39 Enduring Ideas for Turning Your Real Estate Business Up a Notch
The real estate market may go through some peaks and some valleys, and certain marketing strategies may come and go, but some strategies for building a thriving real estate investing business are enduring, and will always be effective.
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Here are 39 of my favorite timeless ideas for growing your real estate investment business to the next level. I challenge you to choose at least one of the following and commit to implementing it into your current business. These tactics will be as effective in 5 years as they are today, so check ‘em out!
Get Involved Online
- Build a presence on the web. Build a blog, build up a sweet BiggerPockets profile, tweet, or join a Facebook group.
- Start a forum on BiggerPockets and create a dialog on something that you are doing right now.
- Write guest articles for other blogs.
- Innovation and creativity is important to REIs. Browse the BiggerPockets Forum and see what new things people are talking about. See if there is any synergy with your business.
Build, Nourish, and Develop New Relationships
- Be everywhere. Start to check out other REIAs in your area. Find new places to share your business card.
- Join a mastermind group.
- Create an elevator pitch for each type of person you deal with in your industry. Have a pitch ready for buyers, sellers, investors, agents, bankers, etc.
- You build relationships by communicating. In this day in age, the easiest, cheapest, and universally accepted way to do this is through email. So, build an email list of every one you do deals with. Commit to contacting them in bulk via a newsletter, or just simple questions to engage conversation.
- Directly call people that you haven’t seen or talked to in a while. You never know how this can open new doors for you.
- Create a VIP list of connections that directly result in revenue. This could be a VIP buyers list, or a list of private investors who fund your deals. Make sure these people are being reached out to on the reg.
- Reach out to local investors through BiggerPockets.com/meet. (Note – this is a new BP feature, so definitely check it out if you haven’t already!)
- Pull a list of the most recent and active cash buyers in your area. Connect with them and explore opportunities to build a relationship.
- Organize a local group meet up. Start with your real estate team and get them all together. Build a group dynamic.
- Go to a local planning board meeting to identify the players in your local municipality.
Learn Something New
- Get a mentor. Be a mentor.
- Set a ridiculously huge goal for yourself and regularly report on your progress to either your mastermind group, or friends and family.
- Find a REI podcast that you enjoy, such as the Real Estate Guys Radio Show or the BiggerPockets Podcast.
- Give a presentation at your local REIA.
Enhance Your Business Model
- Do what matters. Focus on doing more of what makes you money at the end of the day.
- Don’t be afraid to do what everyone else is not doing. Other people are probably thinking about it too, so be the first to make a move.
- Refocus on giving more than you receive. In the end it all comes back around.
- Make a really good case for why anyone buying or selling real estate would actually want to work with you. And mean it too!
- Go big time customer service. Go above and beyond the call of duty when helping buyers and sellers.
- Look to outsource discrete tasks to VAs to free up your time.
- Write a business plan. This could be very handy in circumstances where you need to work with the bank, particularly if you're going for a non-traditional mortgage loan.
- Cut out the ineffective marketing expenses.
- Work on your Craigslist headlines and copy.
- Split test your post cards or bandit signs.
- Try a new marketing strategy to find sellers. This may be something that you’ve been reading up on in the BiggerPockets forums.
- Repeat business is free. Take a look through to see if there are any sellers with opportunities to do repeat business. If so, nurture that relationship.
Evaluate Real Estate Portfolio
- Evaluate where value can be added by making strategic updates. Maybe a couple windows could be replaced, or a bathroom floor could be redone.
- Create a model to use past market behavior to predict future results of your business. If you’ve been in business for more than a year, use your historical data to fill in any assumptions you may have in your business model.
Build and Upgrade Your Website
- Make your website prettier and more useful for customers.
- Offer an affiliate program on your website to get wholesalers bringing deals to your step. Use Craigslist to point to your site.
- If your website is generating regular traffic, look to monetize it appropriately. AdSense is often the easiest and quickest way to start.
- Learn how to create video for your website.
- Find another member of your Real Estate team.
- Connect with an agent/broker who can bid on HUD.
- Make a splash. Go on a meet and great tour, going around talking to and/or meeting every REI professional in your market. Talk with the attorneys, agents, management companies, etc.
Okay, now what?
First, choose one or two of the above items and implement immediately. Next, come back here to report on your success.
If you’ve already tried one of these strategies, let us know which worked best for you. Also, let us know if there is something you would add to the list.
Tell us below in the comments, and don’t forget to choose one today! Taking action is what sets us apart, right?!
Photo Credit: Foto Pamp