Increasing your market share can be done in two ways typically, either by increasing sales in areas you already operate in or by expanding into new markets. Neither of these options are easy and come with their own challenges as the market can change quickly, but there are a few other options you have that are not as large in scale.
Here are a few tips outside of these two options that can help you increase your market share.
You want to be the broker everyone thinks of when they have real estate needs. Ideally, you have a great contact list in your CRM and you have plenty names, emails and business cards. If you don’t have a CRM, you should at least have a clean spreadsheet that is organized. Stay in contact with leads and create a monthly newsletter to stay top of mind. If you have colder leads, you may want to personalize your communication a bit more. The more cold leads you can convert to warm leads and eventually clients, the bigger your market share grows.
Ask Clients for Testimonials
There is nothing better in real estate for a broker than receiving referrals and recommendations from clients. Positive reviews can be a great way to grow your business. It is extremely rare for someone to seek out a broker without having done research or asking people they know. You can increase your opportunity to earn these referrals by making the process easy for the client. Provide referral forms on your website, blog, and in follow up emails when you have completed a transaction. Give your clients high-class white glove treatment.
Leverage Social Media
Your competitors are on social media, are you? Social media is a free and effective way to share listings, converse and engage with clients and other professionals, and is a place to share your expertise. You have to do more than just create a presence, you need to use it as a way to build rapport and trust with your network. Share articles and content with your original thoughts to spark conversations. Create a blog and share your blog on your social channels. Offer stats and research to back up your opinions.
Social media is all about consistency. You want to post enough to stay relevant, but not too much where your posts become white noise to your audience. When someone is in need of real estate assistance, you want them to remember you and being active on social media is a great way to make an impression.
Increasing market share is a challenge, but it can be done with a little time commitment and effort. By growing your commercial real estate business, you can increase your client base and therefore boost sales. The tips mentioned can help you establish rapport with current clients and spread your outreach via technology like social media. If you are looking to increase market share, these tips can help you accomplish that by encouraging growth.