How to Stay Ahead of the Housing Market
As a real estate agent, clients will rely on you to be an expert on the market. Especially in recent years, the market has been incredibly intimidating and being able to stay in the know and ahead will be an incredibly important skill to perfect to have a successful career. Keep reading for our tips and tricks to stay ahead of the housing market.
Maintain a Strong Network Connection
A housing market shift is one of the most intimidating things a new real estate agent, or even a seasoned one, can deal with. Oftentimes they can occur without notice and can seriously alter the trajectory of a new career. Those who have been agents for several decades, however, are often much more well versed on both the prediction and handling of a market shift. If you are new to the game, it is important to make strong connections with those who have been real estate agents for a while. If not only for the advice and guidance, having someone in your corner who has navigated both the ups and the downs of the market will greatly benefit you. Just be sure to be receptive to advice and remember that you have a lot to learn!
Do Your Research
In order to forecast a trend, you have to be intimately aware of your area’s housing market on a daily basis. Make it a part of your morning routine to hop on the computer and check out listings in the area, whether it be from Zillow, Trulia, etc. Then check national trends and check up on real estate agents that are similar to you. Social media is a gold mine of offered up information, when you consistently track these sources you’ll be able to notice trends and detect major changes in pricing, availability, etc.
Adjust to the Trend
The market as it stands right now is in favor of sellers. In order to get the most out of the current state, it is a good idea for you as a real estate agent to pursue clients who the market is currently in favor of. Obviously retaining both is key to keeping a balance, but as it currently stands, you will likely have a higher success rate taking people who are looking to sell their homes rather than people who are looking to buy. As the market shifts you will be able to change your target client demographic, but it is always something important to keep in mind.
Don’t Cut Important Costs
Even though a market shift might be rocky and leave you financially lacking, it’s important not to cut costs that help gain you business. Advertisements, marketing, or any other form of customer service should not be cut, despite the temptation. In the long run, these are the investments that you make in yourself and your business and they will likely be the factors that bring in more business in the long run. You’ll have to play the waiting game, but ultimately maintaining these costs will do the work of finding more clients and business for you and pay off financially.
These are just a few of our tips and tricks for dealing with market shifts, you’ll learn this and tons of other insider secrets when you enroll with Greenwood Real Estate School. Check out our website and sign up for classes today!
