Build a Business, Not a Job!

I don’t want  Real Estate to simply be my job, I want to operate a Real Estate business. If you share in this goal, then here are 7 simple ways to build that business great.

 

1. Build a Strong Foundation:

If you’re going to build a successful real estate business, you need to start with a strong foundation. It’s similar to building a house, your foundation is going to be what your real estate business is built on.

Everyone has a different foundation, whether it’s through networking, honing in on a certain market or niche, cold calling, door knocking, social media, direct mail, buying leads online, or a combination of methods – there are many different types of foundations.

A strong foundation for your real estate business sets your path toward creating a memorable brand and generating leads.

2. Branding:

Your brand should embody the personality of your business and what people can expect from you.

If you’re building a brand for someone else, you have a job. If you’re working to build your own brand, you’re building a business. And every business decision you make is going to have an impact on your brand. Always ask yourself, how will this decision improve my brand and does it line up with my company values?

In the end, a successful brand will help you generate more leads.

3. Leads Generation:

What are your strengths? If you’re a great networker, networking will generate leads for you. If you’re great on the phones, cold calling will generate leads for you.

There are different strategies and ways to find leads, just don’t waste time on something that isn’t your strength. Tap in on your natural abilities. For instance, if you’re really good at social media, don’t make cold calls. Generating leads through social media is a skill; it takes work and don’t let anyone tell you differently.

Part of the reason people fail in real estate is because some brokerages continue to promote outdated real estate marketing techniques I know this all too well because it nearly cost me my business. I was told the only way to be successful in real estate is to make cold calls. That was simply not true for me.

Be the best at what you’re already good at.

4. Lead Conversion & Management:

You should always be working on your lead conversion and follow up process. Don’t expect to convert every lead you generate. You need to set proper expectations for yourself and your business.

It’s wise to underestimate your lead conversion percentage (from lead to closed transaction). This is one of the most important business metrics you’ll come across because it allows you to reverse engineer the lead generation process.

If you have 3,600 leads per year, and you are converting at 1 percent, you are closing 36 deals per year. Now figure out where/how you’re converting the most leads and look at where you’re losing leads. Maybe you need to tweak your lead follow up process. Monitor your successes and connect that to your daily, weekly, and monthly prospecting activities and goals. If you go from converting 1 percent to 3 percent of your leads, you’d then be closing 108 deals per year.

Carefully and consistently monitoring your lead conversion will help you determine what results you need in order to accomplish your goals.

5. Systems and Processes:

You need to be documenting everything you do – especially when it comes to your systems and processes for generating leads. You should also find ways to automate your lead generation tasks – such as through your CRM. Plus, easier tasks will slowly begin to fall on the shoulders of others as you hire assistants and eventually grow your team. You need to be OK with this. Letting go will allow you to grow your business because it gives you back a valuable asset: time.

6. Customer Service:

Customer service is everything in real estate. None of these previous points matter if your customer service isn’t impeccable.

Whether you’re generating new clients with your time, money, or effort, finding business is expensive. What’s not expensive is providing great customer service so that your clients stay with you for life. If the experience your client has is 10 out of 10, they are going to promote you to their friends as being the best local real estate agent.

If your customer service takes a backseat, you will reach a tipping point and never be able to grow your business any further. Without great customer service, even a lead-generating machine is only going to grow as big as his or her “new clientele.”

7. Be Patient:

This is something I struggle with personally. Sometimes I find myself wanting to press fast-forward on my business so I can get to where I want to be. Then I realize that pressing fast-forward takes away from the joys of getting there.

Don’t allow a lack of patience to control your decision making early on in your real estate career. Stay true to what you’re trying to accomplish and understand what is in your control and what is outside of your control.

Sometimes, struggles are exactly what we need in our life. If we were to go through our life without any obstacles, we would be crippled. We would not be as strong as what we could have been. Give every opportunity a chance, leave no room for regrets.     — Friedrich Nietzsche

 

 

 

 

Source: http://ypnlounge.blogs.realtor.org/

 

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Recent Major Investments Done in Real Estate Industry

The Indian real estate sector has witnessed high growth in recent times with the rise in demand for office as well as residential spaces. According to data released by Department of Industrial Policy and Promotion (DIPP), the construction development sector in India has received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 24.156 billion in the period April 2000-September 2015.

