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Although 2020 was one of the most challenging years in our collective history, many luxury real estate agents experienced one of the most successful years of their careers.
When home became the central focus of all of our lives during the pandemic, real estate agents became essential to those seeking to upgrade their properties for amenities and comforts craved, whether that was more outdoor space, additional bedrooms or a state-of-the-art home gym.
With this uptick in buyers seeking more extensive, better spaces and sellers seeking to relocate closer to loved ones or second-home properties, many luxury agents found themselves riding an unexpected wave of success — with additional cash earned at the end of the year.
Wisely investing these additional dollars is of the utmost importance as we continue to navigate this unprecedented time. Here are a few ways to capitalize on any extra income earned in 2020.
1. Put it into marketing or tech
Any agent, team leader or broker would be wise to invest additional income back into the business. Whether that’s starting a new campaign with direct mailers, print or digital advertisements or purchasing updated equipment or technology, you can never go wrong with fueling your business in 2021.
2. Invest in important causes
In addition to investing back into your business, it’s also essential to try to make a difference in the world. Whether it be in your local community or for a cause that’s important to you, we all want to leave a legacy of positive change. Identify an organization that stands for what is important to you, and find out ways to get involved at whatever comfort level works for you and your business at this time.
You’ll find investing in causes dear to your heart will benefit you and your community more than you will know.
3. Stand out
Funding a brand refresh is a great way to utilize any extra income made last year. Developing a custom logo or crafting a solid social media campaign that will help you stand out, boost awareness, and capture potential clients’ attention can help elevate your business and client roster.
4. Revive your website
Pouring into your website can be highly beneficial, whether creating a brand new one from scratch or updating your current site. Taking advantage of new technology to refine your website can help reach new clients and showcase your listings and most prolific sales.
5. Give employees more training
Investing in your employees and staff can be a fantastic way to improve your service and client experience and sharpen your team’s skill set. Setting up training sessions, bringing in special speakers and treating your team to tailored retreats can be a perfect way to utilize that bonus 2020 cash.
You can use any additional income made in 2020 to elevate your business in 2021. Whether that’s employee training, investing in your branding, or refreshing your website, pouring into your business and team can be one of the most beneficial uses of extra funds made last year.
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.