It’s a strange time to be a real estate agent, and I see it all around me here in metro Denver.
Brokers who rode the proverbial real estate wave during the pandemic have been forced to change course and pivot as they figure out how to navigate a market that once boasted the lowest interest rates in decades. , lost direction.
Having spent most of our careers in real estate, we know what it’s like to be part of the feast or famine industry.
But what happens to real estate agents when the market changes and goes down? When do people become less inclined to buy and sell property? What happens when unstable incomes become even more unstable?
The reality is that success in the real estate industry is not only about rapid market growth, but the headlines would lead you to believe otherwise.
In fact, some of the most successful real estate agents grow even more during tough times. Surviving and succeeding in a depressed market requires a unique combination of skills and strategies.
To succeed in this environment, real estate professionals must embrace the following elements: visibility, systems, consistency, education, and prospects, along with a determination to be actual experts in their field.
Let’s take a closer look at each of these elements below.
1. Visibility: Make your presence known
It goes without saying that visibility is critical in a depressed housing market. Potential clients need to know that you are a real estate agent and are still active in the field.
If your cousin’s kid is about to make their first purchase, you haven’t thrown in the towel yet, and you aren’t “just doing it.” Establishing and maintaining your visibility includes actively engaging with potential clients, networking, and participating in the local real estate community.
Being consistently active on social media is the most effective way to increase your visibility.
Read what’s happening in the market. Share insights about it in stories and statuses, provide tips for buyers and sellers, and showcase your expertise. A regularly updated profile on platforms like LinkedIn, Instagram, and Twitter acts as a digital business card and helps potential customers find you.
2. System: The power of CRM
A strong customer relationship management (CRM) system is also your secret weapon in a depressed market. We all know it’s important to generate new leads, but you can also use your existing relationships so they don’t get an email from you and think, “Oh, where did I meet that person?” It is equally important to cultivate
A CRM helps you organize your contacts, track interactions, and set follow-up reminders. This ensures that you don’t miss out on leads and maintain a consistent personal connection with your clients.
I’m currently training myself to send one email per week to potential customers. Enough to keep my name in front of them, but not enough to get attacked and sent to the dreaded spam folder.
It’s important to proactively follow up on your CRM. Clients are facing an uncertain market and will appreciate the peace of mind provided by dedicated follow-up efforts.
3. Consistency: A steady path to getting what you want.
Real estate is not a 9-to-5 job, so consistency is the root of success in this field, especially in challenging markets. You must continue to reach out to your sphere of influence and engage with the wider market.
By remaining a regular presence in your customers’ lives, they’ll remember you when they’re making a buying or selling decision and won’t call that guy they met on the street a few weeks ago.
Consistency doesn’t just apply to outreach efforts. That extends to your work ethic as well. Word of mouth is always your biggest asset, but you need to make sure it’s positive.
We will continue to provide high-quality services even when the market is down. This reputation for reliability sets us apart from other companies and builds trust with our clients.
4. Education: Become an expert
To succeed in a depressed market, you need to be an expert in your field. This means understanding not only the current state of the market, but also its history and future trends. Being well-informed allows us to effectively guide our clients and help them make informed decisions to protect their investments.
Education involves continuous learning. I think that’s what agents miss the most. When we take a test and pass, we think it’s over, or that we can learn everything on the spot. But it’s not that easy.
We must attend industry conferences, take courses, and read real estate-related books and articles. If you work for a brokerage firm, ask what mentorship opportunities are available. The more you have to gain, the better equipped you will be to navigate the complexities of a down market. And more potential customers will trust you.
5. Prospects: Grow your business
Regardless of market conditions, exploration is the lifeblood of the real estate business. This may include hosting open houses, reaching out to your sphere of influence, and networking with other professionals in your industry.
Joining networks, clubs, and groups that specialize in the real estate market will greatly expand your reach. Don’t underestimate this, even if you’re someone who would rather spend time on the couch than networking with others at a brewery. Even in a down market, there are still buyers and sellers.
final thoughts
Success as a real estate agent has always been and always will be a combination of hard work and dedication. You need to be an expert in your field, continually deliver value to your clients, and be proactive in growing your business. The market may be difficult, but there are always opportunities for those who are dedicated.
Ultimately, it’s all about maintaining a visible online presence, leveraging your CRM system to stay organized, and adhering to a strict schedule for outreach and follow-up.
The path to continued success as a real estate agent may be difficult, but it is never impossible. Businesses are always adapting, but there are important tools that can help you succeed in any market. Stick to the basics and build the rest on top of that.
Bret Weinstein is the CEO and founder of. real estate guide in Denver, Colorado.