5 Key Stategies that Drive Sales in the Real Estate Industry

By Courtney Jackson • May 25, 2023 

I'm working to kickstart my career in real estate as a sales agent in Kentucky in the upcoming months. For me, the real estate business is an ideal industry to start a career in. You can have a flexible work schedule, manage a work-life balance, and have unlimited growth potential. I have spent a lot of my time learning strategies that can ensure success if executed properly. My goal is to provide information to real estate professionals that will enable them to have fruitful careers while generating more revenue and business leads. 

Below I have highlighted a few key points that will help expand an agent's clientele and generate more sales. I hope these key points will help you improve your marketing strategies as well. 

1. Obtain Local Market Knowledge

It is important for agents to understand local real estate market trends so they can find and target clients that are likely to invest in real estate. Agents get a better understanding of the market by looking at current property values, inventory levels, and neighborhood dynamics. 

Once you familiarize yourself with the local market, you can provide more accurate information to clients and build trust with them. This knowledge will help agents identify which investments are opportunities and negotiate the best value for local properties. 

Some sources that offer local real estate market information are:

• Multiple Listing Service (MLS) - provides data on property listings, recent sales, price trends, and market activity.
• Real Estate Associations and Organizations - National Association of Realtors (NAR), state and regional real estate associates, local Realtor boards
• Government Agencies - Local assessor's office or the dept of housing
• Real Estate Publications and News Outlets - Newspapers, magazines, online publications
• Local Real Estate Agents 
• Online Real Estate Platforms - Websites and apps like Zillow, Redfin, Realtor.com

2. Know the licensing and legal requirements in your state

The licensing and legal requirements consistently change in the real estate industry and violating these requirements can cause agents to face serious consequences including fines, penalties, and legal action.

 Agents who violate state requirements could be subject to professional reputation damage spreading among clients, colleagues, and industry peers. It is important for agents to study what requirements their state has in place and avoid any violations. When there is a breach of trust and professional integrity it can impact relationships with clients, colleagues, and industry stakeholders. 

Some resources that will help you stay up to date on licensing and legal requirements changes in your state are regulations, contracts, and disclosure forms that protect you and your clients from being prosecuted. 

3. Communicating and Networking

The most effective method for driving sales in the real estate market relies on the quality of communication being made between clients, colleagues, and stakeholders. There is a lot of opportunity to connect with others in the industry at events like open houses, the office, or a broker's open. It is important to take advantage of these situations and meets as many people as possible so they will think of you when they are looking for the perfect property for a client. 

Communicating and networking allow an agent to build and maintain a network of contacts, including lenders, inspectors, and appraisers. Having access to an exclusive contact list will help grow your business.

4. Develop Marketing and Advertising Strategies

It is really important to promote properties with quality advertising content so you can attract buyers. Based on the property amenities, you might want to target a specific market to sell the property at a faster rate. A great way to strategize your marketing campaign is to stay up to date on digital marketing techniques, social media platforms, and listing online. Getting the maximum exposure for your listing, while generating leads will increase your chances of closing on a property.

5. Build Client Relationships

Being a real estate agent is not just about finding the perfect home for your clients, it's about building a relationship with them by understanding their needs, preferences, and goals and tailoring your work accordingly. You should always hold a professional tone when working with clients by showing responsive, attentive, and reliable qualities. Building client relationships can set you up for long-term success. 

The real estate industry is constantly changing and that means you will have to stay up to date. Studying market trends, news in the industry, and professional development opportunities should not be ignored by real estate agents. I'm really excited to start my journey as a real estate professional.