Staff Reporter
With the current thriving real estate market, you might be feeling tempted to go into real estate. Once you have your license, follow these tips for becoming a successful agent in Montana. In this mountainous state, the high demand for residential property and a growing number of investors has created a boom in the local market. Those planning to join the ranks of real estate agents in Montana should remember those six easy tips for starting a thriving business.
Choose a Healthy Market
As a realtor, you are running a business. And the first rule of any starting business and determine if there is a demand for services. The first step for real estate beginners should be finding your ideal market in Montana. Consider which city offers space for your professional growth and where you can withstand the business competition. Here are the hottest markets in the Big Sky Country:
Billings
Montana’s largest city, Billings, has a growing population, stable job market, and expanding metropolitan area that contributes to a successful growing real estate scene. Potential buyers have a high average income combined with a low cost of living. Local and out-of-city investors, rising housing demand, and stable construction creates a competitive market for Billings real estate agents. Beginners should not be scared to start their business here. With the right marketing strategy, you can still compete with top realtors.
Helena
The state’s capital is experiencing a rise in housing prices. This year alone, housing costs grew 10.5%. The inventory shortage is expected to continue, and experts predict another price jump of up to 7% in upcoming years. Though it’s a seller’s market, the job opportunities in Helena are constantly attracting newcomers to the area.
Bozeman
Since Bozeman is home to popular ski resorts, there is high demand for commercial and residential properties. Many investors see Bozeman as a suitable market for short-term rentals and house flipping. The average house price is around $450,000. With a thriving job market in the educational and IT sectors, most buyers can afford property in the area. As one of the most promising markets in Montana, Bozeman is a gold mine for the real estate business. The competition might be challenging, yet the housing market is consistently growing, which gives enough space for beginners to succeed.
Missoula
Investors love Missoula as it’s the home to Montana State University, annually bringing in thousands of students. Residential and commercial realtors have the opportunity to achieve high sales. The Missoula market is an excellent place for beginners and offers potential for business expansion in the future.
Keep up-to-date with Montana Real Estate Law.
The global economy and politics can affect state laws or regulations. As a representative for buyers and sellers, you have to keep up with the policy updates that might affect them. Track the latest law changes through Montana Security of State.
Choose a niche for your business.
As a self-employed real estate agent, you need to differentiate yourself from the competition. One way to do this is to establish your business niche. Though it may seem counterintuitive, narrowing down your services will increase your business. Explore what the local market is hungry for, and what niche has less competition, and use Montana’s specialties to your advantage. Decide on what type of realtor you want to be (residential, investment, or commercial), and what audience you hope to attract.
Invest in a personal brand.
Creating a brand persona for your realty business will help grow your client base. Keep up with your brand in real life and on digital platforms, and always treat your clients with a top service no matter if they’re spending $1 million or $200k. Remember that organic leads come from your reviews and references. Never waste an opportunity to advertise in web blogs or magazines that will strike your targeted audience.
Use Technology to Generate New Leads.
While it’s still possible to get new clients from newspapers or radio, most business happens online. Invest your time and money into running a website and social media accounts. You can engage with your audience and generate new leads by making educational and entertaining content. Use modern technology and trends to your advantage by including virtual tours or marketing video promos on your site.
Never Stop Improving Professionally.
Years of working in the business will only get you so far. To stand out among the sea of realtors, focus on professional development. By networking, learning from the top-rated experts, and joining the Montana Association of Realtors, you can gain more accurate knowledge of the current market and find out tricks and hacks the leading realtors use to get their numbers. Use LinkedIn to connect with the best agents in Montana and across the nation. After all, understanding the industry is the most important tool to support your business.
The Bottom Line
Montana’s real estate market is ready for talented and driven realtors. By learning from others’ mistakes, you can achieve your goals faster and succeed even in the most competitive environment. Don’t hesitate to take risks and set high goals for yourself. With your marketing game on point, your real estate business will be off and running in no time.
