Almost every real estate agent across the country has the same complaint right now: There’s not enough to sell.
The boom of activity we saw last year has slowed down to a screeching halt, and now there are only limited numbers of houses on the market—with far more competition. So, what does that mean for agents? A summer of low commission and barely any activity? Not necessarily…
As an agent, your #1 goal during a slow period should be to control as much of the available inventory as you can. When opportunities are limited, it’s time to create new ones. It’s not easy, but it can be done—in fact, my team and I are doing it right now. Want to know how? Here are five tips that I rely on in a slow market:
1. Get More Visual.
It’s common for a seller’s agent to put his or her sign in the yard. In this market, that’s a smart move for the buyer’s agent, too. When you bring a buyer and close a deal, ask to put up a sign in order to get your name into the community and connect it to the word, “Sold.” This is the time to get in front of as many eyes as possible; Aim to know everyone, be known by everyone, and pitch your business to everyone within your community. You can also highlight some past sales and recent deals on your social media account, and tag everyone involved to help start a chain of Likes, Comments, Re-Posts… and hopefully some referrals.
2. Create Something to Sell.
Now is a great time to find local developers and get to know their upcoming projects. If they haven’t picked a listing agent yet, pitch yourself. If they already have a listing agent, can you bring your clients in before their listing hits the market? Maybe there’s even a smaller-scale project that you can get involved in as an investor. The point: When there’s nothing to sell, look for ways to create opportunities.
3. Think Outside the House.
If your clients’ dream home simply doesn’t exist right now, why not find them a great fixer-upper? Remember to budget a renovation into the equation when you present them with options. Or, look for a tear-down or great plot of land where they can build exactly what they want from the ground up.
4. Rub Some Elbows.
As I’m writing this, I’m on vacation in Greece. I could have stayed with friends or family and saved a lot of money, but I’m staying at hotels where potential clients are. Every activity of my day on every day of the year—from picking up a cold brew on the way to work to relaxing at a pool in Athens—is a potential introduction to a new lead. When the market is slow and clients aren’t coming to you, go to where they are—interact with the person buying the fancy $6 latte at the coffee shop and the couple at the pool at the big-budget hotel. If they can afford those things, they can also afford a new home. Don’t forget about secondary targets, like other agents, interior decorators, contractors, and mortgage lenders. All of these people can refer you clients, so get to work networking with every single person in your local sphere of influence.
5. Sell Yourself.
Once you find potential leads, your next job is to convince them to choose you as their agent. Branding and marketing yourself is at the core of what I teach in my courses because it’s the entire foundation of your real estate career. The first step is zeroing in on your core identity—your unique offerings—and defining your brand to make yourself stand out from the competition. The next step is to put yourself out there and market yourself to your target demographic. If the active clients in your area right now are Gen Z buyers, go hunt Gen Z buyers. They’re online, they’re on social media, they buy products from influencers and Kardashians instead of the stores their parents shop from. They’re greatly influenced by digital and social culture, so market yourself to them through digital and social media. If you don’t know how to create effective content and targeted ads, now’s the time to learn.