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When Market Slows, Get Back to the Basics

The age-old basic rule is simple: Reach out to as many people as you can. Decide the best system to use by calculating the balance between costs vs. rewards.

NEW YORK – As the pace of real estate transactions slow, agents can regain momentum by reassessing basic rules, such as reaching out to the most people as possible.

How to reach more people? It varies by Realtor but can take the form of:

  • Offering informative or entertaining social media posts
  • Farming a geographical area with consistent, value-added marketing
  • Working with local service organizations, clubs or charities
  • Building a database and consistently sending valuable information through a weekly or monthly newsletter
  • Producing video content about local real estate and area businesses

An agent’s success is directly proportional to the amount of value they bring to the marketplace and would-be clients. To this end, agents should write down what they do that sets them apart from other agents. They might add value by offering written or video-format CMAs for homeowners, or maybe they host a client appreciation party.

It’s also important to be adaptable. As markets change, marketing efforts may need to change with it – or even if still valid, maybe it’s time to target new neighborhoods.

A slowdown also presents an ideal time for agents to learn more about the business of real estate by using the 3-2-1 method – watch three videos, listen to two podcasts, and read one book in one week on a topic of interest.

Sometimes in real estate, the customers seems to come out of the woodwork. Other times – like now – agents must work harder to achieve success. As a result, agents should commit to working harder now rather than just floating through.

Consistency also helps a business expand, such as by staying in touch with past clients on a regular schedule and communicating weekly with listings.

Finally, it’s important to have authenticity in order to attract ideal clients. People want to work with an expert, but they also like to work with a friend.

Source: Inman (04/06/23) Burgess, Jimmy

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