Some of the major investments in this sector are as follows:

  • Edelweiss Alternative Asset Advisors Ltd plans to raise US$ 1 billion for its first residential real estate fund called the Edelweiss Real Estate Fund, which will finance investments in five property markets in India – National Capital Region (NCR), Mumbai, Pune, Bengaluru and Chennai.
  • Quikr, an online classifieds platform, has acquired real estate portal Commonfloor.com for US$ 200 million in a stock-cum-cash deal.
  • Edelweiss Alternative Asset Advisors and Milestone Capital are investing Rs 7,200 crore (US$ 1.08 billion) in India’s real estate sector while private equity firms like Goldman Sachs, Warburg Pincus and Singapore’s GIC are exploring viable projects for investments, as a result of government’s effort to boost real estate sector.
  • Macquarie Infrastructure and Real Assets (MIRA), the realty investment arm of Australian Macquarie Group Ltd, plans to invest in real estate projects in India and is in talks with Tata Housing Development Co. to jointly set up an investment platform.
  • Google Capital has invested in Bengaluru-based online property search platform, CommonFloor.com.
  • Omkar Realtors and Developers Private Limited is in discussions to raise Rs 400 crore (US$ 60 million) from KKR India, the local arm of PE firm Kohlberg Kravis Roberts and Co.
  • Goldman Sachs bought shares worth Rs 255 crore (US$ 38.3 million) in Vatika Hotels Private Limited, a company owned by real estate and hospitality firm Vatika Group.
  • SoftBank, Falcon Edge Capital and a few others invested US$ 90 million in Locon Solutions Private Limited, which runs Housing.com – a realty website.
  • Real estate firm Supertech has planned to invest about Rs 2,000 crore (US$ 300 million) in Gurgaon over the next few years by launching several luxury and affordable projects.
  • PE firm Warburg Pincus invested Rs 1,800 crore (US$ 270 million) in Piramal Realty for a minority stake in the company.
  • China’s Fosun International Limited is seeking to invest US$ 100 million in Locon Solutions, the owner of Housing.com.
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Thanks
Nishant Mishra
                                                                                                                               Source: http://www.ibef.org

Government Initiatives To Boost Indian Real Estate Industry

The Government of India along with the governments of the respective states has taken several initiatives to initiate the development in the real estate sector.  Below are some of the  major Government Initiatives taken by Indian Government :

  • The Government of Rajasthan became the first state to initiate private investments in affordable housing by signing four Memorandum of Understanding (MoUs) with private players for an investment of Rs 5,400 crore (US$ 810 million).
  • The Ministry of Housing and Urban Poverty Alleviation (HUPA) has commissioned a study by Indian Institute of Technology, Kanpur on testing of new construction technologies, with the objective of promoting new housing technologies in the country.
  • India’s Prime Minister Mr. Narendra Modi approved the launch of Housing for All by 2022. Under the Sardar Patel Urban Housing Mission, 30 million houses will be built in India by 2022, mostly for the economically weaker sections and low-income groups, through public-private-partnership (PPP) and interest subsidy.
  • The Government of India has relaxed the norms to allow Foreign Direct Investment (FDI) in the construction development sector. This move should boost affordable housing projects and smart cities across the country.
  • The Securities and Exchange Board of India (SEBI) has notified final regulations that will govern real estate investment trusts (REITs) and Infrastructure Investment Trusts (InvITs). This move will enable easier access to funds for cash-strapped developers and create a new investment avenue for institutions and high net worth individuals, and eventually ordinary investors.
  • The Government of Maharashtra announced a series of measures to bring transparency and increase the ease of doing business in the real estate sector.
  • The State Government of Kerala has decided to make the process of securing permits from local bodies for construction of houses smoother, as it plans to make the process online with the launch of a software called ‘Sanketham’. This will ensure a more standardized procedure, more transparency, and less corruption and bribery.

 

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                                                                                                                          source:www.ibef.org