Agents: Expanding Your Scope in 2012

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Has your market weakened in the aftermath of the 2009 recession? If so, you’re not alone. Many agents are facing the need to expand their business in the coming year. What can you do to ensure your business survives even when times are lean?  

The first order of business is to make sure you are tapping into your existing network. Do friends and family have easy ways to refer you to people they meet that are interested in buying or selling? Do potential clients have easy paths for contacting you?  

The easiest way to accommodate everyone is to have an up-to-date website. Functional and modern websites do not have to cost an arm and a leg, especially if you don’t need lots of fancy flash animation or shopping functionality.  

Keep your site at the top of search engines by including links to other vendors (such as lenders, contractors, and even maids and pool services). Maintain a regular blog letting your clients know about the latest listings, legislation, and deals in your area.  

Always carry business cards with you that includes this website address as well as easy ways to contact you (email and cell phone number).  

Consider a low cost marketing campaign, such as monthly newletters (either online or print) to keep on the minds of past clients. You might also want to invest in some weekly advertisements in the local papers. Yes, people do still read the paper!  

Expanding the scope of your business, however, may mean more than the simple tips mentioned above. It may mean taking on new types of revenue, such a property management.  

Property management can be a great way to tap into another market segment. Many would-be buyers have decided to instead rent until they’re sure the market has hit bottom or that their job is steady.  

As a manager your goal is to make the landlord’s job easier. You can help find renters, work leases, and handle payments. If there are issues with maintenance or repairs you get to tap into your already extensive contact list of contractors and servicers. You want your renters to be happy, so be sure to check in from time to time to see if they need anything and be sure to address all issues quickly.  

Along those same lines, if you have the money to yourself buy real estate at this time, you know better than anyone how favorable conditions are. Interest rates are at historic lows and prices are incredibly affordable. Have you considered becoming a landlord?  

You could rent out houses to the large population of renters now on the market all while making an investment in your personal future. Home values will return, as will buyers.  

The coming year will be one of change for real estate. Be sure to be open-minded about how to expand your business in 2012.

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