It’s a weird time to be a real estate agent, and we see it happening nationwide.
Brokers who rode the tsunami of real estate property during the pandemic are now forced to reroute or pivot to find out the best way to navigate a market that once boasted some of the best rates in years are beside themselves.
For those who’ve worked most of their lives in real estate, many of use have experienced the feeling of being in the feast or famine industry. That said, the remaining time we have in 2023, as well as most (if not all) of 2024 may continue to be a time of low inventory, high interest and a highly competitive market for real estate professionals.
What is the impact on real estate professionals as the market fluctuates and falls? If individuals are less likely to purchase or sell their property? What happens when their income is made even more unstable?
The truth is it is in real estate; the success is not solely dependent on an exploding market, even though the media headlines would make us believe otherwise. Some top real estate professionals have benefited even more when things are difficult. Surviving and thriving amid a recession requires an exclusive blend of skills and strategies. To succeed in this environment, real estate professionals must take on visibility, system-consistent education, and prospecting with a determination to be an authentic expert in their subject.
Let’s take a deeper look into each one of these components below.
Visibility: Be Available, Be Visible, Be Known
In a declining market for housing, there is no need for that being visible is vital. The potential clients must know that you’re a real estate agent actively participating in the industry.
You aren’t throwing in the towel yet, nor are you “only taking it on” if your cousin’s child searches for a first purchase. Making yourself visible involves:
- Actively engaging potential customers by networking.
- Interacting with them.
- Participating in the local real estate industry.
Be active; being active on Social media is the most efficient method to increase your profile.
Learn about the latest happenings in markets. Post your observations through your blogs or status updates, offer tips for buyers and sellers, and display your knowledge. Profiles regularly updated on platforms such as LinkedIn, Instagram and Twitter can be used as a digital business card, which makes it easy for prospective customers to locate your profile.
Systems: The Potential Potency Of CRM
A robust CRM system with a vital Customer Relations Management (CRM) method is effective in slow markets. While we’re all aware that it’s crucial to generate prospects, it’s just as essential to keep those current relationships to ensure that they don’t receive the email you send them and then think about themselves, “Huh, how did I get to know this person?”
A CRM allows you to organize your contacts, monitor interactions, and create reminders to follow-up. This ensures no lead slips by the wayside and allows you to keep a constant and personal connection with your customers.
At the moment, I’m in the process of sending out one email per week to potential clients. The amount is enough to keep them aware of my name, but more is needed to annoy them with emails that end up in the spam folder.
Monitoring your CRM is crucial. Your customers are in a tense market and will be grateful for the peace of mind provided by your dedicated follow-up efforts.
Consistency: The Grind That Gets You What You Want
Since real estate isn’t just a one-time job, consistency is crucial. It is the foundation of achievement in this industry, particularly in times of turbulence. You must extend to the spheres of influence and remain in touch with the larger market.
A constant appearance in people’s lives ensures that they remember you when they decide to sell or buy and do not call the person they ran into on the street just a few weeks ago.
It’s not just about your outreach efforts; it’s also a part of your work ethic. Verbal word of mouth will forever be the most significant resource, but you must ensure it’s positive.
Maintain high-quality service regardless of whether your market is slow. A reputation of trustworthiness will make you stand out from other businesses and help build confidence in your clients.
Learning: Becoming A Local Real Estate Expert
To be a successful real estate agent in a market that is slower than expected, it is essential to become an authority figure (or local guide of sorts) in your area. This involves knowing not only the current market situation but also its history as well as the future trends. Being informed helps you guide your clients efficiently, assisting them to make informed choices that protect their investments.
Learning is continuous. This is the aspect that is the most neglected by agents. We sit for our exams and pass them and then believe we’re done, or we can learn all we need to know on the spot. However, it’s more complicated.
We must attend industry events, take classes, and read books and articles about real estate. If you’re a broker, ask them what mentorship opportunities are available. The more opportunities you can draw from, the more prepared you’ll be to deal with the challenges of a market downturn. Plus, the more clients will believe in you.
Prospecting: Broaden Your Horizons
Prospecting is vital for any real estate venture, regardless of the market. It can be done by organizing open houses, making contact with your circle of influence and connecting to other professionals in the field.
Joining clubs, networks, and other groups specific to your market can dramatically increase the reach of your business. Feel free to join even if you would rather sit in your home on a couch instead of out in a pub chatting with other people. Even in a down market, you will find that there are always buyers and vendors out there.
Succeeding In Real Estate No Matter What
Being a successful real estate agent is and will require perseverance, hard work and dedication. It would help if you become a specialist in the field you work in, continuously offer value to your customers, and continuously work to expand your business. The marketplace may be challenging; however, it is not impossible to succeed. There are many opportunities to be found for people who are determined.
It all boils down to maintaining an online presence, using CRM systems to remain organized, and following an established schedule of follow-up and outreach.
The path to long-term success as an agent in real estate may be difficult; however, it’s not impossible. The business is constantly changing; however, there are essential tools that will aid you in achieving success in all markets. Stay on the ground, and then add other elements on top!
