In the current housing market, you have to think about how to refresh your business strategy, as staying in the same old comfortable mindset is no longer an option. This is the time - the time in a shifting market - to not work in your business but work on your business. Take a minute and ask yourself the questions that might be worth revisiting and revising:
- Where will your leads come from? Are they qualified?
- How will you convert leads? Do you send them market updates, meet them in person, email, call or only text with them?
- What creates loyalty between you and your potential clients?
- What are your priorities? What is your goal income and what are you doing/focused on to make that happen?
The market does not determine your success, it determines your strategy. After you’ve organized your initial goals, and regenerated your business plan, your next step would be to think about how to stay relevant. Staying in the game of real estate takes effort and consistency. How do you plan to market yourself? What social media platforms do you use? Do you know your markets and create fresh content? How often do you post? Do you monitor your social media metrics? Changing markets require new tactics, and all the aforementioned questions will give you a clearer idea of aligning your goals with realistic expectations.
Remember, growth and comfort – you sitting back or playing small – cannot coexist. Either you are growing or you are slowly dying. Being too comfortable is when you slowly lose your edge and your creativity – it ultimately kills a career. It could take years to get back your focus and energy!
Market is shifting and not crashing – but what does that mean? If you have been licensed and doing real estate for the past ten years – initially, the markets were gradually going up, leading to home values nearly doubling in the past three years. Is that normal – is that sustainable? The year of 2020 – COVID year - has created a “scarcity” of homes available to buy – so values soared with fewer homes to buy. That surge has lasted for the past two years. The “shift” is – there will be more homes for sale or the ones available and overpriced will adjust their asking price expectations. Because interest rates have doubled in the last few months, it has caused buyers to pause and determine if they really love/need/want a particular house before making an offer.
So how will you build your business in the next year, and how will your strategy shift along with the market?