your results.
- Write or edit your content based on real-time SEO suggestions.
- Generate content briefs and outlines based on your target keywords and competitors’ content.
- Compare your content with the top-ranking pages and see what you can improve on.
- 7-day trial for $1 that grants full access.
- Paid plans start from $19/month, billed annually.
Real estate businesses that want to dominate search results pages with high-quality content.
Adsy is a link building tool that helps you get backlinks from relevant and authoritative websites.
- Browse through thousands of websites accepting guest posts.
- Monitor your link building campaign, links and metrics.
- Pay-as-you-go model
- Prices range from $14 to $120.
Building domian authority by getting backlinks from high-quality websites.
Rank Math is a WordPress plugin that helps you configure your site settings, add meta tags, schema markup, breadcrumbs, sitemaps and more. You can also use it to monitor your site performance, analytics and errors.
- Edit your title, description, URL, keywords and other meta tags for each page or post on your site.
- Add structured data to your site and make it more appealing and informative on search engines.
- Free version offers basic features and functions.
- Pro version starts from $59 per year and offers more advanced features.
Real estate brands wishing to streamline on-page SEO.
Customer acquisition tools
Customer acquisition tools let you grow your customer base and revenue. Here are some that we recommend:
Collect Chat is a chatbot tool that helps you collect leads, feedback and bookings from your website visitors.
- Capture your visitors’ name, email, phone number and other details and send them to your CRM or email marketing tool.
- Let your visitors schedule a consultation, viewing or call with you and sync it with your calendar.
- Free plan lets you create 1 chatbot with 50 responses per month.
- Paid plans start from $24 per month with full features.
Engaging website visitors and converting them into leads.
Outgrow is a tool that helps you create interactive content such as quizzes, calculators, polls, and assessments to generate leads, educate your audience, and increase conversions.
- Help your visitors determine what type of home they should buy based on their preferences and budget.
- Calculate visitors’ monthly payments, interest rates, and loan terms based on their inputs.
- 7-day free trial full access features and templates.
- Paid plans start from $14 per month.
Creating interactive content that attracts, educates, and converts real estate websites’ audience.
Sendible is a social media management tool that helps you plan, create, publish and measure your social media campaigns.
- Run PPC ads on Facebook and Instagram to reach more potential customers.
- Schedule your posts at optimal times based on your audience’s behavior and preferences.
- A 14-day free trial gives you access to all the features and integrations.
- Paid plans start from $29 per month.
Managing social media presence and running PPC ads to boost their brand awareness and lead generation.
Lumen5 is a video creation tool that helps you turn your blog posts, articles, stories and ideas into engaging videos.
- Automatically convert your blog posts into videos with relevant images, clips and text.
- Create videos from scratch or from templates with drag-and-drop functionality and AI assistance.
- Free plan that allows you to create up to 5 watermarked videos per month.
- Paid plans start from $19 per month.
Creating engaging videos that showcase your properties, services, and expertise.
Customer Retention Tool
Customer retention is important for any real estate business that wants to increase its customer loyalty, satisfaction, and referrals. Here are some of the customer retention tools that we recommend:
HotJar is a tool that helps you understand how your website visitors interact with your website.
- Visualize where your visitors click, scroll, move, and tap on your website pages.
- Ask your visitors questions about their experience, satisfaction and expectations on your website or via email.
- Free plan lets you collect data from up to 2,000 page views per day with limited features.
- Paid plans start from $32 per month (billed annually) or $39 per month
Loyal Zoo is a loyalty program software that helps you reward your clients for referring others to your services or listings.
- Customized loyalty programs that suit your business goals and objectives.
- Enroll new clients, track their progress, redeem their rewards, and send them reminders or notifications.
- Market your loyalty programs effectively and increase your referrals.
- Free plan allows you to create one loyalty program with limited features.
- Paid plan starts from $57 per month per store.
- Annual subscription gives you two months free at $570 per year per store.
Creating and managing loyalty programs for clients, thereby generating more referrals and repeat business.
