The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.
Life comes in seasons — and real estate is no different. One of the most challenging aspects of working in real estate is the ever-changing nature of the industry. That, combined with the pressure to succeed as an independent contractor, can be incredibly stressful.
Real estate professionals are tasked with riding with the ebbs and flows of the market — which are often quite dramatic. So, how do you gracefully and strategically handle a down market?
It all starts with reframing your expectations and leading your business with a positive mindset. Ask yourself:
- What unique opportunities do the current market conditions present?
- What do you need to work on to keep moving forward and progressing in your career?
- If you’re carrying fewer listings or working with fewer clients than usual, how will you spend your time?
Here are five ways I encourage agents to find business opportunities during challenging times. Take a breath, and read on.
1. Work on your operational procedures
There’s no better time to look at how you’ve been operating than a slower market. Put your procedures and systems under a microscope, and consider what is working great, what needs improvement and how you will make changes. Give your future self the gift of streamlined systems that can be truly business-impacting, especially once the pace of your work picks up.
2. Focus on customer service
It’s no secret that exceptional client relationships are the foundation of a successful real estate business. In challenging times, take your customer service to the next level. Engage with your clients regularly, take the time to understand their concerns and provide solutions tailored to their needs.
Plus, figure out opportunities to surprise and delight your clientele with memorable experiences that create lifelong raving fans. Plant those seeds and watch your referral business grow. After all, a satisfied client is not just a one-time transaction but a potential source of referrals and repeat business. And cheers to that.
3. Build relationships with colleagues and mentors
You’re likely surrounded by a wealth of real estate experience and business brilliance. Take the slower market as an opportunity to connect with these people, share your knowledge and foster collaboration. Consider creating a weekly or monthly meetup.
As an example, we recently started a Global Mastermind series where agents from around our network can connect virtually on a range of topics and have collaborative time together in small breakout groups. They get a lot out of that monthly hour: Networking, learning firsthand from their colleagues, gaining business insights and a safe space to share worries and fears.
Navigating challenging conditions is a highly emotional experience and can often lead to self-doubt or even giving up on real estate altogether. We need to feel connected and supported by people who understand what we’re going through.
4. Get out and be social
A slower market is not the time to stay at home — it’s when you need to get out and meet people. If an opportunity to attend a social gathering, community event or fundraiser arises, seize it. Bring your conversation starters and your business cards.
5. Diversify your marketing strategies
To drum up more business, it’s crucial to diversify your marketing strategies to reach a broader audience. While traditional marketing methods may have been effective in a booming market, a downturn requires a fresh approach. Explore digital marketing channels, social media platforms and online advertising to expand your reach and connect with potential clients.
During our Global Forum event in November, we unveiled a series of exciting new marketing campaigns for our agents to customize and apply to their business in the new year. Invest time in creating compelling content that showcases your expertise and addresses the current concerns of your target audience.
Remember, challenging times are not a signal to retreat but an invitation to innovate and explore new avenues. Embrace the learning opportunities that come with market fluctuations and use them to refine your skills and strategies. As you navigate the complexities of the real estate industry, stay resilient, stay connected and stay proactive. Let’s weather the storm and emerge stronger.
Rainy Hake Austin is president of The Agency in Los Angeles. Connect with her on Instagram.
