Knowing your Audience Can Help You Adapt/Thrive in a Real Estate Market Shift
The real estate industry can be frenetic, but not sure that covers what we have experienced these last few years! Since 2020, we’ve seen extraordinary shifts within the housing market, with demand for homes soaring to an all-time high.
In Austin we've enjoyed an unprecedented seller's market. The market is now shifting as inflation soars, supply chain issues continue, wholesale prices climb, and the on-going labor shortage persists. The inventory of homes is rising, days are longer on market, repeated price reductions occur, and there is a lower list to sell ratio. Not all markets are equal and you must have a handle on your local market. Austin is well positioned economically to weather the turmoil we are experiencing. We have a history of bouncing back healthier and stronger and I'm remaining optimistic!
Many factors in the real estate industry fall outside your control, but it’s how you respond to our shifting market that will contribute to your success as a real estate agent. Here are 5 tips to help you conquer managing your role as the glue that keeps the transaction together:
- Be Creative with How You Communicate
New leads are a great opportunity for thinking outside-the-box with your communication. Think about diversifying the methods of your outreach. Instead of only calling or emailing, implement texting, phone & video calling, and social media into your client outreach. Blogging and creating podcasts are another avenue to get your message out and chat with clients - make sure you aren’t just using one or two methods. But always analyze who your audience is to make sure they are going to be receptive.
- Make Sure to Prioritize Relationships
In the face of market swings and ever-changing prices, fall back on relationships you’ve worked hard to establish over your time in the industry. Real Estate is a people business and that means connecting with individuals! Clients are more inclined to send business your way if they have been referred to you by someone they trust, or if they’ve worked with you in the past. Leverage those relationships to help you adapt to instability.
- Be Honest
Avoid massaging facts and data to paint a picture that doesn’t exist. You can still influence a buyer without being overly aggressive or pushy. When certain factors aren’t in your favor, leaning on a solid foundation of business ethics will help clients appreciate your honesty. You will see these results when they continue to give you referrals or more business.
- Stay Informed
Knowledge is power! The most successful of us, no matter the industry or profession, are lifelong learners. Your education should not stop once you become a real estate agent or at the minimal CE credits. Look for career development trainings, an undiscovered niche, or new strategies you can leverage in your day-to-day work.
- Elicit the Help of a Mentor
Make sure your company includes seasoned real estate agents for you to ask questions and learn from. Surrounding yourself with top producers allows you to ask them about the ins and outs of their processes and figure out what works best for them. More importantly figure out why those strategies are working. If you surround yourself with the right people for long enough, those habits and practices will start to rub off on you. Relationships are important and developing one with a strong mentor can go a long way.