The market does not dictate your success—it simply dictates your strategies.
Our real estate market is currently shifting, and if agents aren’t ready to change what they’re doing every day, they’ll fall victim to the shifts. The market does not dictate your success—it simply dictates your strategies. Do you know what to do, and have you been through a market shift in the past? I’ve been through a couple of shifts before, and the good news is that there’s no need to panic. Real estate agents should do these three things to bulletproof their businesses:
1. Go back to basics. Make sure you hold the No. 1 real estate agent position in the minds of your top relationships in your sphere of influence, whether that’s 100 people, 150, or more. Do the everyday activities necessary to step up those relationships. Lead generation is your main job. For example, if you’re working on expired listings and FSBOs mostly, that’s great—double down on them.
2. Reevaluate expenses. You need to do an audit and assess what you’re subscribing to that isn’t necessary, what you’re paying for that you’re not using anymore, etc. Look at the return on investment of every dollar. Shave down your expenses to just what you truly need.
3. Get creative and continue learning. For example, what do you think about assumable loans? You’re going to have sellers with 3.5% mortgage interest rates, but buyers can only find 5.5% rates right now. Wouldn’t it be valuable to have strategies for how to market sellers’ houses with assumable loans? A large pool of buyers will appreciate and be able to afford that house at 3.5%.
Another example is whether you understand buy-downs; it would benefit you to reach out to your mortgage partner and learn about buy-downs and how to navigate those with your clients. This is not the time to freeze and stop growing.
This is a moment of opportunity. Agents will fall out of the business left and right because working in real estate won’t be the same as it’s been for the past few years. These three tips will help you thrive through market shifts, rather than just survive through them.
If you have questions or there’s anything I can help you with, please reach out through social media or schedule a call with me. I look forward to hearing from you.