How to Be Successful in a Shifting Real Estate Market
Real estate companies Compass and Redfin recently announced that they are laying off a large number of their workers. Compass is cutting their workforce by 10% and Redfin by 8%. These layoffs are indicative of a market shift in the real estate industry. Rapidly rising interest rates and high home prices are hurting affordability and pricing people out of the market.
We don’t know how far the fall in home sales will go, but what’s clear is that real estate agents and companies need to start making changes now if they want to continue to be successful.
Coming Out of a Hot Market
Let’s face it, the past year and half have been great times in the real estate industry. Homes were flying off the shelves, loads of people wanted to sell, and the heavens were showering success down on listing agents. During those times, having the sharpest sales skills possible probably didn’t seem that important.
It seemed like there was plenty of business to go around, and that maybe you didn’t have to work quite as hard for each client.
But all indications are pointing to the fact that those times are probably over. What matters heading into a shifting market? Getting back to the sales basics and sharpening your skills as much as possible. Every lead counts.
Coming out of a hot real estate market can be scary, but it is not the end of the world. When the sky falls, it never comes all the way down. But your success depends on the steps you take in the coming weeks and months.
Set Yourself Up for Success in a Shifting Real Estate Market
In a recent post, we talked about how important it is to stick with your real estate training programs. Because consistent and successful lead conversion is more critical now than ever. Although it may not have seemed as important over the past two years, now you have to become the master of:
- Asking the right questions for sales discovery
- Having real conversations instead of relying on scripts
- Handling the most common and uncommon objections
- Knowing when and how to close on your calls
Get More Leads with Our Summer Challenge
With the shifting market in mind, we decided to create a summer program aimed specifically at giving you the skills to get more real estate listing leads. We’re calling it the 10 Weeks, 10 Listings Summer Challenge. Basically, you’ll go through some intensive role play and call reviews sessions each week, learn how to create or improve a listing presentation, gain strategies for talking to complete strangers, and practice handling ANY objection.
How it works is that you’ll be placed into a small group of five agents to train with, compete with, and hold each other accountable. The small group setting will keep you on track, and at the end, the competition is to see who can get the most listings. By the end of the Challenge, you’ll have an effective farming plan, solid messaging strategy, be able to convert the toughest FSBOs, expireds, and cancelleds, and have the skills to 3x your lead conversion rate!
Take the Right Steps Now
Like we said, a shifting market is not the end of the world. But you need to act. Changes are happening and you have to keep up. So shore up your skills and focus on the tried and true sales process to have real conversations that convert. Our 10 Weeks, 10 Listings Summer Challenge is a great way to improve your skills, ensure new business keeps coming in through the door, and stay successful through the shift.