Hot real estate markets may seem like they’re moving at a rapid pace, but it’s important to remember that homes don’t sell themselves. In April 2021, homes had one or more offers pending after just one week on the market—but this isn’t sustainable. In 2010, homes were on the market for 140 days, on average.
Realtors who have been in the industry for longer than five years are likely to have more perspective on the ups and downs of the market, but 40% of those surveyed by the National Association of Realtors in 2022 were newer to the field. These new agents will not have experienced a market slowdown first hand yet.
Last year was a roller-coaster ride. The first six months of the year were red hot, with low inventory and record-breaking home prices, and significant buyer demand. But the second half of the year left a drastically different footprint. Demand saw a steep decline thanks to inflation and mortgage rates rose to their highest levels since 2008. Analysts now predict that we may be heading into a recession soon.
But how will real estate agents stay afloat in an uncertain market in 2023? To be ready for unforeseen twists and turns, read on.
#1. Be CLEAR with your goals
Goals are essential, but they have to be grounded in reality and come from an honest evaluation of your previous year’s performance.
“Goal clarity is essential,” said Eric Thompson, founder, and CEO of The Leading Edge Academy. “Knowing what is most important for you, your team, and your family is the best motivation when the market gets tough.”
This year, take time to think about the things that are best left behind. That ugly habit you still indulge in (New Year’s Resolution). The things you always need to find time for. The project that should have been done months ago, but has fallen off your radar of priorities.
Being able to figure out which things deserve our precious time is a valuable skill.
#2. Make TRUE Personal and Professional Connections
“The best way to connect is by being your authentic self,” Thompson shared. “Host dinners with a small group of clients or rent out a restaurant and invite a large gathering. Plan an event to support a charitable organization you love or throw a party with Instagram-friendly backdrops. The most connected agents are the ones who stay true to their personality.”
Key takeaway: Genuine relationships drive sales, generate leads, and build credibility within the community.
#3. Stay Updated with the Latest Trends
Stay up to date on these stats every day to build your authority in the residential real estate space. The National Association of Realtors provides data and many other resources, so you can ensure your facts are accurate.
#4. What’s your biggest “WHY”?
For goals to be truly motivating, they must be paired with a reward that’s important to you. Some call this reward your “why,” as in why you work so hard, or what you’re striving for. Your reward will be as unique as you are, but it’s the fuel that supercharges your business plan, making success non-negotiable.
#5. Stay focused and consistent
Keep tabs on your progress by setting goals, scheduling action steps, and making time to review your progress. Reevaluate your approach every three months and make adjustments if necessary.
Real estate is a constantly shifting landscape. To stay successful, you have to be flexible enough to adapt, pivot, and adjust. Your business plan should be actionable, goal-setting realistic, consistent, and have a “keep moving forward” outlook.
Stay tuned for more of our blog updates to help you make sense of what’s happening in the market and speak about the topics that matter most to you. #ForwardwithFairLead
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