Looking for opportunity in this shifting real estate market?
When I hear agents complaining about the real estate market and acting as if they just need to wait it out until they can get back on track or start growing again, it makes me a little sad. It also makes me more than a little frustrated. Because not only are there still real estate opportunities out there, but for agents who know where to look, now is the time to leap ahead of your competition and grow your real estate market share. That’s what this blog is all about. I’m going to give you four reasons why a recession such as this one is not your enemy, but your opportunity to make an impact. Let’s not waste any time. Read these all the way through, and then get to seizing this moment while it’s still here.
- A Professionals Market - Having been in this business for over 28 years, I’ve seen my share of hard real estate markets: Black Monday, the internet bubble burst of 2000, post 9/11, and 2008. And what I’ve seen every time is that the real estate industry becomes trifurcated into three segments: The non-producers who only sell a house or two now and then, if ever. This group tends to drop out during a recession. The Moveable Middle: full-time agents who sell some houses but aren’t super committed and always seem to be struggling. Many of these agents will stay exactly where they are during this time, and many will also drop down to non-producers. But then there are those who rise into… The top 25% who keep crushing it and have some of their best years ever during hard real estate markets. If you’re in the middle group and putting in all your effort then I’m talking to you, because this is the time to sharpen your skills and prove what you can do. Agents who got their start just a couple years ago where homes were flying in seconds are going to be hurting right now, because they didn’t have to work with discipline. So, now is the time to hone it.
- Most Agents Will Pull Back on Their Marketing – There is a huge opening in today’s real estate market right now. We are seeing that some agents who control most transactions in their geo farm have been pulling back on their marketing. And this is a major mistake because it allows enterprising agents to move right in. Going all-in on your real estate marketing is more important than ever in a slower economy. Because it’s the agents who make their presence known during the hard times that people remember. I’m not just talking about your advertising, either. You need make it clear that your job is to educate and take care of people. Provide Annual Equity Reviews, check in on past clients just to see how they’re doing, and put out free content online to let everyone know what’s going on. Be the “knowledge broker” in your real estate market.
- Fear is Killing Consumer Opportunities - The reality of today’s real estate climate is that now is still a great time to buy a home, if… The buyer can afford it. And they plan to live in the home for a while. Right now, inflation and interest rates are some of the main drivers of fear, but what many people aren’t weighing this against is the asset they’re obtaining, which in most cases is going to rapidly build equity and be up for refinancing within the year. The agent who learns how to convey the data in the right way to show buyers and sellers the real estate opportunity in front of them is the agent who wins.
- The Drivers In Every Real Estate Market - Here’s something else that I talk about at Roadmap… No matter what kind of real estate market we are in, life goes on, and there are seven reasons why people will always need to move. These Drivers are Diapers: Having a baby. Death. Diamonds: Getting married. Divorce. Diplomas. Defaults on a loan. Relocation.
So, I just gave you that list and it’s up to you what you do with it. Some agents will say “cool” and just keep scrolling. Others will work them into their marketing and targeting.
Don’t Let This Moment Slip Away. I’ll repeat that now is the opportunity to really sharpen your skills and gain the trust of the people in your real estate market, so don’t let it slip away. Yes, a real estate market like this does require you to work harder, but the work you do now is an investment in your future real estate branding. Be grateful for the real estate opportunity to shine during this difficult time. Hope this has been helpful and don’t feel shy about reaching out.
Strength and Courage,