What should I be doing in a slower market?
Previously, we talked about the market’s impact on your clients - now, we’re going to chat about how to actually do something about it. While the past two years have been a rush of closing after closing and buyer lead after buyer lead, a slower, more moderate market provides a useful opportunity as well to invest in your business.
Make sure you have several months’ worth of living & business expenses saved, and then take the time to do the work that may have fallen by the wayside in busier times: invest in yourself and invest in your network.
Invest in Yourself
Now is the best time to invest in yourself and up-skill, whether that’s gaining expertise in a new side of the market, building your brand, understanding your business, or learning new tools or products. We asked top agent & broker Dora Puig of Luxe Living Realty for her advice on how to set yourself up for success, even in a slower market:
Here are some popular and useful topics. Want to hear more about them? Let us know at email@example.com and we can write a blog post about it!
Building Your Brand - Start asking yourself tough questions about your brand, assess areas for improvement, and make a game plan for doing so.
- What is your brand? How would you describe it? How accurately does it represent you?
- Identify your target client base, and make sure your brand speaks to them
- Are you happy with your brand aesthetically?
- Is your branding consistent, from yard signs to listing presentations?
- How are you getting your brand out there? Are you posting to social media, sending emails, attending/hosting community events, orinvesting in your website?
- Are you posting to social media and sending emails regularly? What are you posting about? What do you want to post about?
- What types of content get the most traction?
Real Estate Expertise - pick one (or more), and start learning! Find a topic that interests you, and that makes sense to specialize in for your business and your brand. What are the most important topics to understand in this space? Are there certifications or courses you can take? Are there good resources available, thought leaders, YouTubers, or blogs you can follow on the topic? Or best yet, can you find a mentor who’s willing to teach you about these topics?
- New Development
- First Time Buyers
- Affordable Housing
- Environmental / Green
- Other Adjacent Industries (Property Management, Mortgage, Appraisal, Title & Escrow, Interior Design & more)
Understand Your Business - You’re not just an agent, or just a contractor, you are the CEO, CFO, CTO, CMO, C-Everything-O of your own business. What’s working well for it, and what isn’t?
- Understand your sales funnel. Where have your leads come from? How much (if any) did you pay for them, and how many of them converted to clients?
- Are there any methods you're using for identifying the leads most likely to convert, saving you valuable time?
- How much have you spent on marketing? How effective was that marketing? What will you continue to do in the future?
- Have you tried farming? What areas did you farm, and why? How much did you spend, and how much did you make?
- What’s your target take-home total compensation for the year, and how much volume do you have to close to achieve that (after all the splits, fees, expenses, and everything)? Are you on track?
- Have you saved enough for your taxes? How are you keeping track of it? How are you tracking your deductions?
- How are you going to get your business to the next level? Is it investing in operations, marketing, branding, more leads, referrals, or starting a team? What do you actually need to do to make that investment?
- What’s actually going on with your health insurance? Does it suit your needs?
Learn new tools & products - What new tools & products are your peers using (we hope Courted.io is one of them!), and where do you feel unsatisfied in your current tools & products? Is it:
- Understanding the market
- Lead generation
- Marketing software
- Finances / Taxes
- Lead nurturing
- Productivity & organization
- Transaction management
Invest in Your Network
Real estate is all about relationships, and growing your network of other agents, potential clients, and vendors is a critical investment in the future success of your business. Want help getting connected to people? Let us know at firstname.lastname@example.org.
Other Agents - Your network of other agents both within your market and across the nation is an often overlooked but nevertheless necessary part of growing your network. When’s the last time you made a new contact or caught up with:
- Referral partners (inbound). Who is sending deals to Miami? (Hint: It’s NYC, LA, and everywhere that’s cold & has high taxes). Who knows you in those markets? What do they know you for? Are you their first call for a referral?
- Referral partners (outbound). As Miami-Dade gets more expensive, potential clients may be considering a move to equally sunny, equally low-tax, and somewhat less expensive parts of the state (think: Tampa, Naples, Sarasota, Port St. Lucie, Vero Beach, Orlando). Do you know what’s happening in those markets? Do you have agents you trust in those markets across a variety of price points & specializations?
- Agents in your market. Who else’s name do you see on listings in your neighborhood and at your price point? Chances are you will work together or have already worked together. Building a strong working relationship with these other agents will help you in the long-run, whether it’s getting your client in for that last-minute showing, making sure the transaction closes smoothly, or even potentially joining forces on a team.
- Potential mentors / mentees. Are you looking to learn about a new side of the market? Are there experts in that niche, either in your market or around the country? Would they be willing to mentor you or teach you? On the flip side, do you have any special expertise you would be willing to share?
Connecting with other agents is critical to growing your business, and in fact can actually just make being a realtor more fun (who else are you sending memes to?). For more information on growing your network of other agents, check out Courted, reach out to us, or join our Webinar!
Potential Clients - This one needs very little explanation, but taking that extra time every day to call someone on their birthday or the anniversary of their close, attend the PTA event, or send a personal note to a super-connector in your network will pay dividends. How do you like to meet people today, and how can you do more of it?
Vendors - Other professionals in the space are key to making a transaction run smoothly, and giving the client the best possible experience. Make sure you have your go-to people across all sectors who you know and trust.
Want to learn more about what to do in a market slowdown? Join the conversation on Courted.io!
Stay tuned for more South Florida market specifics…