Standing on the precipice of the 2023 spring market, now is the time to take constructive action that can impact the trajectory of your whole year. Sometimes waiting for the spring market feels like Groundhog Day, but there are three things you can do to successfully set the tone for this year’s unique market conditions.
1. Proactively educate clients
The good news here is that there is good news to share, and consumers are unaware. The market is edging toward neutral and more balanced. Rates are starting to stabilize, there are more opportunities for buyers, and sellers are still making double-digit appreciation on their investments if they bought at least two years ago.
Both buyers and sellers should know that the spring market is the most productive time of year, but with that also comes increased competition. Set yourself apart by educating, educating, educating.
2. Show up — it’s half the battle
I mean this both literally and figuratively. Literally, we are all fatigued after a crazy few years. I totally understand, and I feel similarly. And now with the recent waves of layoffs, it is tempting to scale back, too.
I’m thinking back to our business during the last recession. We invested time into free initiatives and it paid off. Today that looks like LinkedIn campaigns, client appreciation tactics, and, most of all, follow-up. Now, and always, follow-up is what separates the good brokers from the great.
A simple follow-up tactic: Send a follow-up text within an hour to every open house visitor — a little can go a long way.
3. Invest in organization
At the same time that we are spending time on free initiatives, I also believe that the cost to convert a lead will probably go up this year. This means that upfront annual budgeting is crucial. It is always tempting to overspend if you aren’t looking at your overall numbers.
Investing in organization also looks like streamlining logistics and processes so that when business inevitably picks up in a few weeks, closing transactions happen as seamlessly as possible. Plus, the more efficient you are, the more transactions you are able to close.
Our team is currently investing in transaction management software, and we’ve fine-tuned our listing presentation flow and logistics, both of which help us spend more time on growing the business instead of working in the business.
In my 20 years of real estate, one of the biggest things I have learned is that every single market is different. What remains the same is that staying motivated during slower periods is always hard. Set small, achievable goals for yourself to get the momentum started, and then do what it takes to keep it going.
Julie Busby is the founder and president of Busby Group, and in the top 1 percent of Chicagoland brokers. Follow her on Facebook and LinkedIn.