What to Do in a Real Estate Market Shift

Key idea: Agents should be investing in the fundamental that work. Those who do will come out the other side stronger and with leads that know, like, and trust them.

Real estate agents, financial advisors, insurance brokers, and other professionals whose bedrock is the relationships they have with their clients have a distinct advantage when their segment of the marketplace goes awry. Rather than being stuck in uncertainty about the best course of action, they can always double down on strengthening the trust they have with their clients. When they do that, they inevitably come out ahead of those who play a wait-and-see game.

In this Silver Dollar episode, we discuss four proven actions that real estate agents in particular can use right now to build up their “relationship equity.” This will ensure that when the market returns to a more even keel, they’ll come out the other side with leads that know, like, and trust them.

1. Become an educator. Take on an advisory role to help people navigate the ups and downs of home ownership. There is a massive amount of information swirling around, and people need help to sort it all out. Turn to the data that you have available to you as an agent, and use it to educate your audience.
2. Focus on the fundamentals. We’ve said it many times before: real estate is a contact sport. Right now you should be looking to increase your customer touchpoints. Just because you may not be winning in the current environment doesn’t mean you don’t still need to remain top of mind. Lose mindshare, and you lose market share.
3. Lead with revenue. Go to your data and figure out what activity is bringing in cash. Then invest more in those things. Put aside the pet projects and the nice-to-haves until you’re on more stable ground. Manage your expenses with an eagle’s eye.
4. Increase lead generation activities. Double, even triple, your efforts to identify, attract, and nurture leads now so that when the situation becomes more favorable, you have a healthy database of contacts who know, like, and trust you.

Please enjoy this episode, and we’d appreciate it if you took a moment to leave us a 5-star review and comment on Apple Podcasts.

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