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  • 7 Tips for Increasing Operational Efficiency in your Real Estate Business

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    • Voicelytics Chief Editor
    • March 3, 2020
    • 17:53

    So you run a real estate business and you’re looking to increase customer sales? Or, you have an established client basis and you would like to increase customer retention?

    No matter what your needs, the good news is that you’re in the right place because today, we’re exploring all that relates to optimising your real estate business and its operational efficiency.

    We’ve carefully curated a list of our 7 top tips that will be sure to help guide you and your business in achieving long term growth and sustained success. So, let’s dive in.

    1. Make collaboration easy

    From customers to employees and brand partnerships, ensuring your real estate business encourages collaboration is key to success.

    Whether it’s enabling brands to connect with your business on social media platforms by listing that you’re open to partnerships or it’s using an effective online software that optimises teamwork, collaboration is a priceless component to any thriving real estate business.

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    2. Have a strong online presence which converts

    Without a strong social media presence, your real estate business is somewhat like an unclothed manikin.

    As Sprout Social explains, “Instagram now has over 1 billion monthly active users–a 42.86% increase from 2017 when it had 700 million. That’s a lot of growth in just two years’ time. Among these users, 90% follow a business on the platform, suggesting that Instagram users are keen on hearing from and about brands.”

    And, that’s just Instagram alone. When you consider the potential other social media platforms offer such as Facebook, LinkedIn and Youtube, it’s a significant missed opportunity if your real estate business doesn’t get on board with some of the world’s most effective marketing platforms.

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    3. Use technology to optimize performance

    In the increasingly digital world that we now live in, it’s never been more important to ensure your business employs effective technology within its strategy. Online software can increase the overall efficiency of your company whilst saving your business significant time and money. Similarly, there is a wealth of digital platforms to optimise your brand’s performance when it comes to customer communication and retention, financial management, real estate previews, home viewing calendars and much more.

    In the same way the invention of cars transformed the way we travel, technology has transformed the way we do business. And, if you’re not using technology, it’s most likely that you’re not maximising your time or putting your energy where it matters. Instead, you may be exerting effort for IT tasks whilst there’s an affordable software that can do a better job in less time.

    That’s why it’s an absolute must to ensure your real estate business is taking full advantage of all that the digital world has to offer.

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    4.Improve employee retention and satisfaction

    Ensuring your employees satisfaction is fundamental to your business’ development and long-term success.

    As Cake HR explains, “Among the most common issues, former real estate agents and brokers list workplace conditions, poor corporate training, lack of health safety and security, and payroll.

    What’s more, the graph below reflects that there’s a link between poorly paid agents and their workplace dissatisfaction.

    How job satisfaction impacts your income | Source: Real Estate Express
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    To negate this problem it’s a good idea to outline your employees wages from the outset, ensuring that they are in line with industry standards. Creating comfortable, supportive and safe environments for your staff and establishing an effective Human Resources Team may also be helpful.

    5. Establish performance measurements and hold your crew accountable

    One of the easiest ways to disable your real estate businesses efficiency is to overlook accountability. By establishing a company culture which incorporates performance measurements and reviews into its framework, you’re better equipped to foresee future setbacks, improve on areas of weakness and ensure your employees are both satisfied and effective.

    Plus, they can be easily implemented. Simply set a regular date for your reviews, create an easy and effective process and voila!

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    6. Streamline communication with customers

    Ah, the wonderful world of communication. Whilst it may seem an easy task, communicating with customers in a real estate setting is no easy fate. When selling and buying property, it’s fundamental that your business has a streamlined communication system down to a tee.

    What’s important here is to ensure that the customer’s experience of communication is one of ease. Whether it’s having a phone call or chatting over email, your business should avoid delay and miscommunication.

    The difference between converting a customer and not may depend on how quickly your business responds which is why it’s worthwhile researching what communication platforms are on offer and which will work best for you.

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    7. Have a clear mission for your business

    Without a purpose, your business is at risk of becoming a soulless money-making machine. It’s increasingly fundamental that your real estate business stands for a clear mission and remains transparent about this mission from the outset.

    As Shelton Group explains, “Eighty-six percent of consumers believe companies should take a stand for social issues – and they’re ready to support that stand with their purchases. But don’t fall for just anything. To truly connect with consumers, choose the cause that fits your company best.

    By understanding what your business stands for, outlining brand values and creating a strong company culture founded on purpose, you will find both clients and employees are more inclined to choose and stay with you.

    To learn more about a solution we’ve built for the real estate industry go to: http://www.voicelytics.com/realestate/

    If you’re looking to learn more about how we can help your real estate business or you’re interested in finding out further tips about optimising your efficiency, feel free to get in touch.

    No matter what your question, our helpful, responsive and knowledgeable team will be sure to get back to you as quickly as possible!

    As experts in the field of real estate, we know all there is to know about the industry and are here to help you save both time and money, wherever possible. Simply say hello on our social media platforms, send us an email or give us a call.

    We look forward to hearing from you!

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