How to close more deals in a cooling market
As a real estate sales professional, you understand the challenge of growing your business in a
market. Affordability challenges remain – inflation and interest rate hikes are hitting everyone hard, especially coming off a multi-year period of unprecedented price appreciation. Moreover, inventory remains below typical seasonal levels as prospective sellers, despite being flush with equity, are unwilling to part with their existing low-interest mortgages. However, with the right strategies in place, you can still attract new clients and increase your sales – here are five strategies you can use to rise above your competitors in a cooling market.
1) Embrace technology to elevate client experience
The “white glove” experience is no longer a luxury reserved for the wealthiest of clients – new technologies are hitting the market that you and your team can use to become customer experience champions. Modern CRM platforms are enabling omnichannel support, meaning that you can communicate with your clients via phone, video, email, chat, social media, and more, all from one place. Realtors can even use AI-powered chatbots to provide quick and convenient answers to common questions from clients. Show prospective sellers your value-added services by elevating your marketing presentations with virtual tours, floor plans, AI photo enhancements, and virtual staging.
2) Use social media to grow your personal brand
With more and more people turning to the internet for their real estate needs, it’s important to have a strong online presence. Create a professional website, maintain active social media accounts, and utilize SEO techniques to improve your visibility in search engine results. In particular, social media presents a wonderful opportunity to meet new clients organically. Share information about new listings and upcoming open houses on Facebook, Instagram, Twitter, LinkedIn, and more. Provide useful information and tips about your market, such as local trends, buying and selling advice, and local community news. This can help agents establish themselves as experts in the field and attract potential clients seeking a local real estate professional.
3) What’s your niche?
Another way to attract new clients is to target specific niches or markets. For example, you could focus on luxury properties, first-time homebuyers, or investors looking for rental properties. By honing in on a specific type of client, you can tailor your marketing efforts and connect with potential clients who are more likely to be interested in your services.
4) Grow your network
Referrals are the lifeblood of a successful real estate agent – make sure you’re the first agent that comes to mind for as many people as possible! There’s really no wrong way to network, either. Joining your chamber of commerce, organizing a neighborhood yard sale, and taking up a new sport are just a few ideas to get you started. Realtors can connect with other professionals in related fields, such as mortgage brokers, home inspectors, appraisers, contractors, and interior designers. By working together and sharing referrals, real estate agents can expand their network and attract new clients.
5) Include a floor plan
In addition to traditional listing photos, consider incorporating floor plans into your marketing materials. Floor plans provide a clear and detailed visual representation of a property’s layout, making it easier for potential buyers to imagine themselves in the space. They can also help highlight unique features of the property, such as ample storage or a generous primary suite. Floor plans can also help buyers’ agents understand a property, making them more knowledgeable and better able to answer questions during and after showings. Finally, including floor plans in your listings is the perfect way to differentiate yourself from competitors and ultimately attract more leads.
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By implementing these strategies, you can continue to grow your business and succeed in a challenging market. As technology improves there will be new ways to become a customer experience champion, new avenues to finding prospective clients, new market niches, and new sources of referrals. Those who embrace technology will be prepared for the challenges of tomorrow’s market, whatever they may bring.