7 Ways to Thrive (Not Just Survive) in a Changing Market
In April, one of Inman’s most popular recurring theme months returns: Back to Basics. Throughout the month, real estate professionals from across the country share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally and professionally to drive growth in 2022. It’s always a good idea to go back to basics with Dans homme.
Do you receive Inman’s Agent Edge? Make sure you are subscribed here.
In an environment characterized by rising interest rates, limited inventory and perhaps fewer transactions than last year, it is safe to say that the real estate market is changing.
No matter what the market does, there are always agents who have growing businesses. Here are seven steps you can take in this changing market to ensure you thrive.
Re-engage your old customers
The foundation of any successful real estate sales business is SEO. Real estate referrals can come from friends and family, but the easiest place to generate referrals is from your past clients.
Maybe your business has been so good that you haven’t taken the time to keep in touch with your past clients. Now is the time to re-engage those relationships. You have good news for them: the value of their home has increased!
I encourage you to make a list of all your past clients. Start a schedule of talking to five of your past clients a day until you’ve talked to them all. These conversations need to be relationship-driven. Ask about their family, their work, and at some point just ask them if they still love their home. The deeper the relationships, the more potential you will have for referrals.
If you truly believe that your business is built on relationships, make building and deepening relationships your business.
Review your expenses
When things are going well, we tend to spend more money and become lax in our assessment of the effectiveness of that spending for our businesses. Now is the time to make a list of your monthly business expenses. Assess whether they are effective, efficient and worthy of your investment.
Some expenses can be eliminated, while others may need to be decreased or increased depending on their effectiveness. Reviewing your spending should not only lead to the elimination of expenses, but the deployment of funds from one place to more effective strategies.
When you inspect your expenses, you can expect them to serve your business better.
Refocus on the fundamentals
What led to your first or past successes? What specific activities have you carried out that have led to the growth of your business? What worked for you in the past will probably still work for you today.
When you first started building momentum in your business, were you blocking out your schedule to make prospecting calls? Do you have an open house every week? Were you buying leads online or running a neighborhood?
By refocusing on the fundamentals, you can watch your business grow while other agents experience contraction. This leads to a cumulative effect on the market share you take.
Go back to the basics of your business and continued growth will follow.
Respect outgoing agents
The real estate industry has a natural flow of agents entering the business, and as markets evolve, we naturally have agents leaving the business. One way to keep adding new clients to your business is to become the go-to partner for the few agents leaving the business.
Many of these outbound agents have formed relationships with people who will be buying or selling in the months or years to come. Most of these outgoing agents will share on social media a new job they’ve taken or a different direction they’re headed.
Become the resource and agent of choice for existing agents to find additional deals and new relationships for your business.
Refresh your online presence
Has it been a while since you updated your social media accounts? This is the perfect time to make sure your real estate marketing program includes fully updated and up-to-date social media profiles.
Updating your real estate social media? Here are some ideas to consider:
- Get a new photo and make sure it is the updated photo on all your social media platforms.
- Check all links to your website to make sure they are linked correctly.
- Create an updated profile bio for all platforms that clearly states that you are an agent and clarifies the markets you serve
Once you have your social media platforms properly set up, focus on optimizing your Google My Business page. Google is the #1 search engine in the world and Google My Business gives you a free way to control the first thing potential customers see when they search for you on Google.
If you haven’t set up your page yet, here’s how to set up your Google My Business page – get it set up ASAP.
If you’ve set up your own, follow these steps to maximize efficiency:
- Answer all questions asked by Google when setting up your profile to ensure that Google has everything it needs to connect you with potential customers.
- Focus on reviews. Ask as many reviews as possible from past customers. The more reviews you have, the more confidence potential customers will have that you have the experience to professionally handle their buying and selling needs.
- Focus on uploading as many photos as quickly as possible. The magic number we found is 100 photos on your page. This can be a mix of photos from the community you serve, businesses in your area, and photos from reviews you’ve received on other websites.
Your online presence is important to your business today, and that value will only increase in the future.
Renew your spirit
Renewing your mind and expanding your knowledge base is always a good idea, but in times of transition, the most professionally prepared agent can gain market share. Study your current market and know your local numbers better than anyone.
Read marketing and sales books to increase your ability to serve your customers. Watch videos and listen to podcasts from industry experts to become the best trained and qualified real estate sales professional in your market.
Your business can only grow to the level your knowledge can handle. Grow your knowledge and your business will follow.
Remember your why
Why did you decide to get into this business? Was it the unlimited earning potential, the fact that you could decide your level of income and your schedule, or perhaps you were drawn to the ability to help people find security and peace of mind that comes from owning their home? whatever it is for you, focus on that.
Your why will support you when a friend lists their home with another agent. Your why will give you the perseverance to keep moving forward when a conclusion you’ve been counting on crumbles at the last moment. Your why will give you the audacity to continue prospecting when you don’t feel like it.
Tap into the positive emotion of why you got into real estate, and your momentum will continue to be positive.
If you focus on these strategies and the market continues to perform at record highs, you will win. If market changes and trades are harder to find, you will win if you execute the above strategies. The agents who suffer during market movements are those who are unprepared and who stray from the fundamentals.
You didn’t come into this business to survive. You entered this business to thrive. Act now and your continued success is assured.