The past year has been a very challenging one for many in this industry. The good news is that, with a significant economic recovery already underway, real estate is set to perform strongly in 2021. To maximize success and minimize any potential setbacks, however, agents must be proactive and get the right structures in place.
Right now, the market faces three main challenges:
- Low Inventory Levels
There is an ongoing lack of housing inventory, and much of what is available is being snapped up quickly. The National Association of REALTORS® recently reported that total housing inventory at the end of November 2020 totaled 1.28 million units, down 9.9 percent from October and down 22 percent from the previous year. Meanwhile, properties are typically on the market for just 21 days.
- Limited Face-to-Face Contact
Covid-19 has changed the way real estate professionals do business, with many appointments and meetings going digital. This is a big shift for a relational business, and it can take some getting used to.
- Information Overload
Consumers are continually being bombarded with an enormous amount of information, much of it conflicting and anxiety-inducing. It’s no wonder they’re overwhelmed and confused about whether it’s the right time to buy or sell!
Fortunately, it’s possible to deal with all of these challenges when you’re proactive and you put the right structures in place. Here’s how:
Create Your Own Inventory
Inventory may be low but, with a little ingenuity, you can create your own! Get out and canvass neighborhoods that match your buyers’ needs. If you find a property that you believe might work, leave a handwritten note to tell the owners that you may have a buyer for their home. This is a really effective strategy, with the added bonus that you might get a new seller too! You should also consider getting in touch with past clients to see if they’re thinking about making a move. A call from you could be the nudge they need to make that decision.
Find New Ways to Reach Out
Businesses are built on relationships, so, no matter what, you must always work to keep those relationships strong and healthy. Don’t wait for clients or leads to come to you – be proactive about nurturing bonds that already exist. You might not be able to meet in person, but there are still many ways you can safely and responsibly demonstrate to your customers that they are top of mind. Calls, notes and Pop-Bys are the key to keeping in touch and letting your clients know you care. Send notes of appreciation in the mail, leave a small gift on a doorstep, provide valuable information via online broadcasts or reach out by phone. The possibilities are endless – the secret is to be consistent in showing your clients that you’re still there for them!
Be a Trusted Source of Information
Now more than ever, you need to be your clients’ professional and trusted resource for market information, both locally and nationally. By listening to podcasts such as “The Brian Buffini Show,” you can access the most up-to-date facts and figures from top experts, stay up-to-date on market trends and then actively share this information with your clients. Guided by your expert insight and advice, your customers will be more confident in making an informed decision about buying or selling.
Proactive agents are set to win big in the year ahead. Buffini & Company’s One2One Coaching is the perfect way to take the initiative and be prepared for what 2021 has in store. Schedule your free Business Consultation today to see how this real estate coaching can help you!