For many real estate professionals, 2020 had the best year ever. Investing those extra dollars wisely is paramount as we navigate this unprecedented time. Here are some ways to capitalize on the extra income generated over the past year.
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While 2020 was one of the most challenging years in our collective history, many luxury real estate agents had one of the most successful years of their careers.
When the home became the central theme of our entire lives during the pandemic, real estate agents became an indispensable part of those looking to upgrade their properties for convenience and comfort, whether it be more outdoor space, additional bedrooms, or modern condition. Art at home gym.
With this surge in buyers looking for bigger, better space and sellers looking to move closer to family members or second homes, many luxury agents experienced an unexpected wave of success – with extra money made by the end of the year.
Investing those extra dollars wisely is of paramount importance as we continue to navigate this unprecedented time. Here are some ways to capitalize on the extra income generated in 2020.
1. Put it in marketing or technology
Any agent, team leader, or broker would be wise to put extra revenue back into the business. Whether you’re launching a new direct mail, print or digital marketing campaign, or buying updated equipment or technology, you can’t go wrong with fueling your business in 2021.
2. Invest in major causes
In addition to investing back in your business, making a difference in the world is also important. Whether in your community or for a cause you care about, we all want to leave a legacy of positive change. Identify an organization that represents what is important to you and how you can get involved at the level of comfort that is right now for you and your business.
You will find that investing in causes that matter to you will benefit you and your community more than you know.
3. Get noticed
Funding a brand update is a great way to capitalize on the extra income generated over the past year. Developing a custom logo or creating a solid social media campaign that can stand out, raise awareness, and get the attention of potential customers can improve your business and customer list.
4. Revitalize your website
Pouring it into your website can be of great benefit, whether you’re building a brand new website from scratch or updating your current website. Leveraging new technologies to refine your website can help reach new customers and showcase your offers and most productive sales.
5. Give employees more training
Investing in your people and employees can be a fantastic way to improve your service and customer experience, and improve your team’s skills. Setting up training, bringing in special speakers, and handling bespoke retreats for your team can be a perfect way to take advantage of this 2020 bonus.
You can use any additional income from 2020 to improve your business in 2021. Whether it’s employee training, investing in your branding, or updating your website, pouring it into your business and team can be one of the most beneficial uses of recent additional funds.
David Parnes is a director at The Agency in Los Angeles. Connect with him on Instagram. James Harris is a director at The Agency in Los Angeles. Connect with him on Instagram.