What Should Agents Focus Focus on Right Now?Aug 05, 2023
The Big Takeaway: While many predict next year’s real estate market could replicate that of 2021 & 2022. In the meantime, most of us are wondering how to pay the bills until then.
Why It Matters: Revenue is down for pretty much all agents right now. The harsh truth is many agents will quit the industry the next year. The ones that stick it through will reap the rewards for doing so. But how can you position yourself to do that?
Go Deeper: The real estate market is most definitely in a “funky” phase – with many home buyers and sellers waiting in the wings to make a move.
From higher interest rates to historically low inventory nationwide, clients (and potential clients) have legitimate concerns. But…just as our clients have concerns, you likely have concerns of your own - like paying your own bills during the market lull! Some of you remain busy in the current market, while others are struggling to have an optimistic view of what happens from here.
THIS is where the rubber meets the road a real estate agent. part of your job is to keep reality in focus for those who need your help, and for you, yourself.
Here are three things you can do to weather the storm.
1. Be a Sound Source of Information for Clients.
Many of the loud voices proclaim that “the sky is falling!” The media, who’s job is to gather readers and watchers, will hype what’s going on to meet their end goal. Your job is to keep your finger on the true pulse of what’s going on, research the market using reputable sources, and pass it along. This is where you can truly provide value to those around you.
2. Surround Yourself with Positive-Minded High Caliber Agents.
Credible agents in your particular market will have a sound perspective on what’s going. They, too, have done their research, and many have weathered previous storms. Listen to what they have to say. The news is not always positive, and there are times for buyers and sellers to lay low, but it’s important to have a true picture to pass along.
Pessimistic agents will find ways to discourage you at every corner. That’s not helpful, and those agents likely won't be here in a year.
3. Focus on the Basics to Move Your Business Forward
Yes, your business may have slowed down a bit. A lot of agents are experiencing the same thing. As long as your basic income is covered, this is a great opportunity to fine-tune your business and double down on the basics. Keep focusing on your sphere of influence. Keep up with the texts, phone calls, emails, handwritten notes, direct mail, and any other way you can think of to stay in touch with people. While there’s always room for great creativity in real estate, don’t lose sight of the basics. They have always worked – and they will continue to work. People need to (and want to) hear from you. Keep reminding them what you do, and offer valuable information.
Remember - no one is stopping you from having your best year ever. Just because things aren’t ideal doesn’t mean you can’t dominate!
While 2023 has been challenging, many experts, including financial and housing guru Dave Stevens agrees that interest rates will begin dropping soon – quite possibly moving sub-6-percent by the end of the year and moving to the mid-4-percent range in 2024. Stevens further asserts that 2024 is shaping up to boast the second or third most home sales in US history.
That’s a reason to stay optimistic.
You’ve got this!
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