Here at zBuyer we are primarily interested in good news, both for the housing market and for you, the real estate professional. (You know the saying about what’s good for the gander being good for the goose… that.)
But we’re also realistic, and aren’t going to pretend that certain markets don’t experience marked slow seasons and that the market as a whole is prone to slowdowns from time to time. It happens, we know.
But that doesn’t mean your work ends – if anything those slow seasons are where the best of the real estate agent flock show their stuff. There are ways to set your practice apart and, more importantly, be ready for when that upswing inevitably comes around again.
Here are a few tips:
1. Be mindful of motivated sellers
Sure, there may be less inventory out there, but the people who are looking to sell – and buy, for that matter – are probably more likely to want to make a deal. That means a house that owners who have sat on a property for years could suddenly be enticed to lower their price, and an eager buyer or investor shouldn’t be too hard to find.
“…. with fewer clients shopping around, you’ll likely have more attention from both realtors and mortgage professionals, which could result in a more personalize and specific experience.” – Don Frommeyer, CRMS.
Read: Even if you’re making a slightly smaller commission, you could have the opportunity to make a lifelong client and build your reputation.
2. Put your marketing plan into action
It’s one of the few frustrations of the busy seasons that we may not have time to focus on our business – the marketing, the website, the details that make it run efficiently. If this is bothering you, a few slow months could have a really great payoff. Fine-tune your social media messaging and voice. Sign up for some networking events or professional development seminars. Redesign your website or develop a new logo for your agency, if you are running a solo shop. Find new CRM software and implement it now, so you know it front and back when the market picks up. The only wasted time is time you don’t use to your advantage.
3. Timing timing timing
Want to stay busy in January? Put a bunch of homes in escrow in November and December. Closings can make a month fly by, and are the gateway to those all-important commission checks. Time the seasonal market – if possible – so that the paperwork is increasing while the showings and listings are decreasing.
We know, it sounds counterintuitive. But you have to spend money to make money. If you have a week that’s short on new client meetings, take some of your best clients out to lunch or dinner, or a happy hour if that’s their thing, and tell them how much you appreciate them. If you don’t walk out of that week with at least one new referral in your pocket, we’d be very surprised.
5. Take a vacation
We all need a chance to recharge. If you’re not going to be making deals a little R&R could be just what your future productivity – and your personal life – ordered.