Thriving in Uncertain Times
A former Keller Williams mega agent and real estate coach said being prepared helps agents grow their business during changing economic times.
NEW YORK – When market uncertainty creeps into real estate conversations, agents should be prepared even if it doesn't materialize.
Agents who are prepared stabilize their businesses and spur growth. The first step is to assess the current clients in the database to determine how many have mortgage rates near 3%, how many have equity gains and how many are likely to trade up for larger home. Agents should focus on the homeowners who need to sell due to personal or financial concerns.
These leads may be harder to close, but they are definitely in the market to sell their homes. These leads can be found in expired listings, pre-foreclosures, divorces, inheritances, relocations and homeowner who have housing liens.
Agents who know their client value will do well in unsettled markets. They can position themselves as hyper-local experts by creating thought-provoking market reports, social media posts and information on their website.
After demonstrating market expertise, agents need to show that they are masters of negotiation, particularly in a recession. Realtor® associations with Real Estate Negotiation Expert (RENE) designation courses teaches agents the fundamentals of bringing two sides together and working with different personality types.
Other tips include investing in marketing to build a brand, sending out more direct-response marketing materials to reach new audiences, finding untapped buyer pools and building relationships with home builders.
Source: HousingWire (09/13/24) Moudry, Sean
© Copyright 2024 Smithbucklin