If you listen to the media, 2023 is going to be a ruthless year in the housing market. We all know real estate is local so it’s our job to interpret the statistics in our local market. We are not just a sales person. We are educators, now more than ever. Knowledge is power!
I’m already hearing of realtors, real estate agents, brokers, lenders, processors discussing their need to find other employment.
This fear is real for many but I always remember what Warren Buffett says: “Be greedy when others are fearful.” I’m not saying you need to be greedy but why panic? I have confidence in my ability and know my marketing is keeping me “top of mind” and I’m willing to go the extra mile to get in front of misinformation.
This market is drastically different than times in the past. Lise Howe recently called our market a transitional market which doesn’t mean it prevents homes from selling, it just might take longer.
Our market calls for us stepping to the post and becoming the Gate Keeper of the local “information highway!” People don’t like salespeople but they embrace educators.
Change in marketing strategies is inevitable and I for one am putting more effort in my marketing reports, to the community I’m serving, with more interpretation of the data. I’m educating them on the facts and encouraging them not to listen to the news media, which always paints doom and gloom! I’m sending private emails with my market reports and this week alone received 4 calls and 3 scheduled appointments, all from my personal emails wishing them a Happy New Year and keeping them updated of our market. I'm making personal phone calls wishing them a "Happy New Year" and see how their holiday season was with family and friends.
I'm allocating more time focusing on opportunities to educate my audience and more face to face conversations. My passion is directed toward quality home sellers not a quantity of home sellers. A recent new seller I'll be working with said, "we know you really work hard for your clients and pour your heart into your listings, while giving excellent advice." This is a seller I want to work with!
Unfortunately many are listening to their family members and sphere of influence that may not have purchased a home in a long time or purchased during a seller’s market. It’s our job to educate them.
Real estate is a long term investment no matter where you live. The fact is we will continue to see fewer sales in 2023. Why? Many will not want to sell with their current lower mortgage rate unless they need to make a move. There are always those that make a move when life dictates and not due to a financial need. Competition for listings will be greater and sellers will look towards experience to guide them. I'm ready for the challenge!
The January Active Rain challenge hosted by Aura Alex and Anna Banana Kruchten Phoenix Broker couldn't be more timely. We need to analyze our marketing and make smart choices on prioritizing where to spend our time, energy and become, more than ever, “the source of the source.”