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As we wrap up Fourth of July celebrations and the last fireworks fade, for many, summer has finally begun. In many parts of the country, the last two weeks of June mark a turning point in the real estate calendar: Father’s Day, graduations, proms and other activities divert attention from real estate. In our area, we see a dramatic slowdown in buyers coming through open houses as we near the end of June, signaling that change is ahead.
With the advent of summer, patterns begin to morph. That will be especially true over the next two months as the pandemic is behind us, and many are looking to this summer to get things back to normal. Youth sports teams are in full swing, vacations away are back in vogue, boats are cluttering the highways on weekends, and everyone is trying to make up for the summers we lost due to COVID.
This includes Realtors
For many agents, 2023 has been a nightmare year. Sales volume is down dramatically as inventory has been as scarce as hen’s teeth. Although a number of agents have already dropped out, others are hanging on by a thread, hoping that things will turn around in the next few months.
Interest rates are projected to be lower toward the end of the year, which should prompt a jump in sales, but in many parts of the country, the yearly peak selling season is already behind us. Factor in a surge of summer activities, and the short-term prognosis is more of the same. Those Realtors hoping to cash in on any surge come fall need to be working harder than ever now to set the stage for success.
Put succinctly, if you are looking to slow down to enjoy the summer, your business may take a significant hit as autumn leaves begin to fall. When it comes to having clients to work with come September, Nat King Cole says it best:
The falling leaves drift by the window, The autumn leaves of red and gold
I see your lips, the summer kisses, the sun-burned hands I used to hold
Since you went away the days grow long, and soon I’ll hear old winter’s song
But I miss you most of all my darling, when autumn leaves start to fall
Since you went away the days grow long, and soon I’ll hear old winter’s song
But I miss you most of all my darling, when autumn leaves start to fall.
While Cole is singing of a lost love, agents should be thinking about lost opportunity. The truth is, your business is always 60-90 days out, meaning that the work you are doing now pays dividends two to three months down the road.
The simple solution is consistency now
It is a hard message, and yes, it is totally unfair. We have endured so much over the past few years. The problem is that, as real estate agents, we dictate our own future. Those agents who, despite everything around them, are still consistently working the fundamentals are the ones seeing success and are the ones who will have clients to work with as we hit the fourth quarter of 2023.
Although it may be tempting and fun to spend your weekends on a lake or doing other activities that take you away from your business, caution is advised.
Those agents who will be succeeding come autumn are those who will be practicing consistency this summer:
Building their database
Many agents I talk to do not have an effective database. One person I had a conversation with just this past week has had her license for over three years yet only has 15 contacts.
With the absolute minimum starting at 200 persons (including name, physical address, email address and cell number), if you have not yet reached this milestone, the summer can be a great time to accomplish this goal.
At a sports activity for one of your children? There is plenty of opportunity to build relationships with other parents and collect contact data to build your business. Instead of being a spectator at summer events, use the available opportunities wisely.
Holding open houses
There will be more opportunities this summer as many listing agents will be looking to hand off open houses so they can be off doing other things. Managed effectively, open houses are still one of the most effective ways to build a business, especially if you are a newer agent looking for more buyers.
Practicing scripts
Scripts are the heart and soul of a real estate business. For example, while standing on a ball field beside other parents, the topic of occupations can easily arise.
Many agents, when questioned about what they do, state, “I’m a Realtor” or “I’m a real estate agent.” The usual response is, “How’s the market?” Although you may provide valuable information, there is usually no hook.
A more effective script could be:
“I help people build wealth through the acquisition of real estate. I’d love the opportunity to meet with you at some point to discuss growing your personal net worth. Would that be of interest to you?”
Scripts also govern what we say during a listing appointment, making a cold call or greeting someone at an open house. Do you know the top 10 effective closing scripts? If not, it is time to nail them down. If you are on a team that does daily power-ups and script practice, you are ahead of the game. If not, find a script partner and stay engaged throughout the summer consistently.
Prospecting
Many agents I know will gladly pay thousands of dollars a month to Zillow or some other highly ineffective lead-generation system rather than personally prospecting. It has often been said that doing the basics to build a real estate business means hours of boring activities. That is true of any top-performing individual, regardless of their field. Like it or not, prospecting works: The top-producing agents on our team are consistently scoring deals through prospecting.
Practice the basics
Want to be the best listing agent in your area? Tired of watching other agents score the listing while you get the “Dear John” call or email? It requires significant practice of the fundamentals. Pros understand that practice happens every day regardless of what is happening in the world around you. Summer might be here, along with an alluring list of activities that can easily keep you distracted. Pros practice while the amateurs frolic.
Yes, it has been a tough year. Yes, it would be great to get out and let down your hair. Yes, if you ignore your business now, you will pay dearly in the fall. Consistency is the key. The choice is yours.
Carl Medford is the CEO of The Medford Team.
