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Don’t Take Your Foot Off the Gas
The inventory is starting to build a little bit across local and national markets. There's a shift going on right now, but how significant will it be, and what should you do to prepare for it should the current trends continue?
Many real estate agents feel anxious about what the future might hold, but now is not the time to hesitate. It’s time to pick up the pace!
At Real Geeks, we’re going to dive deeper into the current state of the market and the shift currently undergoing. We’ll also give you some advice to help you get into a more competitive mindset. Keep reading!
So You’re Seeing a Shift… Don’t Panic!
A lot of agents have become complacent with the hot market. There have been so many buyers and leads flowing in that they have no clue what a normal market looks like — until April 15th came, that is.
When the pandemic started, we at Real Geeks saw an increase in the percentage of properties under contract over properties in the market. More than 80% of these properties belonged to the pending inventory. Everything seemed prosperous based on the numbers.
However, on April 15th, the numbers started to reverse. As of writing, condos in the pending inventory went from 70% to 50%. Single-family homes still have higher numbers, but they could be reaching the same levels in the following months.
So, here comes the dreaded question: is the housing market going to crash? This single word will send shivers in newbie real estate agents, but there’s no need to panic.
We’re simply going through a market shift. It’s subtle, but it could mean that we’re going back to the normal market. There’s no reason to step back; you should see this as an opportunity.
It’s time to make changes to your strategy as a real estate agent. If the market doesn’t change, then you’d be unaffected. But if it does shift, then you’ll be better prepared for whatever may come. You could even thrive if you know how to play your cards right. So how will you do it?
It’s Time to Pick Up the Pace
When you start to accept that something is changing, think of yourself as being at the fork of a road. Go left and ignore it or go right and take some sort of action. If you choose the latter, here’s what you can do:
Going on the Offense
Now is the time to double down on your current business model. How many contacts do you make each day? How many potential buyers do you talk to? It’s time to increase those numbers twofold.
Right now, you’re probably hearing more and more buyers saying they’ll wait and see what happens before they commit to a transaction, which means fewer appointments for you. So what do you do?
Call more people to maintain your number of appointments. That’s how you make your business recession-proof.
Get Excited About New Opportunities
There goes the word “recession.” However, even if this is happening, it’s what you make of it that matters.
Shifts in the market will result in the inventory going up. That means more listings and more choices for your buyers — opportunities are everywhere if you know how to identify and capitalize on them.
Be There for Your Customer
A market shift is a time of uncertainty for real estate investors, buyers, and sellers since they’ll be encountering a lot of concerning information on the news. Because of this, they’re more likely to call a professional like you to help them. That’s how you get more leads and earn customer loyalty.
Final Thoughts
Remember: change is good, so don’t take your foot off the gas! Keep the flow going by using your Real Geeks database to reach more leads, kick-off more workflows, and set up market activity results. That’s how you’ll stay on top of the game!
