We all know that the 2023 market is going to be very different. In this week’s video column, @properties Christie’s International Real Estate executives Amy Corr and Kevin Van Eck discuss how brokers should review their business plans to focus on the skills agents need to be successful in this new market.
Many agents haven’t had to have difficult pricing discussions with sellers or handled a contingency sale in quite some time (some may never have had to do it). Arm your agents with the skills development and tools they need to be successful.
What to do:
Role-play to make your agents comfortable in uncomfortable situations
Not everyone loves to do it, but it’s the most powerful way you can help your agents be prepared when they find themselves in these situations. Be sure to cover:
- Listing and buyer presentations: There are fewer listings and buyers to be had so help your agents capture every opportunity
- Pricing: In most markets, we’re no longer “seeing what we can get.” Now, we have to focus on relevant properties and make sure we “price right to sell” the first time.
- Negotiation: Make sure your agents feel comfortable with deals that require “back and forth” discussions.
Train on the ‘new’ sales process
- Be sure your agents know and understand what happens in a contingency situation or if an appraisal comes in too low.
- Sales cycles are growing longer, too. Many agents have never had a listing stay on the market for over 2 weeks and properties are now staying on the market for 30-60-90 days or more.
Increase client communication and education
- Make sure your agents are frequently connecting with their clients by email, phone, text and in person.
- Provide resources to your agents to help elevate themselves in the eyes of the consumer. Information on how to navigate interest rates, market and pricing data helps to better inform them and their clients.
Making 2023 an amazing year starts with taking a look at our business plan, identifying where we need to adjust and pivoting in order to create success.
Kevin Van Eck is the EVP of innovation and education at @properties Christie’s International Real Estate in Chicago, Illinois. Connect with him on Instagram or Facebook.