Become a local leader

Strategies To Start Your Real Estate Business In A New Market

start your real estate business

So, you’ve made the big move. And now you’re left wondering, “how am I going to start my real estate business from scratch, all over again?”

For established real estate agents, leaving your current community and client base behind can feel overwhelming, to say the least. Especially if you’ve invested some serious time becoming a local leader in your area. Fortunately, you’re in the right place! This article is filled with plenty of tips and tricks that will help when you’re starting over with a blank slate.

Starting over with a completely clean slate may have you feeling like a rookie agent again. But remember, now you’re a “rookie” armed with hindsight and you can use that.  In fact, there are plenty of ways “new” agents can get results right away.

Reflecting on how you started your career is one of them. What strategies did you use then that worked out well? Are any applicable for today’s market?

If they are, great! However, if you’re looking for refreshing ideas and new strategies to employ, then keep reading.


Chase long-lasting relationships, not transactions

Generating leads and closing deals are the bread and butter of real estate. So naturally, your instinct may be to make a sale as quickly as possible in your new community. But it’s important to remember that chasing a single transaction and building a long term, sustainable business are two very different practices. If you’re looking for success when you start your real estate business over, then it’s best to focus on relationship building. You’re in it for the long game, so it’s one you should be playing to.

These days, people are familiar with the old sales tactics. They can tell when you’re only showing interest in them because there’s something in it for you. Instead, look to make lasting connections with people in your community, whether you think they’re in the market for buying a house or not.

When you work on developing these long-term, trusting relationships you set yourself up for being the go-to real estate agent in that person’s mind. So the next time they (or someone they know) are looking to buy or sell, you’ll be at the front of their thoughts. 

How do you build those relationships?

Now you might be wondering, “how do I build long-term relationships?” Well, for starters you can provide potential connections with items of value.

What does this look like? This could look like a newsletter that includes a calendar full of community events, neighborhood highlights, or even your own blog posts. If you’re stumped for what to include in your newsletter, check out these eight simple ideas for value-filled real estate newsletters.

Another way to build meaningful relationships is to interview local business owners. This gives the business a chance to promote themselves, something they will appreciate and remember down the road. It also gives you the chance to connect with them on a personal level.  Luisa Ayala, out of San Diego says she makes about five new connections every single month. She attributes these connections, among other strategies, to her team’s success.

By connecting with people in your community and investing your time and money into supporting others, you start to strengthen your circle of influence. This circle eventually becomes a sustainable source of referrals for your business in the long-term.


Do your research when you start your real estate business over again 

The best real estate agents can talk about the community they’re selling as if they’ve lived there their entire lives. So, before you’re ready to start your real estate business over, be sure to do all the research you can.

Talk to local historians if necessary, learn about the best bakeries in town, or even find out which parks have the best sunset views. Basically, you want to know your new area like the back of your hand.

Look for holes in the community that you can fill as well. Does the place you’re moving to have a strong community website that brings local businesses together? If not, it might be time for you to be the agent that promotes this philosophy as a way to set yourself apart from the competition.

During your research, it’s also a good idea to look for a small independent brokerage to work with. Studies show that homeowners often find the level of service associated with these smaller brokerages higher, and their staff more trustworthy and approachable. 

Lean on your current client base and agent relationships when you start your real estate business over

You’ve heard it once, you’ve heard it a thousand times, networking is vital to the real estate industry. In a world where who you know is everything, don’t forget about the relationships you’ve already established. Before you take off for new adventures, it’s a good idea to reach out to your existing clients.

You can let them know about your move, thank them for being a client, and ask them if they know anyone in your new area that you can connect with. The same goes for any agent relationship you maintain. Remember, it never hurts to ask in a business where relationships are everything.

Become A Local Leader

Part of being a local leader means investing in your community. Whether that’s investing your time volunteering at a community event, raising awareness for a local charity, or investing your money by shopping locally, you want to be a pillar of support for everyone in your new area.

You never truly know where a new connection will lead, so it’s a good idea to reach out to anyone and everyone you can. If connecting with people you don’t know feels challenging, consider using Ryan Serhant’s 3-5 rule.

Now, the COVID-19 pandemic brings with it several additional challenges that real estate agents have to face. One of those challenges being a reduction in the number of face-to-face interactions you can have.

Due to the various COVID-19 safety measures that may be in place in your area, getting together in person may be tricky or not even permitted. And as we know, the rules and restrictions are always subject to change based on the number of cases.

So, at the very least, how much you can rely on in-person interactions is unpredictable.  But that doesn’t mean all is lost. Successful Agents are thriving in 2021 by using social media and community websites to connect with residents, local professionals, and business owners. You can too!

Don’t forget to familiarize yourself with tools like Zoom or any video conferencing service as well so you can still get that face-to-face time just in a virtual setting.

Establish yourself as a real estate expert in community social media groups

Another great way to gain the trust of potential new clients is to present yourself as a real estate expert in community social media groups.

Here, you can take the opportunity to showcase your knowledge of the market and share your real estate opinions. This could be the first building block of a new and trusting relationship. In these groups, you can share things like your real estate blog posts you’ve written or interesting and relevant news articles.

Because, if you’ve established yourself as a trustworthy, community-driven real estate expert in your area, who do you think will come to mind when a homeowner is wanting to move?

We know having to start your real estate business over somewhere new sounds like a lot of work. Just remember, every new challenge is really just an opportunity to succeed.

References:

https://blog.hubspot.com/sales/real-estate-business

https://www.marketleader.com/blog/2013/05/03/how-to-build-your-real-estate-business-after-relocating/

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