House and Home

5 Ways to Maximize Profit Out of Your Real Estate Business

Are you new to the real estate industry? If that’s so, then you might be struggling with how to start and scale your business. Here are a few pointers to maximise profit from your real estate business from the experts in Luxhabitat, luxury brokerage based in Dubai.

1.Consider renting a flexible workspace

As an agent that’s constantly on the move, consider not investing in an office as 90% of the time you’re going to be on viewings. The concept of a flexible workspace is new, but largely picking up across the world. It’s the perfect solution, especially if you are a small team as you pay as you go and you will save a lot on office rent. Besides this, most co-working spaces also have meeting rooms attached to them where you can meet clients very easily. Most co-working spaces also provide complimentary refreshments and excellent internet connections as well as phones – thereby giving you the perfect infrastructure to be operating as a real estate agent. According to a new study by International Workplace Group, 84% of UAE-based entrepreneurs believe flexible working enables them to manage volatile markets, while 87% believe it help them to optimise costs. You can save up to 50% on office rent if you rent a flexible workspace. If a coworking space is not an option, most cafes have wifi where you can always work from. Another option is to purchase a dongle with a good internet service provider so you can always work on the go. TEP Wireless is a great device available as a pocket wifi option.

2. Digitize all documents

Time is always of the essence in the real estate world. Digitizing all the forms and documents enable you to print off things anytime and anywhere. Get a free Dropbox account and make folders for relevant purposes. Include information about the area, the unit itself, floor plans, contracts, mortgage forms and more. This is the easiest way to do it, instead of having to search for and potentially recreate each document every time you have a new client. Besides that, think of how much you’ll save on printing costs. Try to save these documents in an editable pdf so that it’s easy to fill in. Clients that are looking for holiday homes who are short on time will always appreciate a tech-savvy agent and the ability to close on viewing. Investing in Docusign and similar software will easily enable you to get clients to sign documents on the go.

3. Invest in a sound CRM system

Your customers are king, which is why you will need to either develop a strong leads procurement system and website. An initial investment in a good Customer Relationship management (CRM) system will pay off tremendously. Propertybase is one of the most popular tools for real estate agencies and is used worldwide. It may not be amiss to even consider creating one with the help of a tech expert. However, one can spend a lot of time just perfecting the system. Propertybase is a quick fix to address those needs as you build your own system that suits your business best. It also has the tools to integrate with your website and has a reporting tool, so you don’t need to do it on a different software. Make sure that the CRM system you use is mobile-friendly as this will help you on the go. Managing leads is extremely crucial, and the right CRM system can often make or break your business in this industry where service takes centrestage and competition is tough.

4. Create a weekly newsletter

Inbound marketing when it comes to retaining your clients is hugely important. Newsletters are a great indirect tool in keeping touch with your clients on a weekly basis. Use this platform to communicate with them with market reports, open houses, and your latest listings. If you are too early into the industry, it might be worth sharing the latest news and information about the real estate industry in general that you think could be useful for owners, investors, landlords and tenants. Make sure your newsletter is visually attractive and true to your branding. By using free design software such as Canva, you can easily get a very flattering newsletter in a short time. Always add in contact details as well as your website and insert a call-to-action feature so that you can get a lead. In terms of newsletter software, Mailchimp has some awesome automation features that minimise your efforts and keep your clients engaged. It’s also free for up to 2,000 subscribers, so it’s an inexpensive way to get clients. You can also create a guide in pdf format so that you can share it with subscribers as an incentive for signing up. Just make sure you’re compliant with GDPR laws while collecting information!

5. Get a virtual assistant

If you’re a solopreneur or have limited staff resources, it might be worth investing in a Virtual Assistant in order to handle your schedule and viewings as you grow your business. It does take time to find the right one, but it’s a small trade off compared to the benefits you can have. Focus on your customer and clinching that sale or rental, while your assistant helps you with completing your listings, getting the documents, and organising the photos of the apartments and villas you have listed. Fiverr has virtual assistants available for every budget, starting from as low as $10 per hour. You can hire a virtual assistant either on an hourly basis or full-time, depending on your requirements. Either ways, you don’t have to be worried about their contracts, designate a certain time off or any of the nitty gritties that come with hiring an actual part time or full time worker. Because of various time zones, you can also ask for 24×7 assistance from a virtual assistant team to help get more leads. Learn not to sweat the small stuff, but make sure you direct your focus towards closing deals.