How to Get Ahead in a Competitive Sales Market
These days, few real estate agents know what to expect out of the real estate market. After the decline with the COVID-19 pandemic, then the rapid upswing as everything reopened, it’s tough to decide what might be coming next. However, the reality is that if today’s market is anything, it’s a sellers’ market. Real estate agents across the country are looking for ways to get ahead in this tight market. What can you do to improve your firm’s numbers? These tips can help.
Consider Working with Other Agents:
If there aren’t already other agents with whom you work regularly, now might be the best time to start thinking about teaming up. If the sellers’ market continues to stay strong, you may end up spreading yourself a bit thin if you don’t. Teaming up with other agents can be incredibly advantageous because it often leads to additional listings. In a market where buyer demand is constantly on the rise, that can mean better overall sales numbers for both of you. Moreover, if you need to take a bit of time away, you’ll have a partner who can cover things while you’re out.
Set Up Systems to Enhance Productivity:
Whether you’re working from home these days or you’re still going to the office, the best way to work harder is to work smarter, and that starts with your office space. Keep it clean and tidy, and invest in the right systems to build your productivity. Online lead generators are great, but so are email schedulers, messaging apps like Slack, and customer relationship management software that allow you to stay a step ahead of the competition.
Even online document management software is a great way to get ahead in today’s market. Most importantly, these systems are likely to allow you to manage your business from almost anywhere, so whether you stay at home or transition to the office, all of these should move with you.
Create a Strong Schedule:
Real estate relies on service to clients, so it’s often assumed that you’re at work all of the time. Try meeting that expectation in real life, though. During competitive sales markets like these, you’ll burn out very quickly. Instead of making that a reality, though, consider setting a schedule for yourself.
That will not only help you better serve your clients. It may also help you be more available for potential new listings. Be clear with your clients about your working hours, and set aside time each day to check in with clients and respond to emails. Then set up different times for all of the tasks you need to take care of daily. If you stick to your schedule, you’re likely to find the time you didn’t even know you had.
Promote Your Listings Online:
If you’re not already using technological tools like social media and virtual tools, you may have lost hundreds of buyers already. A National Association of Realtors study found that most people start their search for a home online, and tools like these can make it possible to land a sale now more than ever. Some people are still uncomfortable entering sellers’ homes post-COVID, so options like virtual tours are an excellent way to help move potential buyers down the sales pipeline. Social media is a great way to connect with more people, too, so don’t neglect options like that.
Don’t Forget About the Basics:
Things that have always made sense, like good photography, professional staging, and even sponsored events, still work well in today’s real estate market. Don’t navigate away from those techniques that you know work well.
Become a Better Negotiator:
Learning how to negotiate in a sellers’ market is key to getting ahead of the game. Most importantly, keep a positive attitude throughout the process. If you can see yourself calling your buyer to congratulate them, you’ll be able to keep a smile on your face throughout the difficult process. Be sure, too, that you do your research. Know who might be the decision-maker and what they’re willing to settle for.
Be completely present for your client, but be honest with them in terms of expectations, too. As you prepare potential offers on homes, keep in mind that you never want your clients to place an offer that’s less than the list price. They should always include an earnest money deposit, which may help their offer seem more attractive to sellers. They should also already have financing in place and have proof of that financing available.
The housing market likely won’t slow down anytime soon, so if you’re going to set yourself up for success, the time to stay competitive is right now.