No Matter The #Market – Pt. 2
It’s no secret that i love cold weather. This graphic for this #blog makes me happy no doubt. But as we wrote about (and you read about last week https://discovereaglerealty.com/realtors-no-matter-the-market-pt-1/ ) – talking about how in an Up or Hot market there are certain things you need to be doing in your real estate business to sustain and build your career for the long haul, there is also conversely things to focus on in a down or Cold market that will help sustain and grow you business as well. We may not be there yet, but real estate markets are cyclical. While it may not be a market crash like 2008, make no doubt that a downturn is inevitable. A market slowdown or cool off will always happen and you want to be mindful and prepare when you see the signs. Signs like rising interest rates, inventory spikes, appreciation slowdown, and inflated pricing in certain property types all can lead to a buyer slowdown in the market.
Most of you, as #Realtors know this already. A lot of you have worked through and survived, maybe thrived in a market down cycle. But there a lot of real estate agents that got into the business after the 2008 crash and have known nothing but upward trends. That can be scary and dangerous for an agent to think that it’s always this way that it has been in the last decade, for real estate sales. It’s just not the case. So what you want to know is how to survive and thrive in a down market. Well your in luck, because I have some thoughts. Before I list a couple of points that i think might be helpful to you on your career, remember you never know the bottom of the market until it has already past. You and I can’t predict when the bottom drops out. We don’t know how low pricing could go until we are on the other side looking back. How quick and reactive you are to recognizing market movement can allow you to capitalize for you and your clients all the more though.
- Branding and Marketing Now Will Help Then: what you do now sets you up for the next market cycle. If you wait to try and build branding strategy and marketing strategy to implement when things get slow, it’s too late. If you aren’t being consistent with content, providing value to clients and your audience while giving insight into the advantages of working with you, and you are not building a brand of expertise and service experience, it swill be a cold winter in the down market. Efforts can’t be ignored today and expect to have success tomorrow. Start today.
- Build Your Investor Network Now: When is a great time to buy property if you are investing? Not now. But when prices are low and deals are plenty! That is super obvious, but what are you doing to build a database of possible investor clients? Are you creating a whole unique database to investors? Are you making content to target that audience? Are you sharpening your expertise when it comes to investment property (knowing cap rates and the rental market, networking with good rental management companies (which can get you referral fees), and watching rental trends? Build your network now to be ready to handle their buying needs then.
- Get Ready To Work Harder: No matter what anyone says, i believe you need to be ready to work harder in a down market. Again, it may sound obvious, but preparing your mindset is key to avoid depression over slower activity. You will double your marketing and branding efforts through content. You will be communicating and contacting your database more often. You will be looking for opportunities to grow your team or collab with other agents. You will have be diligent and disciplined in daily efforts to grow and acquire business. And you know what? It will only set you up that much better, than ever before, as the market trends back up. Your business will grow and cycle with the market instead of being hurt by it. You will have the know-how how to grow in all types of market cycles on average.
Don’t let the market determine your business. Grow and shape your business to work in every market.