How to Thrive in a Market Shift
The market is clearly changing — and while that can be scary as a real estate professional, that doesn’t mean all hope is lost.
In fact, there’s actually a lot of opportunity in a shifting market, as long as you play your cards right.
Are you struggling to keep your head above water in today’s changing times? Just want to ensure success in the uncertain months ahead? These three strategies can help.
Educate, educate, educate.
It’s important to let consumers know what’s going on in their exact housing market. With all the doom and gloom headlines they might be reading, they could be pretty intimidated by jumping in right now, and giving them more accurate, personalized information about their neighborhood? That can help a lot.
Consider putting together market reports, and let leads download them from your website (in exchange for their contact info, of course). You can also share local links and data on your social media accounts and, most importantly, work market data into your listing presentations and meeting with new clients. The more they know, the better armed they’ll be for success.
Focus on your pipeline.
With demand down and sellers pulling back, getting random leads from the internet probably isn’t going to be as common as it once was. Instead, focus on your real estate network — the lenders, attorneys, inspectors, and other pros that regularly refer you business.
Make sure you’re cultivating and nurturing these existing relationships, and put effort into making more connections that could increase your referrals. This network is what will prop you up when the market’s slow.
Set accurate expectations.
We’re coming off a pretty hot few years, so some sellers may come in with expectations that just don’t align with today’s changing conditions. They might expect $20,000 over asking, a fervent bidding war, and waived contingencies.
That’s just not happening these days, and buyers have a lot more leverage than they once did. Make sure your clients understand this from the beginning. Set clear expectations, and ensure they know what — and what not — to expect when they list their home. Doing so will help you avoid disappointment, frustration, and, worst of all, potential bad reviews.
Adapting to a changing market
Real estate will always have its ups and downs. Need help keeping your pipeline going while the market ebbs and flows? Get in touch with an Embrace Home Loans® office and partner with a loan officer in your area today.