We never know exactly when any given market might change. If you pay close attention to the numbers, you might see some of the telltale signs. Monitoring inventory (supply) is always a great way to see one of the most important movements in the market, as is watching demand (sold properties). The Sales to List Price ratio can show a lot too. Your familiarity with your marketplace, no matter how you measure it, is the key element to having any kind of a clue as to what is coming.
Of course, even with the best crystal ball on the block, you may not be ready for a significant market shift. So, what is an aware, flexible agent to do? Simple. Have your business ready for the next change and here are five ways to insure success:
1. Solidify Your Sphere. No matter what happens in a crazy market, one thing is for sure: a certain number of people will buy homes each year. Having a strong database of people who know you, like you and trust you is essential to survival when the craziness dies down. So, get back in touch with your peeps. Be sure that if ANY of them think about buying or selling that they call you. AND….
2. Double your Marketing. Yep. When the going gets tough, the tough have it under control because they are reaching their people with a solid stream of valuable, relevant content designed to make them their agent at the key time: BEFORE they need one.
3. Demonstrate Value. It’s one thing to provide value, I assume you’re all doing that. Equally important is demonstrating value. People need to know that working with you will make their life better, easier, and let’s face it, more fun. Share knowledge, testimonials, insights in your marketing whether it’s on social media, videos, blogging, or a snail mail postal campaign.
4. Have lunch with an Experienced Agent. For many agents, the only market they know is this one. So, suck it up, spend $40 and take a strong, effective, experienced agent to lunch and pick their brains about how they have worked effectively in various markets. Okay some of you are experienced. So SHARE!
5. Learn Something New. Changing markets call for changing skillsets. Take a class, read a book, watch TheTwoMinuteTip (Link below). Learn some skills that will strengthen YOU, thereby strengthening your position in this highly competitive real estate industry.
Don’t be blindsided by a market change and most certainly don’t be unprepared. Begin solidifying your business and stay in front of any market wave.