12 Winning Steps to Build Your Business
These 12 activities can take your business to the next level in an otherwise slow market.
Jimmy Burgess is using artificial intelligence tools like ChatGPT to generate more business in the new year. “It’s a great way to draft content for new MLS listings, video scripts and social media posts,” says Burgess, a broker with Berkshire Hathaway HomeServices, Beach Properties of Florida in Santa Rosa Beach. “For instance, the first time we used ChatGPT for an MLS description and photos, our post went from 1,500 to 40,000 views.”
New to ChatGPT? Ask It What to Do
Burgess says ChatGPT can help you develop business strategies, marketing campaigns and more. It’s just one of the steps you can take to build your knowledge, sharpen your skills and boost your mindset as you create a plan for success in the months ahead.
“You are in charge of your own success,” says real estate coach Julie Harris in Dorado, Puerto Rico. “It’s not up to the broker or [dependent] on local inventory or mortgage rates. Look at your business, set your goals and track your performance.”
Whether you are new to the business or an experienced professional, here are 12 steps to get the new year off to a great start.
1. Start a relationship-building plan.
Be intentional about how you plan to strengthen your relationships this year and make the best use of your time, says Anne-Marie Wurzel, a sales associate with Mainframe Real Estate in Orlando. “You could call a past client and meet over coffee or reach out to 100 or more people with a relevant message using automated tools and a sophisticated customer relationship management (CRM) application.”
Wurzel says she uses Calendy to schedule Zoom meetings with new and repeat clients to take away the routine tasks and stay focused on those relationships. She also indicates the nature of those relationships in her CRM (prospect, client, referral source, etc.) and their preferred methods of communication (email, text, phone or in person). “Pay attention to their responses, so you can focus on the most engaged prospects. That will help you cultivate a nice garden of clients and fans.”
2. Structure your business.
If you haven’t incorporated your real estate business yet, now is a good time to form a professional limited liability company (PLLC) S- or C-Corporation, LLC or partnership, says Jo Ann M. Koontz, attorney and accountant at Koontz & Associates, PL in Sarasota. For example, a PLLC offers personal asset protection for business owners in licensed occupations and differs from a limited liability company (LLC), which is often used for properties and businesses.
“If you get into a car accident where you owe money, a PLLC will protect your personal assets from creditors,” says Koontz. It can also reduce your tax liabilities and maximize your retirement plan contributions. “If you’re serious about real estate, you need to structure it as a business.”
Always meet with your tax advisor to determine the best path for you.
3. Create a consistent marketing plan.
Studies show that most business is generated from existing contacts and connections, says Garry Creath, founder of the Paperless Agent. “Start a monthly marketing plan to keep you top of mind when they are ready to buy, sell or refer someone else.” He recommends a consistent approach that may include monthly emails or weekly social media posts with value-driven communications and links to drive prospects to your website. “This will help brand you as an expert, sharing your knowledge openly in your market,” he adds.
4. Join a local organization.
Take a moment and think about your hobbies, pets, favorite sports, and cultural or civic interests. “Go out and join a club or group with others who have similar interests,” says Creath. “That’s one of the best ways to build trusted relationships that will make it easier to grow your business in the future.”
5. Implement buyer-broker agreements.
Top-producing buyer’s agents typically conduct a detailed interview to uncover the buyer’s needs and wants. “In the future, you might need to have them sign a buyer-broker agreement,” says Bernice Ross, CEO and president of BrokerageUP!, Inc. and RealEstateCoach.com in Austin, Texas. “If you haven’t been trained on how to do this, check with your broker or local association. You should also be able to show buyers the benefits you can offer, such as finding down-payment assistance or having the seller cover part of the closing costs and expenses.”
6. Become knowledgeable about insurance.
Buyers and sellers have questions about the state’s insurance market, and you can build trusted relationships by helping them get coverage, says Robin Raiff, broker-associate at Douglas Elliman Real Estate in Sebastian, and 2023 Public Policy chair for Florida Realtors®. “We can’t know everything, but we can keep up with current rules and refer clients to licensed insurance professionals who can advise them on premiums.”
Raiff has several suggestions for building your knowledge. “Look on the Florida Realtors® website for statewide information, and reach out to insurance brokers in your local market. Make friends who can be part of your referral network and partner in your marketing program.” Encourage buyers to get a quote on insurance premiums so they can factor that cost into their budgets.
7. Consult the Florida Realtors® Tech Helpline before making new purchases.
If you’re thinking of buying a new tech product, or if you’re having trouble with your current software or devices, reach out to Florida Realtors free Tech Helpline. Members can call (407) 587-1450, chat online or download the mobile app. “The Tech Helpline is a great resource,” says Dave Bowen, a broker-associate with LPT Realty in Winter Springs. “I’ve probably contacted them more than 50 times through the years, and they are always helpful. Now, they can remote into my computer, check my settings and run tests until everything works again. It’s like taking your car to a virtual mechanic—free of charge!” Tech Helpline hours are Monday through Friday from 9 a.m. to 8 p.m. and on Saturday and Sunday from 9 a.m. to 5 p.m. ET.
8. Call the Florida Realtors® Legal Hotline.
When you have questions on everything from license law to contracts, the Florida Realtors Legal Hotline professionals are ready to answer them. Attorneys also offer education on the Florida Realtors®/Florida Bar contracts and other standard business forms and contracts, saving you time that can be spent serving your customers. Parties to a transaction who have a specific question about their legal rights should consult their own attorney. To take advantage of this free member benefit, call (407) 438-1409 Monday through Friday from 9 a.m. to 4:45 p.m. ET.
9. Spend five minutes a day on industry news.
Make it a habit to check the latest news each morning. Start with Florida Realtors® News (floridarealtors.org/news) for legal, regulatory and market updates affecting the state. Two other sources: Bookmark HousingWire (housingwire.com) and Inman News (inman.com) for housing market, real estate and mortgage news, and technology trends.
10. Earn a professional designation.
One of the best ways to increase your knowledge—and showcase your expertise—is to earn a real estate designation, according to John Waas, broker-owner, John Waas Realty in Pensacola and a Florida Realtors® Board Certified Professional. “There is always more to learn in real estate,” he says. “A professional designation tells clients and prospects that you know what you’re doing.”
For instance, when Waas became one of the first 20 board-certified professionals in Florida, he posted that accomplishment on Facebook. “A young Navy pilot who had just closed on his first home purchase said he was glad to have worked with me,” Waas says. “I also picked up a new listing from a seller who told me, ‘I know I picked the right Realtor.’”
11. Start making videos.
Videos can capture your personality and emotions far better than a print postcard or email, says Melanie Hernandez, a sales associate at Coldwell Banker Realty in Fort Lauderdale. Two years ago, she began documenting her journey from a corporate job to a real estate career through videos on TikTok. “People love an uplifting story, and now I have 43,000 followers, along with many sales leads,” she says. “People want to see your face and hear your voice. Get in front of the camera, practice your script and record yourself. You will get better and better!”
12. Boost your mindset.
If you want to be a leader in your market, cultivate a positive mindset and have lots of energy and enthusiasm, says Harris. “Build your real estate knowledge as that will create confidence and make your decisions based on facts, not fiction. Become one of those people who believe that tomorrow will be better than today!”
There are an endless number of action items you can take to boost your business in 2024, the key is to have a plan. Make it simple, commit to three of these items now and see results before the first quarter is over.
Richard Westlund is a Miami-based freelance writer.