Zapier is a web-based system that creates automated workflows by making different web services and apps work together seamlessly.
- You can integrate different apps and services that you use for your real estate business.
- You can create customized workflows that suit your needs and preferences. For example, you can create Zaps that trigger based on certain events or conditions.
- Free plan that allows you to create up to five single-step Zaps and perform up to 100 tasks per month.
- Paid plans that start from $20 per month with full features.
Real estate businesses that want to automate their marketing.
Now Developing Your Real Estate Growth Plan
You have learned some of the best strategies to grow your real estate business in 2023. But how do you tie them all together and create an actionable, omnichannel real estate growth plan?
1. Define Your Strategies
Define the specific steps, tasks, or activities that you will implement for each priority. Use the tools and resources that we have recommended in this article to help you with your strategies.
2. Measure Your Metrics
Identify the key performance indicators (KPIs) that will measure your progress and results for each priority and goal. Choose metrics that are relevant, quantifiable, and actionable.
3. Assign Roles
Build your team and assign spelt-out responsibilities to each member. Let them know where they come in and how the success of the overall strategy depends on meeting their goals. Also, define their KPIs and appraisal methods and timeline.
Now, clearly articulate these three items in a policy document to create your real estate growth plan. Also. define the process for reviewing the document.
Measuring Your Real Estate Business Growth
Measuring your real estate growth is crucial for understanding how well you are performing as a business and where you can improve. But what are the right metrics to measure? And what are the best tools to measure them?
Here are some of the most important KPIs for real estate growth and the tools that can help you measure them:
1. Website Traffic
This is the number of visitors who come to your website from different sources. Google Search Console can help you monitor and analyze your website traffic data.
2. Lead Generation
This is the number of leads that you capture from your website or other marketing channels. You can use Leadfeeder to track and identify visits to your website — even if they don’t leave their contact information.
3. Conversion Rate
This is the percentage of leads that turn into clients or customers. Use Hotjar to understand how your leads use your website and what they think about it.
Optimizing Your Real Estate Strategy for More Growth
Measuring your real estate growth is not enough. You also need to optimize your real estate strategy for more growth. This means using the data and insights that you get from measuring your metrics to make informed decisions and adjustments to your plan.
Don’t shy away from experimenting with new ideas and strategies that can help you grow your real estate business. Next, try keeping up with the latest trends, technologies, and customer preferences to stay relevant and competitive.
Final Thoughts On Real Estate Business Growth Strategies
Real estate goes beyond developing and goes beyonddeveloping and selling iesproperties, it is also about building relationships, solving problems and creating value. And the strategies here can help you stand out and scale your business quicker.
If you can do these consistently and with the recommended tools, you’ll be on your way to success.
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How Do I Grow My Real Estate Business Fast?
There is no shortcut to growing a real estate business fast. However, some of the best practices that can help you accelerate your growth are:
- Choosing a niche market
- Building a strong brand identity
- Creating a unique value proposition
- Generating high-quality leads
- Nurturing relationships with prospects and clients
- Providing excellent customer service
- Asking for referrals and reviews
- Leveraging technology
- Measuring and optimizing your results
How Do I Get More Clients as a Real Estate Agent?
Getting more clients as a real estate agent depends on how well you market yourself and your services. However, following our tips and integrating the recommended tools can give you impressive results.
How Can I Stand Out from Other Real Estate Agents?
One way to stand out from other real estate agents is by showcasing your value proposition. Give out services that no one else in the industry is giving. This will endear potential clients to you and eventually win them over.
What Are the Best Tools for My Real Estate Business Growth?
Different tools suit different needs, goals, budgets, and preferences, so you may have to evaluate each tool based on these criteria before settling. However, use tools like Capterra or Software Advice to find and compare different software solutions for your real estate business growth.
How Can I Create a Unique Value Proposition for My Real Estate Business?
To create a unique value proposition, you need to identify your target market, your core services or offerings, your benefits or solutions, and your proof or evidence. Then, you need to combine these elements into a clear, concise, and compelling statement that communicates your value to your potential clients.