The real estate market is constantly changing. So what can you do to keep your business growing throughout these fluctuations? In today’s episode, Jimmy provides twelve strategies you should integrate into your business to be prepared for any real estate market shifts.
1. Evaluate your business
- Break down your listings from the last 24 months. How did you get those transactions?
- This will give you key information on effective strategies that move your bottom line.
2. Stay in touch with past clients
- Reach out to your past clients, even those who you haven’t spoken to for a while.
- Don’t call for a sale, call just to see how they’re doing.
3. Unsolicited video CMAs
- No strategy adds more value to your business and your clients than video CMAs.
- More importantly, you’ll add value in a way nobody else is doing.
4. Evaluate your expenses
- Review your credit card statements and determine if there’s any recurring payment for something you no longer use.
- Canceling those subscriptions can save hundreds of dollars a year; money you can reinvest in more effective tactics for your business.
5. Learn a new skill
- Listen to a podcast, watch a YouTube video, or read a book. The information is available; you just have to give yourself time to learn it.
- If there’s something you can learn to be a better realtor, why not do it?
6. Double down on farming
- Become the expert in a neighborhood, especially in places where there isn’t an existing dominant player.
- Distribute a mix of information to people in the area. Send physical mailers, but also develop an email list to communicate in multiple ways.
7. Network with feeder market agents
- Is a large population moving from or to your neighborhood from a particular place?
- If so, create relationships with agents in those neighborhoods to gain a fantastic amount of referrals.
8. Shoot more video
- Video is only becoming more critical.
- Nobody is good at it to start – just start! You’ll get better as you continue to film and create content.
9. Broaden your knowledge of the market
- Study the real estate figures for your area; how much are houses selling for? How has that changed since the last year? Understand your market to be a trusted expert.
10. Have conversations with renters
- Rent is at an all-time high, often exceeding the price of a mortgage payment.
- Because they’d gain tax benefits and property ownership, renters are a great audience to target and share information with.
11. Circle back with buyers
- Some clients give up on buying after multiple rejections. Now is the perfect time to circle back and reintroduce them to the buying process.
12. Put a system in place
- The market is slowing down a little bit, which is the perfect time for you to catch your breath and get prepared for the next wave.
The question isn’t if the market will change; it’s a matter of when. The takeaway? Focus on the basics, get prepared, and try different strategies to prepare for the next wave when real estate launches again.
If you like what you heard today, we’d love it if you’d share a rating or review and then subscribe to the podcast and tell others about it as well. You can find The Real Estate Sales Podcast on Apple Podcasts, Google Podcasts, Spotify, Audible, and our website, The Real Estate Sales Podcast.