Adapting & Thriving in a Real Estate Market Shift
The real estate industry can be hectic, and that has never proven to be truer than in the last couple of years. Since 2020, we’ve seen unprecedented shifts within the housing market and the demand for homes soar to an all-time high. Many factors in the real estate industry will fall outside your control, but it’s how you respond that can define your success as a real estate agent.
1. Be Creative with How You Communicate
New leads are a great opportunity for thinking outside-the-box with your communication. Think about diversifying the methods of your outreach. Instead of just phone calls or emails, implement texting, phone & video calling, and social media into your client outreach. There are so many ways to get your message out and chat with clients- make sure you aren’t just using one or two methods.
2. Prioritize Relationships
In the face of market swings and ever-changing prices, fall back on the relationships you’ve worked so hard to forge over your time in the industry. Business is about connections and people. Clients are more inclined to send business your way if they have been referred to you by someone they trust, or if they’ve worked with you in the past. Leverage those relationships to help you adapt to instability.
3. Be Honest
Avoid massaging the facts and the data to paint a picture that doesn’t actually exist. You can still influence a buyer without being overly aggressive or pushy. When certain factors aren’t in your favor, leaning on a solid foundation of business ethics will help clients appreciate your honesty. You will see these results when they continue to give you referrals or more business. For more advice, check out the NAR’s 2022 Code of Ethics and Standards of Practice.
4. Stay Educated
The most successful of us, no matter the industry or profession, are lifelong learners. Your education should not stop once you become a real estate agent or at the minimal CE credits. Look for career development trainings, an undiscovered niche, or new strategies you can leverage in your day-to-day work.
5. Find a Mentor
Study more seasoned real estate agents around you. Ask them about the ins and outs of their processes and figure out what works best for them. More importantly figure out why those strategies are working. If you surround yourself with the right people for long enough, those habits and practices will start to rub off on you. As we said earlier, relationships are important, and developing one with a strong mentor can go a long way.