Time to Learn More and Strengthen Relationships
Today’s real estate market is unpredictable – inflation is popping up everywhere, interest rates are rising, home prices are climbing, and property demand is declining. Yet, these things don’t have to affect your business if you plan properly. Savvy agents are looking for ways to combat the slowdown now and doing everything they can to boost momentum and become a leader on the other side. So, how can you achieve this? Simple, follow our three easy steps below:
Tips for Real Estate Agents During Slow Periods
There’s no better time than now to strengthen your business relationships and trade tools, making this the perfect time to implement strategies to accomplish these things.
#1 Improve Your People Skills
If there’s one thing top-performing realtors have in common, it’s that they are skilled in the art of communication and dealing with people. However, it’s crucial that you understand that communication skills aren’t about extroversion or introversion; it’s about how well you relate to and are understood by your clients and partners.
Top agents are masters of clarity and don’t bury their points in a messy word cloud. Instead, they utilize non-verbal and verbal cues to get their point across. Yet another key to this is learning your audience and knowing how to interact with different people.
Taking the time to tailor your communication approach to the right audience will help you connect with the person easier and get your point across faster. For example, if you’re speaking with loan officers or fellow realtors, using industry terminology and buzzwords is appropriate and does not require explanation. However, real estate topics need to be explained in an easy-to-understand manner if you’re with a client.
#2 Learn Another Marketing Angle
Downturns in the market are no time to go top secret. Quite the opposite, spend slow periods focusing on marketing efforts such as social media marketing and brand awareness. This will help prospects understand who you are and what they gain from working with you.
And if you’re not experienced with certain types of marketing strategies, this is the ideal time to not only learn about the methods but become an expert in them.
Here are some practical real estate marketing strategies that you can learn:
- Content marketing via your blog
- Local sponsorships
- Monthly newsletter
- Launch an email marketing campaign
- Produce videos for YouTube that cover your local area
#3 Implement or Update Your CRM
As the adage says, don’t get too busy to do the things that made you busy. Setting up a CRM (customer relationship management) system to track your existing clients, prospects, and leads in the market is essential.
One great strategy is focusing your efforts on those who will need your help anywhere from three up to twelve months from now. Utilizing a CRM to act as your assistant will ensure the system reminds you of important client details, what was discussed in previous conversations, and when you should follow up with them.
During slow periods, if you don’t already have a CRM – get one. On the other hand, if you already have one in place, spend some time going through to look for clients to contact or simply update it.
Closing Thoughts
Ultimately, investing in yourself and your tools is the easiest way to ensure that your business remains healthy and on track. Even if your savings are up, downtime isn’t when you should be taking extended vacations or stressing about the market. You should use the time wisely by investing time and money in new skills and tools that will help you succeed, even in the slowest of times!