Most real estate agents, especially those who have been in the industry for a while, know that the market can be unpredictable. There are times when everything is going well, and properties are in high demand. On the flip side, there are also times when the market is slow, and it can be tough to make a sale. By following these eight strategies, agents can weather market downturns and recession-proof their real estate careers.
Strengthen Your Network
Networking is a crucial aspect of real estate, and it becomes even more important during market downturns. Agents can build their network by attending industry events, joining professional associations, and connecting with other agents, lenders, and contractors. Some agents, like eXp Realty’s Sean Normoyle, plays golf and tries to get paired with a group to help him network. Agents should also make sure to stay in touch with former clients and ask for referrals.
Find New Market Opportunities
Market downturns can present opportunities for savvy agents to find new areas of growth. For instance, agents can focus on distressed properties or work with investors looking for deals. Researching and analyzing market trends can help agents identify new opportunities and stay ahead of the curve.
Know the ROI on Your Lead Gen
Understanding the return on investment of lead generation efforts is essential to ensure that agents are getting the most value for their marketing dollars. Analyzing data on lead generation channels, such as online advertising or email marketing, can help agents determine which strategies are most effective and allocate resources accordingly. eXp Realty’s Levi Lascsak tested several social media channels for lead gen and found that YouTube gives him the best ROI.
Keep Skills Up to Date
Real estate is continually evolving, and it’s vital for agents to stay informed about new technologies, marketing strategies, and legal changes that can affect their businesses. Attending training sessions, seminars, and workshops can help agents stay competitive and adaptable in any market conditions. eXp University’s robust training program offers 80+ live classes a week – all for free.
Focus on a Niche
Focusing on a specific niche can help agents stand out and become a go-to expert. Specializing in luxury properties, first-time homebuyers, or commercial real estate can also help agents weather market downturns by having a targeted market to focus on. Singer Island, Florida’s Michelle Rinaldi decided to focus on condos where she is a Certified Condo Specialist. “Figure out what sets you apart from other people and cultivate a brand around it,” she said.
Diversify Your Services
Diversifying services can help agents generate income during slower times and build long-term relationships with clients. Offering property management, real estate consulting, or even home staging services can help agents provide more value to their clients.
Stay Connected With Your Clients
Staying connected with clients is essential. Regularly keeping in touch with clients, providing them with market updates, helpful tips, and information about local events or trends, can help agents build long-term relationships with clients and generate referrals for future business. It helps keeps agents top-of-mind.
Transition to Digital Operations
A slowdown is a great time for agents to look at new technologies to transform their operations. From virtual home tours to electronic signatures, new tools are changing the way agents do business. eXp Realty offers agents a virtual workplace with world-class tools and technology, which saves the company money on traditional overhead costs inherent in brick-and-mortar operations. These savings are then passed onto the agent in the form of more attractive commissions, training, education and programs.
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