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Real estate business development (RBD) is the process of selling and marketing properties. This requires a combination of skills including finance, marketing, computer technology, and market research.
The first step in Real Estate Business Development is determining the ideal location for your business. You can do this by researching the types of businesses that already operate in the area or by checking with local chambers of commerce.
Real Estate Business Development Overview
After you have determined where you want to open your business, you will need to determine how much space you will need. If you are planning on opening a coffee shop as an independent franchisee, for example, then you may want to consider building out a small storefront or renting out an existing space
Once you know how much space you need, contact landlords who rent out commercial spaces and ask them if they have any available for rent. It helps if you are familiar with their company name so that they know who is calling for information about their properties. This will help your real estate business development.
Next, it’s time to find out what type of tenants will be looking for your type of business. For example, if you are thinking about opening a coffee shop then ask yourself what types of people come into your neighborhood every day — young professionals or families with children?
Real Estate Business Development is a strategic approach to growing your real estate business by identifying and developing new opportunities for growth.
Real Estate Business Development involves two main components: identifying potential new developments and then executing on those opportunities.
- Identifying potential new developments (NNDs) – NNDs are projects that may not necessarily be profitable today but which can potentially be developed into future cash flow generators. These projects include residential, commercial, and mixed-use developments, as well as industrial properties. The key to identifying NNDs is being able to clearly define the market you want to target and how much it would cost to develop a project in that market.
- Developing these ideas into reality – Once you have identified a potential NND, building the actual project will require resources such as financing, land acquisition, and construction expertise. An important part of this stage is ensuring that all partners involved in the development understand their role in achieving success with their respective roles within the overall project team structure.
There are several key elements involved in real estate business development.
Business Development Tips To Know
Know Your Market
Know your market, and understand the demographics and psychographics of the area you are looking to develop. This is crucial because it will help you identify potential buyers and sellers.
Sell Yourself To The Buyer
You need to figure out how you can use your skills and experience so that the buyer will be persuaded by what he/she sees in you and not just by your marketing materials or website, but also through personal interactions with them on a face-to-face basis.
Find Out Why People Buy Or Sell Properties
You need to find out what motivates people to buy or sell homes, what factors make them choose one property over another, and how you can appeal to those factors in an advertising campaign that will attract your target audience.
Make It Easy For People To Do Business With You
You need to create a website that makes it easy for potential buyers and sellers to get in touch with you and make arrangements for viewing properties, even if they do not intend on buying or leasing an existing property right away.
Marketing
The first step in any successful real estate career is to develop a solid marketing plan that will help you build an audience and get your name out there.
Networking
After you’ve built your audience, the next step is to network with other professionals in the industry and learn from them. This will help you meet new people who can mentor you, give you advice on what’s working and what isn’t, and even help with referrals if needed!
Building Trust With Clients
Once you have a base of clients that trust you enough to rent their homes, it becomes easier to get new ones as they trust your abilities more and more over time.
Building Trust With Agents/Brokers/Realtors
This means spending time doing real estate business development activities like attending open houses (if applicable), meeting with agents when they’re out of town or on vacation, etc… It also means being active on social media sites like Facebook, Twitter, and Instagram where there’s a lot of people looking for help finding homes or houses for sale or rent in their area! Learn more about real estate business development in this book.
