Seasoned industry leaders share their best strategies to manage market shifts.
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The uncertainty that comes from market shifts tends to make people freeze up. After all, a real estate transaction is a major financial decision. A seasoned real estate agent knows the right dialogues and conversations to help reassure leads and move them into taking action.
After consulting industry leaders who have been through many market fluctuations themselves, we at Real Geeks have compiled a guide for real estate agents on how to manage market shifts, and client objections, survive a recession, and how to scale your business effectively through it.
Prepare to adopt new strategies
Flexibility and adaptability are key traits of any successful entrepreneur, but especially a real estate professional during turbulent times.
A flexible mindset empowers you to look deeply at what has been working and what has not been producing the right ROI in your business.
Get creative with the resources you already have, such as your website and social media channels. Drive traffic to your site and your business by building out area pages and guides to the markets you serve. To learn more about this strategy check out our Keeping It Real Episode: The Power of SEO and Area Pages With Bob McCranie.
Utilize landing pages and create unlimited home valuation landing pages. Add and create as many communities and add as many home valuation landing pages as you wish. Customize them by adding unique images, text, calls to action, and URL’s for your targeted audience.
In addition to creating your own landing pages, you can utilize a home valuation widget like The Real Geeks’ Home Valuation Tool, which is embedded in every property and market report page to entice site users to evaluate what their home is worth. When they complete the form, this notifies the assigned agent to reach out to the lead. Users submit their addresses to find out what their home is worth, creating a lead for you in the process. If the user abandons the process before completing the sign-up, the address is still captured as an address-only lead.
As times change, you also need to adapt and learn how to generate seller leads even in low inventory areas. This can be done in many ways by utilizing the above strategies, but for a deep dive into generating seller leads in low inventory markets check out our Keeping It Real episode: How To Generate Seller Leads in Low Inventory Market w/ Lisa Chinatti & Jason Posnick.
Revisit your approach to objections
Every craftsman needs to practice their craft in order to perfect it and with real estate, there is no difference when it comes to practicing their approach to handling objections.
There are endless strategies and takes on how to practice handling objections, but the best way echoed by the most seasoned real estate professionals is to get out into the real world and practice role-playing with as diverse a pool of players as possible.
You will find that every conversation is unique and every person has their own background and concerns. That’s why important to meet as many different people as possible to ensure a well-rounded approach to handling objections.
To dive deeper into the strategy of handling objections check out our Keeping It Real episode: Top 10 Real Estate Objections Answered w/ Jeff Glover.
Mind your routine. If you don’t have a routine you don’t have a business
Look at your schedule and all the things you consistently have on there and ask yourself what your ROI is. If you have a hard time answering that question, you need to think twice about whether that needs to be in your schedule.
Re-evaluate your schedule and eliminate stuff that doesn’t contribute to investments’ gains.
Work on your mental endurance —Talking to over 20 people a day is no joke. Stick to the game and avoid all distractions that come your way.
This is also a good time to focus on your physical wellness because you will be needing that extra energy and stamina. The physical side really helps the mental side.
Especially in stressful times, it’s common for people to overcommit and burn out under the pressures to maintain a sense of financial security. But maintaining financial security is not done sustainably without centering wellness.
Automate what you can
Using technology to automate your workflows can not only save overhead costs but can preserve your precious time.
Don’t let your business go down just because the number of transactions in your market goes down. Make the most out of your database and deploy automated drip campaigns. To learn more about the best drip campaigns to deploy check out: 4 Drip Campaigns You Can Activate Today and Get Huge Response, our guide where Greg Harrelson and Abe Safa break down their favorite drip campaigns you can activate today using your Real Geeks workflow library, as well as a drip campaign of their own.
Keep a busy schedule meeting with clients while Robin, Real Geek’s Geek AI Assistant makes sure no leads slip through the cracks. It can be tough to reach out to every lead immediately; with ‘Speed to Lead’ being the name of the game, you can’t risk missing out on an opportunity.
Find your community
Reach out to other real estate professionals in your market and see if there are any collaborative opportunities. Attend networking and community-building events within your market. Get in touch with the needs of your community and position yourself as a resource to people.
Business coaches always emphasize the importance of providing value to your clients and sometimes the best way to provide value is just by being a present and collaborative member of your neighborhood and community.
Create your own MeetUp group for real estate professionals or real estate investors for your market. To learn more about how to successfully build a MeetUp group and build a business off of your own, check out our Keeping it Real with Rob Chevez, who began a local MeetUp focused on empowering real estate entrepreneurs to build wealth and create a legacy.
Fewer than ten people attended Rob’s first meeting. Now, what is known today as GRID, has grown to over 16,000 members in eight states and more than 18 locations.
BY EVAN READ
August 05, 2022
Randy Byrd, Team Leader & Coach
The Byrd House Team - Brokered by eXp Realty, License# 01878277
Licensed in California and Oregon. CA#01388021 & OR#201235026
Cell 541-570-5777 Team 541-526-7788. Office 707-775-0999