Simple, Cost Effective Tweaks That Can Boost Your Real Estate Results
Even simple and affordable tweaks can help you significantly boost your real estate investing business and net results.
These are some of the simplest, most affordable and best value adjustments that may have surprising outcomes.
Update Your On Hold Music
If you are generating inbound voice leads, and service any of your customers via phone, updating your on hold music is a low cost, yet impactful way to keep more of them waiting, and in a good mood until you can handle their call. It may make all the difference in your net marketing ROI, conversion rates and deal volume.
It may sound unimportant, but how many times have you been annoyed by frustrating phone systems, and have just hung up? Maybe you went right on to call their next competitor or ended the relationship. Imagine if your on hold music was actually pleasant to listen to.
Get to know your demographics and what really resonates with them, and pick a better soundtrack.
Job Titles
Many real estate businesses decided not to hand out bonuses or raises over the past year. Why not show your appreciation to your team by giving them a better job title instead? It may not come with more money yet, but it could if they perform well in that position. Job titles matter. They are valued and can be meaningful. They can keep your team members focused on what you really want them to achieve. They cost you nothing to hand out.
Soliciting Feedback From Your Front Line Team
People feel valued when you ask for their opinions and ideas. You don’t have to implement all of them. Yet, more often than not your front line team members are closest to the action and know best what is and isn’t working and where improvements can be made.
This can apply to your receptionist, cleanup crew, landscapers, marketers, sales team and more. It costs you nothing to ask them, and just a few minutes to listen. Yet, it may unveil more tweaks you can make for greater performance, while keeping your employees engaged.
Optimizing For Regret, Not Success
On a recent episode of the Dealmakers Podcast, one highly successful entrepreneur suggested making decisions based on optimizing to minimize regret, not for success.
That means, instead of just doing the sure or easy or most profitable thing. What if you worked on the one thing you will regret most not trying, even if there are no guarantees of huge scale success.
When you look back in 3, 5 or 10 years, or at the end of your life, what will you most regret not doing or trying?
If you do succeed it will likely have the most impact on your finances. More importantly it will make the journey a lot more fun and enjoyable.
Switch To Pre-Orders
Of course, while progress relies on trying new things, experimenting and being willing to fail, it is just common sense and good business sense to eliminate risk and ensure the profitability of your efforts and investments before you get in.
One of the best ways to do this in real estate is to switch to a pre-order model. Pre-sell or lease every property before you buy it. Have your exit inked and paid for, before you enter.
