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When I think about how best to use the few free moments a slower market provides, I think about it in a framework with two parts: The first part focuses on how we can all work together to impact change within our respective marketplaces. The second focuses on how I can improve my own business. Let me explain.
Micro markets
Right now, the country is broken up into micro markets. There is no overarching trend for the country or even a full city. What is your region experiencing right now? Many locations throughout the country are at historic lows for inventory.
You may have buyers ready and excited to buy, without any available properties. In this case, it is our job as real estate experts to go out and find inventory, which may mean motivating sellers to sell and get off the sidelines.
One strategy: targeting move-up sellers in smaller homes that may need more space for a growing family. Perhaps explain why this is a good time to move up to the next property, and provide solutions to increased interest rates.
Spend some time educating potential sellers about the strength of their particular micro market, and help them see their next chapter.
What inventory?
For other locations where inventory is more available, the goal is finding buyers. Think about who needs to stay in your city (i.e. deeply rooted either professionally or personally), and then be a resource for sound financial strategies and introductions.
The goal for reaching out to buyers right now is acting as a resource in as many ways as possible. This type of action requires thinking a few steps back, and then working forward.
The second part of capitalizing on a slower market is focused around improving your own business before the busy spring market. I recently shared this list of 12 ways to kickstart 2023 with my team. Many of the ideas are free, and they are all easy!
- Build up your LinkedIn presence: connect with groups you are a part of, and post relevant articles
- Start a real estate blog
- Create a personal newsletter
- Create a gifting program
- Reconnect with anyone you helped rent in the past five years
- Record a market update video and send to your sphere
- Send lender introductions and remind buyers when they should start the pre-approval process
- Check in with past sellers to see if they have real estate tax questions
- Talk to future spring market sellers about when the spring market begins and what to expect
- Schedule walkthroughs of seller’s homes and make introductions to necessary home vendors
- Ask for referrals
- Connect with brokers in other regions for referrals
Instead of thinking of a slower market as a problem, think of it as an opportunity. Take the time to really think and strategize about your business, and then get to work.
Julie Busby is the founder and president of Busby Group, and in the top 1 percent of Chicagoland brokers. Follow her on Facebook and LinkedIn.
