Every agent who has been in the industry for more than a year has experienced the ebbs and flows of market changes. Market fluctuations aren’t a troublesome occurrence, they’re a constant. And although everyone wants to be an agent when the market is in flames, the most successful long term agents are those who can adjust and thrive no matter the market.
Embrace Your Role as Educator
You can’t change the market. And you aren’t responsible for market shifts. The sooner you can let go over any anxiety or feelings of responsibility, you can focus on how to better help your clients navigate the highs and lows of the market. And you’ll be in the optimal position to help your clients, because you’re more in-tune with what is happening in your individual market.
Part of this role as educator will be in pointing out the benefits of each type of market. For instance, although a seller might not make as much on their home sale in a sluggish market, there is a bright side. As a buyer, they will also benefit from lower prices.
Be Honest and Transparent
Every agent knows that honesty is always paramount to the client-agent relationship. However, it bears repeating when it comes to unstable markets. Providing the most transparent guidance is essential to wading through turbulent conditions. But this same level of honesty also applies to what you tell yourself. Be honest with yourself if you’ve done all that you could to inform a client and it has not worked. Sometimes the only solution is to move on from a client, for the best interest of both of you.
Focus on Local Analytics
While the national headlines deal in emotionally-charged generalizations, your local market data and your efforts to track regional trends is what your clients will come to rely on. Beyond this, is your individual anecdotal insights. What have you noticed about local real estate advertisements? What have you heard through networking with other agents? What does local builder marketing sound like? Optimistic? Guarded? These are the local insights that you can know much better than national reporters.
Do a Business Audit
As inflation takes a bigger chunk out of our take-home revenue and commissions get tighter, it’s important to routinely look at all of your business expenses. Which ones serve your business with a reasonable ROI? And which ones just cost you money? It’s especially important to assess your marketing expenditures to see which are worth it and which need to go.
Focus on Reliable Sources
It’s best not to get caught up in all the highs and lows of the market. Skip the news apps and social shares about the market and focus on the most reliable research and data. Lean on the National Association of Realtors for the most accurate information and market reports.
Be a Support Not Just a Source
Although reliable numbers can provide guidance as to where you should lead your clients, sometimes stats aren’t all they need. You know you’re more than just an analytical resource, you also play counselor, bookkeeper, interior designer, contract consultant and the list goes on. Sometimes your client just needs you to ask them what stresses them out. By listening, you may just get a new understanding of their motivations and needs. This can make it much easier to tailor your approach. Being there to let a client vent and letting them know they are heard can, in many instances, be more valuable than just running numbers.
Learn Agility Skills
Remember in the midst of the pandemic when everyone had to pivot from in-person tours to figuring out how to film and create virtual tours? Now they are a commonplace part of any listing. That ability to be flexible and respond to market conditions is invaluable, not just during the pandemic, but in every instance of market fluctuation. By continuing your education and networking, you can stay on the leading edge of the next big and small changes.