Growing market share is a concept not limited to the real estate industry. Organisations around the world in a number of industries are striving to beat out their competition and win customers over in a bid to be at the top of their market.
In real estate, strengthening customer relationships, adopting smarter hiring practices, retaining skilled team members and increasing productivity are four areas that can assist you to increase your market share. Let’s break them down…
1. Strengthening Customer Relationships.
Walt Disney said it best:
“Do what you do so well that they will want to see it again and bring their friends.”
In today’s competitive business environment caring for your customer has never been so important. The positive word-of-mouth customer is priceless to your organisation and will ultimately lead to an increase in market share. This is why it is even more important than ever to create an excellent experience for your customers to help develop your company’s relationship with them.
What strategies are you currently adopting in your agency to ensure you delight your customers?
2. Smarter Hiring practices:
Companies with the highest market share in their industries almost invariably have the most skilled and dedicated employees – and the right number of them! It almost goes without saying that in order to increase your market share, you need to have the agents to do it. Work backwards and look at the market share goal for your organisation and ask yourself – how many agents will it require to get there?
But don’t stop here.
3. Retaining team members:
Hiring employees that will represent your brand well is just a start to creating a strong team. Next, you have to keep them. High team turnover will result is significant loss in terms of time and productivity and as such this is an area that warrants focus.
What tactics are you currently adopting to ensure you will be able to retain agents for years to come?
Here are a few ideas to consider:
- Offer a competitive benefits package.
- Make sure employees know what’s expected of them and how they can grow within your agency.
- Provide incentives to help keep workers motivated and feeling rewarded.
- Foster employee development.
- Communicate your business’s mission and ensure staff know how they fit in to this.
4. Driving productivity:
The measurement of productivity in real estate generally relates to number of transactions your agents are making.
How do you increase the number of transactions?
- First and foremost you need to be at the table when listings take place.
- You need to make it easy for the client to choose your agency – what do you have that your competitors don’t?
- You need to have exceptional sell-through – make sure you deliver what you say you will deliver.
How do you drive this?
Driving productivity can ultimately be achieved through coaching and training. Agents needs to learn to become exceptional at all they do and coaching ensures your staff will have the skillset and drive to achieve the results you’re after.
Where to next?
The natural state of a business is to grow. In real estate, market share is the ultimate indicator of business growth. The four strategies we have highlighted above are just the tip of the iceberg.
Are you joining us at The Business of Real Estate in September? Visit the website now and register your leadership team.