.svg "page-1 (5)")
.svg)
.svg)
.svg)
.svg)
CLOSE
.svg)
Creating space for growth in a real estate agency is important for staying ahead of your competition and capitalising on opportunities that can drive your agency forward. Growth is achievable when the right strategies are implemented to optimise your financial.....
Business, Real Estate - 5 min read
Creating space for growth in a real estate agency is important for staying ahead of your competition and capitalising on opportunities that can drive your agency forward. Growth is achievable when the right strategies are implemented to optimise your financial position. In this article, we unpack what these strategies can look like for you.
Knowing the overall strength and specialties of each department within your agency can help you identify growth opportunities. For example, if your residential sales are consistently having market enquiry broader of your current focused market, it could be time to explore diversifying your geographical reach or further reach of your marketing efforts to attract more buyers and sellers into the pipeline. Similarly, if your property management team is receiving feedback of tenant retention and satisfaction, it could be time to look at larger investment options of growth and differing speeds of growth.
Building on strengths is often an effective and cost-efficient way to improve your financial position. Widening the scope of your best performers and allowing them to create more revenue-generating opportunities.
Rent rolls are a monthly source of income, providing cash flow that can stabilise your financial position. Expanding your portfolio by acquiring new property managements and maintaining positive relationships with landlords can build your agency’s presence and market share in specific areas. While keeping the cash consistency, rent rolls facilitate relationships with landlords who may be motivated to sell, generating sales leads.
Your existing relationships with banks and lenders are valuable assets that can be leveraged to secure favourable financing options. These partnerships can provide access to the capital needed for growth initiatives. The strength of the banks view can result in the agency's ability to expand into new markets and upgrading your technology infrastructure. Strong relationships can result in better terms for loans, interest rates and overdraft facilities, giving you a competitive edge and making initiatives much more achievable.
Real estate is a competitive industry to be in, with other strong agencies locally. Conducting research to find the next best opportunity that can create sustained growth. That shouldn’t be off-putting, it should highlight that there are plenty of moves your agency can make to boost your income. Actively searching for gaps in the market can uncover un utalised segments or emerging trends that your agency can capitalise on. Examples could include a lack of specialised services in a growing area, or opportunities in niche markets like higher priced sales and or rentals.
Consider how you can leverage your team to address these market gaps and address the demands that are out there waiting to be secured.
It is important to never underestimate just how influential word-of-mouth can be for business development. If you can confidently say that the level of client service throughout your agency is excellent overall, then that is the standard to maintain.
If it’s anything less, it’s time to make exceptional client service a KPI across every person that represents your brand. Clients who feel truly satisfied with your services, whether they are buyers, sellers, landlords, or tenants, are more likely to return for future transactions and more likely to refer your agency to others. Going above and beyond in every stage of the process in meeting clients’ needs can be the differentiator that sets your agency apart and can create a plethora of revenue-generating circumstances. It's not what you say, it's the way you make your clients feel.
A thorough understanding of your agency’s financial health is crucial for making decisions that drive growth. By closely monitoring what is profitable and where expenditure is too high, you can proactively avoid unexpected financial challenges. This means you can make strategic investments when necessary for your agency, whether it’s in new technology, talent acquisition, and market expansion, keeping you poised for success long-term.
Our Real Estate team understands the intricacies of the real estate industry and the unique challenges that agencies face in striving for growth. Whether you need assistance in strategic financial planning, growth-focused consultation, finding the right investment opportunities, or performance monitoring, we provide the insights and guidance to drive your agency forward.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
.svg)
.svg "page-1 (4)")