This past year has been a challenging and scary time for almost all real estate agents. With a global pandemic, crazy real estate market, and Zillow’s new acquisitions that have put them one step closer to what sometimes feels like an industry takeover, it’s easy to feel overwhelmed.
It’s important to recognize these changes in the industry and how they impact you as a real estate agent. However, that doesn’t mean that that impact will be negative.
The agents that we see coming out on top are the ones who don’t sit back and accept the situation, but rather those who take this as an opportunity to implement tactical strategies that ensure success.
Our customer success team put together 5 strategies to beat the competition, build your brand, fill up your pipeline, and come out on top.
Even now when everyone is talking about low inventory, it’s important that you continue to focus on the work you’re doing in your community to create new connections and brand yourself as the go-to person for all things real estate.
Take a step back and really analyze your relationships with current and potential clients.
Ask yourself: Am I receiving messages from people in my network asking about their local market?
If you’re not, then you have a problem. Given the current market, you should feel like you’ve won a popularity contest. You should be the go-to person in your network’s life for real estate. So if you’re not receiving those messages, it’s time to focus on building your brand and make sure that you are known in your community as the local real estate expert.
This is not the time to forget about your pipeline.
Now more than ever, what it really comes down to is staying active and motivated. Make the calls, create the connections, and build those relationships. Remember that real estate is a cycle. Even if you’re not getting a ton of closings at the beginning of the year, don’t despair! Instead, focus on how you can build up your pipeline now with fresh leads to ensure future success.
What you have in your pipeline now are deals that you’ll make 3-6 months or even a year down the line. But in order for that to happen you have to be building new relationships to fill your pipeline, and then nurture those relationships.
A few simple ways to do this is to:
Taking these simple actions weekly will help you build those relationships and keep them in your pipeline.
Once you've built a strong personal brand and have cultivated a following on social media from your contacts, it's time to scale.
You can’t personally call everyone that you know every single week, but you can post to social media. By posting valuable content consistently, you will reach the majority of your digital sphere of influence.
Building out and maintaining your presence on your social channels is one of the most impactful things that you can do when it comes to increasing awareness and generating more business.
The more you post relateable content, the more people will remember you. And the more people know that you're a real estate agent, the more business you're going to get.
While this is a challenging market for buyers, when you’re working with them it’s important to have talking points that resonate. When working with our PropertySimple agents, we’ve found that there are a few topics that have worked quite well.
A good way to show that you know the market and to start building trust is to talk about the mortgage rates. Mortgage rates are at an all-time low, which is a great incentive for homebuyers to jump into the market despite the higher prices.
One of the advantages that you have as a real estate agent, that is important to showcase to your buyers, is your access to coming soon listings. Mention to your leads that in your MLS you have a special status for listings that are coming soon.
Working with you gives buyers an advantage because as soon as you see a coming soon listing that fits the bill, you can make sure that your buyer is one of the first ones to see that home.
When it comes down to it, it’s likely that you and your client will get outbid, and potentially outbid numerous times. In this market, it’s essential to find perseverance. With homes selling at double, sometimes triple the asking price, it’s tough for both buyers and agents. However, the agents that are able to persevere and eventually close a deal are likely to gain multiple referrals from satisfied buyers.
While it’s easy to be overwhelmed by the current market, it’s important to also focus on the opportunities that you have right now. Opportunities to build your brand, create lasting relationships, and ensure your future success. And maybe even close a few deals in this crazy market while you’re at it!