Consistency Now Means Opportunity Later
Real estate coach Denise Lones knows that when the market gets tough, agents impulse is to cut back on market, but keeping consistent is the winning strategy.
Welcome to this week’s Zebra Report. This week I want to talk to you about how your business should respond when the market is going through a period of limited turn-over and whether agents’ natural reaction to cutting back on marketing is the right one.
This week a client asked me whether they should continue geographical farming. All of a sudden, their farm over the last six months had gone silent. No responses to any of their mailings. Right now, we are in a market where inventory is low, we have higher interest rates, and the middle of that market has become stuck.
That doesn’t mean that people in that farm area aren’t going to ever move. It just means that this may not be that moment in time. The advice I gave that agent was to stick with it. You have to stay consistent in that farming area.
Every market changes and the moment that we see interest rates change, it is going to open up possibilities for many of those sellers that are now sitting in their homes and unwilling to give up their lower rate mortgages. They are going to have the opportunity to consider more options and you need to be present both before and after that opportunity presents itself.
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The second opportunity had by staying consistent is an opportunity of education for buyers. A lot of buyers and sellers right now are really unsure about where the market is right now – or where it will be in six months.
I think if you go back and listen to some of my previous Zebra Reports, talking specifically about the shortage of inventory that we have caused by lack of building and if you look at housing needs statistics in your state vs housing available you will find that the result is housing prices will continue to go up and continue to be a great investment for buyers.
Your continued monthly outreach is an opportunity to capitalize on market changes, to position yourself as the expert, and to educate clients about what is happening in the market and how they can benefit from it.
The number one thing that agents tend to do when they see the market slowing and has less turn-over is to cut back on marketing, but this is the wrong choice. Agents need to stay the course and stay consistent so that they are planting seeds in advance of better weather.
By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.