What does a shifting market mean for you as a real estate agent?
I’m not nervous about it, because I know that if I’m consistent, I keep up with the market, and I keep doing the activities I’m supposed to be doing, my team and I will continue to do well. In a shifting market, a lot of agents tend to get out of the business because they can no longer fund their lifestyle. Going into fall and winter, the market is always slower, so what can you do to set yourself up for success and keep earning the income you need?
First, you need to work harder. You have to work more hours than your competition and time block so that you’re lead generating two to three hours a day. This is not the time to be working on your business plan; this is the time to reach out and connect. In a shifting market, you need to be touching around 25 people a day. This doesn’t mean just sending out 25 texts; this means getting responses from 25 different people. This is hard to do, but if you’re connecting with that many people a day, five days a week, you won’t feel the shifting market. If anything, your market share will increase.
During your time blocking sessions, you can also go door-knocking. If you don’t have any listings, find someone in your office who does, ask if you can sit in during one of their open houses, and go door-knocking through that home’s neighborhood.
Another thing you can do is set up some coffee appointments with your 20 influencers. Sit down with the people who love you and would refer you and have an honest conversation with them about the shifting market and how they can help you take your business to the next level. Set those appointments, mark them down on your calendar, and don’t stop until you’ve asked for those referrals.
Additionally, you can call FSBOs and expired listings. A lot of agents make all of their business just handling these two types of listings. You may not be an expert over the phone or familiar with the scripts, but you can still pick a couple of these listings to pursue and connect with them consistently. Pick the ones you really want to have a relationship with.
If you’re really stuck, open up your database, pick 30 people you know, do a CMA for each one, and send them listings the very moment they come on the market in their area. Everybody wants to know when houses come on the market, and this way you can see when they log in to your site and whether they look at any listings.
Again, though, I can’t stress enough the importance of time blocking for lead generation first. If you don’t set aside time, you won’t succeed. You need to take our shifting market seriously, so don’t just sit back and wait for the phone to ring. As someone who does a lot of business, I can tell you that it’s not the way to set yourself up for success.
If you have any other questions about preparing yourself for our shifting market or you want to talk about your business plan, don’t hesitate to give me a call or shoot me an email. I’d be glad to help you.