The state of the economy has created real estate market fluctuations and is beginning to raise some questions for agents. The real estate industry, which has been characterized in the last few years by record-breaking demand, is beginning to slow down.
So, how can real estate agents prepare for a changing market? These four practical strategies will help safeguard success through the forecasted shifts in the coming months and beyond:
1. Build a referral and outbound marketing program
A solid marketing plan and referral strategy will help protect the future of your business. Take advantage of these simple yet effective tactics to expand your reach to new potential clients:
- Offer free educational events to build trust with and get seen by homeowners who may not yet know of you. Promote your events to local audiences on social media with a small budget.
- Start a mailing list to foster relationships with former clients and prospective sellers using a free email marketing service. Ask people to join your email list at events, open houses, and meetings, and capture emails online through opt-in forms on your website.
- After each home sale, send your clients a survey that requests their feedback and referrals. Use Google Forms or similar free platforms to build surveys.
- Align with other agents and industry professionals. Join associations, send thank you emails, and keep in touch with the home inspectors, brokers, lawyers, builders, and other professionals in your network.
2. Set the stage with a pre-listing home improvement strategy
Pre-listing home improvements increase home values and shorten listing times, especially as the real estate market becomes more difficult for sellers to navigate. Encourage your clients to invest in strategic updates that give homes a competitive advantage. Identify issues and concerns about properties and their conditions; this may warrant a home inspection ordered by the seller in some cases.
Next, build a plan to repair and refresh your clients’ homes. Simple, budget-friendly projects like painting and carpet replacement positively impact homes’ marketability. When necessary, advise your clients on more extensive renovations. It’s imperative to clean, landscape, and stage homes just before listing in a market that’s increasingly more competitive.
3. Build your PropTech stack
Technology-based solutions have become mainstream in the industry over recent years. PropTech is a term short for “property technology,” and real estate professionals integrate it into their business practices. It is now common for tech to drive every part of the pre-sale and listing process, from home improvements to marketing, virtual tour scheduling, remote viewings, and more.
4. Leverage listing power
In a slowing market, well-planned and visually appealing listings are crucial to selling homes successfully and realizing their highest values. High-quality photos attract more prospects and increase your chances of selling homes faster, so make sure to have professional real estate photos of each house you list.
Make homes camera-ready before a professional real estate photographer is on-site by ensuring homeowners thoroughly declutter, deep clean, and stage their properties (or hire someone to do it).
Enhance your listings’ exposure and visibility even more with 3D tours. Buyers love them and use them to determine whether properties are a good fit. Virtual tours save agents time because they offer viewers more information than photos alone. In turn, you’ll generate inquiries from serious buyers who are informed about properties before touring them in person.
Bulletproof your real estate business with partner services
The real estate industry is historically cyclical, and as we enter a slower season than the ones prior, protect the stability and prosperity of your business. To stay bulletproof in any market, adopt certain practices and form beneficial partnerships.
Thousands of real estate agents partner with Curbio, our solution that end-to-end, pre-listing home improvement solutions that increase home sale prices and shorten listing times. With an all-star team of licensed home improvement consultants, certified project managers, and tech-enabled, responsive support, Curbio completes home improvements 50% faster than contractors and earns sellers an additional $80,000 in home sales on average… all with $0 due until closing.
Ensure your real estate business continues to thrive despite market shifts. Learn how Curbio can help you succeed.