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Agents have taken note, and numbers in the market have reflected it too — the market seems to be shifting from its once break-neck pace to something that’s a bit more manageable.
For new agents who may only know a frenzied, pandemic-fueled market and have little experience with a market slowdown, the Inman community has plenty of advice to share.
Inman Global Head of Community Laura Monroe recently asked the Inman Coast to Coast Facebook group, “What advice would you give new agents for a softening/shifting market?” Responses were robust and varied, and the Inman community had a wealth of knowledge to share.
Several agents advised building leads, building out databases or connecting with spheres of influence.
“Work daily in lead generation/prospecting,” Christopher Somers, a Realtor at Keller Williams Philadelphia said simply.
“Work your community,” Heather Scott, a Realtor at Forest Hill Real Estate Inc., Brokerage, wrote. “Build relationships with local businesses – they will remember and appreciate your effort. Continue to keep in touch with your database – but do it with your heart. Care about them – add info about their family. Truly care and it will come back to you.”
“Invest heavily into your SOI,” Heather Tindall Robillard, Team Leader of the HTR Group at RE/MAX Tri County, added. “They already know, like and trust you. Build on the rapport you already have established with them and stay top of mind for their real estate needs. Ask them for referrals or testimonials.”
Many agents also mentioned the benefits of becoming an expert in this specific time and place in the market.
“‘The market’ doesn’t matter as much as ‘your market,'” Jacob Lawlor, branch office manager at First Team Real Estate Mission Viejo, wrote. “Focus on what you can control, not what you can’t control. Your results will be a function of Effort vs. Skill.”
“Know your market,” Anu Joshi, a broker at HomeLife/Miracle Realty Ltd., wrote. “In times of craziness, in times of turbulence, in times of uncertainty, and in times of normalcy … product knowledge is key. Understanding your market is as vital as being able to share this information with your clients. I built my business on client education, and ‘explaining everything expertly well,’ so my clients are well equipped to make life changing decisions they can stand by …”
“Become an expert at knowing the markets of the moment!” Jennifer Maher, COO at J. Philip Real Estate LLC, wrote.
Others who commented on the post added that, despite what state the market is in, an agent should always keep up the same hardworking practices to be successful.
“Work hard and you will succeed in any market,” Tim Freeman, an agent at Vanguard Properties, wrote. “Best time to learn selling skills is in a challenging market. And make sure you have enough resources to take you through at least a year … but challenge yourself not to dip into that pot …”
“Same advice regardless of the market,” Sean Carpenter, Realtor and CEO of Sean Speaks LLC, said. “Build relationships, solve problems and have fun. You’ll be surprised at how much of the rest of the ‘stuff’ happens if you do those three things consistently.”