(Newswire.net — September 16, 2022) — You would have to be living under a rock for the news of the real estate market shift to escape you. It’s everywhere – from agents panicking with flashbacks of 2008 and consumers unsure of the best action to take if they want to buy or sell a home. There are several economic factors that have changed the real estate market conditions, but what’s happening in many cases is just a normalization from the highs of the pandemic market.
If you follow real estate trends, you’ll know that market cycles are inevitable. Depending on your mindset, a shift can feel like the world’s ending, or more like an exciting opportunity to grow your business. The truth is, there are agents whose businesses grow by leaps and bounds in times when the market seems more challenging and shaky. How do you make sure you’re on the right side of this divide? Here’s how to set yourself up for success when the market starts cooling down.
Position Yourself As A Local Expert
If the market is confusing and terrifying for agents, imagine how it’s making consumers feel. There are so many potential sellers who just don’t know what to do and they need guidance.
They have hundreds of news articles flying at them, opinions of friends and family in their ears, and a fear of making the wrong move. They are going to have a ton of questions, and if you’re the agent who positions yourself as an expert on the local market, you’re going to have clients calling you all day long.
According to Butler & Butler Real Estate, a firm near Woodinville Washington, “in a market shift, there are a lot of macro-trends, and the micro-trends of smaller markets and locales get lost in the shuffle. When you focus your expertise on the areas and communities you serve, you start to separate yourself from other agents, and lead the pack of trusted advisors.”
Become An Options-Expert
The real estate market of today is extremely different to what we had in the mid-2000s for one particular reason. There are so many more options to sell a home – from iBuyers and institutional buyers to other tech-driven real estate solutions.
A seller can now choose from a plethora of options, depending on the level of convenience and speed they want in a transaction. Not every seller wants to take the route of a traditional transaction, and as an agent, you have to be aware of all these options so that you lead them to what’s right for them.
Don’t shun these other solutions, just add them to your quiver like another powerful arrow.
Prime Your Clients
The most successful agents in a market shift prepare their clients for the challenges of selling a home. A couple of years ago, a seller could expect their home to get snapped up in a matter of days, sometimes with multiple offers that drove up the price.
Now the home might go through price reductions and other snags because the market has just changed that much. If you prepare your clients for this, it won’t come as a terrible surprise, and they’ll be better equipped to deal with disappointing news.
If, as an agent, you’re still operating like we’re in the market of 2020 and 2021, you’ll discover that the tools of your trade just aren’t sharp enough for where we are today.
Don’t Stop
The news and subsequent panic and worry about the real estate market can knock out your motivation. It feels futile to keep working when things are so hard, but not showing up can be more damaging. Many agents are going to slow down or even grind to a halt, not because of what’s happening, but rather how people are reacting to it.
At a time like this, we need to nurture more motivation and build the mental fortitude for what’s going on around us. If you can learn to keep going and maintain the activities needed to produce results, you might be surprised to find that your business won’t even skip a beat.
Many agents experience the most growth and momentum while everyone else shuts down and gives up. Put a solid schedule in place, commit to it, take care of your mind and body and be a pillar people can lean on. If you stay focused on your goals, what’s happening in the market won’t affect you because your success is determined by what’s within you.