Only a decade ago, we faced a severe economic collapse during which most businesses suffered. Perhaps none were hit harder than those in real estate. If you were selling real estate back in 2009, then you know exactly was real estate professionals we facing.
Thankfully, the market has been hot for some time now. While it’s not pleasant to think about, though, another shift in the market is inevitable. By understanding market dynamics and the economic demands of your target areas, you can prepare yourself for success even when inventory significantly increases, and prices decline.
Here’s how to prepare for the next downturn—and win!
Know Your Market
You can not be distant and successful, especially when the market takes a turn for the worse. Engage with your farm area on a physical level. Get to know the ins and outs of it. You need to be an expert!
This includes knowing the current market values of the area in order to price competitively to attract attention and sell quickly. You should also locate all of the vacant houses that are on the market in that location, hold all-day open houses, and drive abundant foot traffic using online promotion and physical directional signs—a lot of them!
There is a bit of overlap between this tip and the last, as open houses are a fantastic way to general leads. To prepare for the next downturn, though, you need to go farther—commit to an all-in lead generation campaign.
This means using technology and online tools, video advertisements, and good old sphere of influence word-of-mouth to attract as many prospective buyers and sellers as possible. Remember, leads are how you sell houses, so get out there and generate a ton of them!
From hosting monthly first-time home buying seminars to actively increasing your knowledge of mortgage products, staying ahead of the competition and of prospective buyers is integral to success in a down market.
Being able to create urgency when pre-qualifying buyers, knowing what down payment assistant programs are available are just a few tips to greatly increase your sales volume. All it requires is a bit of work on your part to familiarize yourself with the available financing programs.
Partner with the Right People
It can be easy to fall into the trap of relying only on yourself during a time of economic struggle. If, however, you have formed strong partnerships with the right people before a downturn in the market, you will have set yourself up with a support system that can lead to success.
For example, a partnership with a high-volume mortgage broker can be exceptionally valuable because it will drive more qualified leads!
If you’re ready to give yourself a safety net and set yourself up for long-term success, it may be time to connect with us and see how we're positioning our businesses for the next down turn.