Mokhtar Jabli is founder and CEO of The Nightfall groupCalifornia’s premier luxury rental and travel concierge service.
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Lots of people get in and get involved in the multibillion dollar US real estate industry. Year on year, the industry continues to grow, with an estimated 3.4% growth in 2022, according to an IBISWorld report. While today’s industry presents a great opportunity for new and potential brokers and brokers, the ever-changing real estate landscape can be difficult to succeed if you don’t have the right guidance or tools before stepping into that new role.
There are a huge number of resources available to new real estate professionals, and navigating them can be overwhelming if you’re just starting out. Through trial and error while developing my own real estate portfolio, I’ve learned several lessons that can guide you on how to be most successful in building your portfolio.
1. Establish the Right Relationships
When building a real estate portfolio, it is first and foremost important to build the right relationships. But what makes a relationship the “right” one?
In my last article, I discussed how building internal relationships is the key to successful external relationships, as your business will not succeed if you do not have a good relationship with your employees. Once you make sure your employee relationships are secure, you can build relationships with current and potential customers. Asking for customer feedback to learn and grow from will be helpful in improving your service and providing great experiences.
Once you have a solid foundation for your business, you can expand even further by building relationships with community members such as chambers of commerce and local convention and visitor offices (CVBs). Through these relationships, you can look for cross-promotion, networking events, and marketing opportunities that can help grow your brand’s presence and potentially attract new customers.
2. Stay on top of market trends
Time and again, successful real estate professionals will advise on the importance of staying on top of industry and market trends. Not only is this important because the real estate landscape is constantly changing, but it will also help you stay relevant and thereby secure additional business.
gotechbusiness.com Business Council member Sam Silverman advises how people can follow industry trends to ensure business success. His thoughtful tips include spending time researching social media trends, setting up Google Alerts, subscribing to newsletters and trade publications, networking with industry experts, and more.
3. Manage customer expectations
Before you can meet your customers’ expectations, you must believe that you can exceed them. Do not offer or promise your customer anything that is unlikely to happen. Customer loyalty is possible when you and your team are focused and committed to both your company mission and anticipating customer needs.
The best way to do this is to get feedback from current customers. Data is power, so the more you understand customer experiences with your business and their needs, the better you can deliver. When you achieve customer satisfaction and loyalty, you create positive experiences that will ultimately lead to referrals and additional customers.
4. Offer personalized experiences
Research shows that customer experience is just as important to a company as it is to its customers. According to a gotechbusiness.com Insights and Treasure Data report (registration required), 74% of consumers are at least somewhat inclined to make a purchase based on experience alone.
An important way to stay competitive and relevant is to add personalization to your business strategy. Creating opportunities for personalized experiences can create more opportunities to market, retain and further engage both new and existing customers, driving sales opportunities. Plus, by collecting feedback and data from customers, you can project how their experiences and needs will change over time.
5. Prioritize Personal Growth
No matter what career path you are on, choosing to prioritize personal growth will benefit you immensely in the long run. Twenty-four hours in a day may seem like a lot, but it’s actually very little time in the life of a successful manager, so it’s important to do everything on purpose.
Spend part of your day looking for experiences and knowledge that will support and strengthen you. While it can be challenging to add one more step to your day, finding a way to dedicate time to self-improvement and growth will help you calm the noise and laser focus on all your other tasks, which in turn will help you. will enable you to “stretch” time and amplify performance. By making this investment in yourself, you will create a brighter future for your business.
It is important to remember that it takes time and patience to build a successful real estate portfolio; it won’t happen overnight. Building the right relationships, tracking trends, managing client expectations, delivering personalized experiences, and prioritizing personal growth will give you opportunities to grow your business and succeed in the vast real estate industry.
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