Whether you’re just starting out or have been in the industry for awhile, running a real estate business can mean seasons of big commission checks and nothing coming into your wallet.
Building a real estate business that creates a smooth cash flow can be challenging and oftentimes frustrating without the right strategies. Check out our best tips on how to make consistent income as a real estate professional:
Focus on Lead Generation
Your marketing plan is just as important as any other element in your real estate business. In order to have consistent leads, you will want to be consistent with your outreach!
Your marketing plan should include things such as:
- Knowing the demographics of your customers
- Understanding the housing market your serve
- How you will reach new customers
- The budget you have to spend on marketing efforts
After you establish the details of your plan, schedule dedicated time for marketing and outreach in your business. Whether it’s networking events or social media posts, being consistent on when you market your business will turn your efforts into a lead generation machine!
Build Valuable Connections
There’s nothing like the power of a handshake and a business card!
Establishing valuable connections with other professionals in the industry opens up doors to networks you may not have had access to previously. Networking not only brings visibility to your business, but creates a ripple effect for future referrals – you never know who may need your services! Check out your local chamber of commerce or business events to meet other professionals in your area.
You will want to also ensure you are keeping in constant communication with past and current clients. Simple strategies like monthly email newsletters and referral postcards will leave a mark on your clients to remember you for future transactions without being pushy. Word of mouth is one of the most powerful strategies out there!
Understand Your Cash Flow
Don’t be fooled that your best month is your new normal! You must prepare for any and all circumstances when it comes to your business.
Work with your financial advisor to determine a salary that works best with your situation while factoring in taxes and expenses. Your advisor will be able to help you cut costs, save for future expenditures, and make a profit so you can understand how to adjust your business accordingly. It can be tempting to spend that commission check when it comes into your account, but the key to consistent income is having a solid cash flow every single month – not just during your best months!