How Does a Recession Shape Newer Realtors?
Lessons learned during hard times often remain even when things get better. The recession lesson for new agents? Hard work and perseverance pay off.
NEW YORK – A generation of real estate agents could be shaped by the coming year’s economic headwinds in multiple ways.
In 2023, successful agents will owe their success to hard work. It could be from producing content, holding open houses or adding value to past clients – and likely all of those.
The market will also test agents’ passion and perseverance, with standout winners being those who can weather difficulty and adversity.
The market will also weed out unsuccessful agents, leading to fewer licensees. In business, marginally profitable companies are always the first to go with the economy turns downward.
Referrals will also become more important. Strong agents will focus on deepening relationships with past clients and their spheres of influence.
Compressed commissions are also possible, with top agents driven to become proficient in defending premium commissions.
When money gets tight, successful agents spend time weighing value against price. They’ll rate every business cost and identify the ones that offer the highest and lowest returns on their investment.
Source: Inman (05/04/23) Burgess, Jimmy
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