Almost every real estate agent across the country right now has the same complaint: There isn’t enough to sell.
Last year’s economic boom has slowed and now there are a limited number of homes in the market – with a lot more competition. What does this mean for agents? A summer with low commissions and hardly any activity? Not necessarily…
As an agent, your main goal during a slow phase should be to control as much of the available inventory as possible. When options are limited, it’s time to create new ones. It’s not easy, but it is can be done – in fact, my team and I are doing it right now. Would you like to know how? Here are five tips I rely on in a slow market:
1. Get more visual.
It is common for a salesman’s agent to post his sign in the yard. In this market it is also a smart move for the buyer’s broker. If you are bringing a buyer and doing a deal, ask for a sign to be posted to receive Your Name in the community and connect it with the word “Sold”. This is the time to be in front of as many eyes as possible; Try to know everyone, be known by everyone, and introduce your company to everyone in your community. You can also highlight and tag some past sales and current offers on your social media account Everyone involved to start a chain of likes, comments, re-posts … and hopefully some referrals.
2. Create something to sell.
Now is a good time to find local developers and learn about their upcoming projects. If you haven’t chosen a listing agent yet, introduce yourself. If you already have a listing agent, can you get your customers involved before their listing goes on sale? Maybe there is even a smaller project that you can get involved in as an investor. The point: if there’s nothing to sell, look for ways create Opportunities.
3. Think outside the home.
If your clients dream home just doesn’t exist right now, why not find a great fixer-upper for them? Make sure to include a renovation into the equation when presenting them with options. Or, look for a demolition or large lot that they can build exactly what they want from scratch.
4. Rub some elbows.
As I write this, I am on vacation in Greece. I could have stayed with friends or family and saved a lot of money, but I stay in hotels that have potential customers. Every activity of my day, every day of the year – from taking a cold brew on the way to work to relaxing by a pool in Athens – is a potential introduction to a new trail. If the market is slow and customers aren’t coming to you, go where they are – talk to the person buying the fancy $ 6 latte in the cafe and the couple by the pool at the big budget hotel. If they can afford it, they can afford a new home. Don’t forget about secondary targets like other agents, interior designers, contractors, and mortgage lenders. All of these people can refer you to clients, so get down to work networking with every single person in your local area of influence.
5. Sell yourself.
Once you’ve found potential leads, your next job is to convince them to make up their minds they as their agent. Branding and Marketing yourself is the heart of my courses because it is the entire foundation of your real estate career. The first step is to zero Your Core identity – your unique offerings – and the definition of your brand to differentiate yourself from the competition. The next step is to present yourself and market yourself to your target audience. If the active customers in your area are currently Gen Z buyers, go on a hunt for Gen Z buyers. They’re online, they’re on social media, they’re buying products from influencers and Kardashians instead of the stores that her parents shop. They are heavily influenced by digital and social culture, so market yourself to them through digital and social media. If you don’t know how to create effective content and targeted ads, now is the time to learn.