Uncertainty in the market has a tendency to make people freeze. After all, a real estate transaction is a financial decision that can give some buyers and sellers cold feet.
Seasoned real estate agents must know how to hold the proper conversations with their leads to move them toward taking action, or at the very least, keep their leads engaged long-term.
After consulting industry leaders who have been through many market fluctuations, we at Real Geeks have compiled a guide on increasing your lead engagement, keeping your pipeline engaged for the long haul and scaling your real estate business successfully through a market shift.
Don’t be afraid to get real
You’re the real estate expert. You are the one that can provide your seller leads with the guidance and insight that can help them make the right decisions. Some of them may be reluctant to believe that a property they have invested in isn’t as lucrative as they hoped it would be. Your job as a real estate agent is to provide insight into how your leads can bring their property up to the market competition.
Regarding buyer leads, it is up to you to convey the real stakes as well as what could happen if they don’t opt into the market when it is affordable.
Interest rates can be refinanced
High-interest rates can intimidate buyers. However, the truth is that interest rates can often be refinanced.
Talk about inventory
Depending on your regional market, there could be a shortage of inventory, a backlog of pending inventory, or an abundance of inventory.
This is your opportunity to own your relationship with your leads and come to them as an expert regarding what is going on in their regional market.
This will establish authority and trust amongst your leads and will secure you a spot as a trusted real estate professional when the time is right for them to take action.
Don’t be too pushy
In a shifting market, buyers and sellers can be on edge — more so than they typically would be when buying or selling property.
Therefore, you want to be empathetic and careful with your messaging.
It is important that you do not come across as too emotional or aggressive when you are informing your lead on their regional market.
Experts know how to offer their knowledge sincerely.
It’s not about making a sale immediately
Getting a lead off the fence doesn’t always mean closing a sale. It is about keeping them engaged and helping them achieve their goals over time.
Did you advance the ball today? Are you taking a proactive role in engaging your leads with current information about their regional market?
Work smarter, not harder
Engaging a multitude of leads over time can begin to take up a lot of mental overhead fast. Using a CRM reduces the mental overhead while organizing all of your long-term leads, as well as, keeping your leads on drip campaigns with market reports that suit their interests. You can cater to various workflows towards educating them on their current market conditions.
Closing a deal is a series of small advances. You must be patient.