The Best Things You Can Do for Your Business in a Downshift
With fewer deals going around and more agents than ever fighting for them (over 3 million and counting), this is the type of market that determines whether you flop or flourish.
But there are always agents who find success in even the most challenging markets. Just because real estate is experiencing a cool down doesn’t mean your business has to either.
The true difference between the agents who thrive and the ones who don’t is a determination to shake it up and change their business approach along with the changing market.
So, these are the best things you can do to make sure your business heats up in a cool down.
Staying Ahead of Market Changes
Keeping up with the housing market may seem like a challenge right now, but if you’re really going to flourish, you need to be able to predict market changes.
While expert projections aren’t set in stone, they are a great basis to build an understanding of where the market is headed.
“We are in a place where strategy discussions and planning are critically important to make sure we can thrive during these challenging times. Stay nimble, stay informed and remember: housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to rebound,” said Ali Wolf, chief economist of Zonda.
So, make sure that you’re looking at any articles or insights that feature words like “forecast” from reputable sources so you can feel confident about not only what’s happening now but can anticipate what’s ahead.
Being Able to Communicate What’s Happening in the Market
More than likely, spitting out data might be going in your client’s ear and out the other. What’s most important is being apple to digest and understand the hard facts and numbers so you can put it in a way that the average consumer would be able to understand it.
Plus, combining visuals with repetition can be a great way to make sure all your efforts to educate your clients stick, according to a recent study.
These are the little things that can make or break your career in a challenging market. In turn, you build credibility, the most important asset you can have to stand out in a sea of agents.
Mix Up Your Marketing
If you’re having trouble drumming up business with your usual marketing tactics it might be a good time to switch it up and get back to the basics.
Cold calls and door knocking may be considered old-school real estate tactics but with persistence and patience, all your hard work hitting the pavement can pay off.
You should also take a long, hard look at every piece of your marketing and then put your energy into areas that you may have otherwise neglected the last couple of years. Looking for a good place to start? A report from Ruler Analytics found that the top three key marketing channels for businesses are websites (90.7%), blog content (89.2%), and email marketing (69.2%).
Every little bit of time and energy spent in these areas could be the key to success in a market shift.
Automate Everything You Can
We know how it goes. You spend all this time and energy working your database, posting to social, creating videos, sending emails on top everything else it takes to serve your clients.
But you’d be surprised by all the tools at your disposal than can save you hours every week with just a couple of clicks.
Setting up email campaigns in a CRM and using features like KCM Social Graphics or Realtalk to easily automate or create content can not only save you time but boost your business.
Any top real estate agent will tell you that consistency is key to crushing it, no matter what’s happening in the market. By making these tiny tweaks, you could see your business go from bust to booming in no time.
Focus on Relationship-Building
Wanna know a secret to being a top agent? Treat every interaction you have outside of work as a potential sale. We know, that sounds like a lot of pressure. But in truth, you never know if a total stranger ends up being a potential client.
So, whether you’re at the grocery store, a local event or even a backyard barbecue, you should work on building relationships with your community.
Hone in on your interpersonal skills when making initial connections with people. Smiling, being positive and conversational, asking questions, and offering compliments are all great ways to leave a long-lasting positive impression.
After all, real estate is a face-to-face field, and consistently building new and deeper relationships with people can in turn build a long-term and successful business.
Despite everything going on in the housing market, there are still enormous opportunities for agents to grow their businesses.
Instead of getting discouraged by the market cool down, take this opportunity to build the business of your dreams.
Take a long hard look at your weakest areas, strengthen them and set yourself up for a lifetime of success.
And remember, KCM is here to help you every step of the way. With content powered by the latest market insights, specialty training and tools, as well as easy personalization and automation, we make it easy to grow your business so you can focus on what matters most: your clients.