Despite often being called a "hedge against inflation" the real estate market can be tough to survive.
Consider the 2020 Covid-19 pandemic. Reports suggest more than one-fourth of the realtors in the US had to work odd jobs to make a living.
But, is there any way these real estate agents can sley at their game during recession times?
Perhaps, let's find out.
- Set Up Your CRM
The real estate space has many smart and successful people. But, there are a few who can influence the masses.
Robert Reffkin, the CEO and founder of Compass realty is one of those influential people.
Robert tweeted on 25th March 2020, explaining that real estate agents should set up CRM and stay on top of it. Perhaps, the easiest way to stay in front of your audience is to stay active.
- Use Time To Reorganize
The real estate business for most US states is seasonal. Generally speaking, winters show less real estate activity as compared to the summers.
Perhaps, this slow market does not have to mean fewer profits. Real estate agents can indeed use this time to reorganize and prepare for the next season.
Cover up any pending tasks, carry out market research, and even plan for marketing strategies for the next year.
- Focus On Your Market
During slower times, when buyers and sellers are uncertain about the market, paid lead generation might not prove to be as effective.
The reason is, people usually don't want to step out of their familiar surroundings and therefore do not make real estate investments.
Perhaps, during slower times, it is better to focus your real estate agent marketing on your circle of influence only.
Not to mention, it would keep your business alive and fresh before your audience. And, at the same time, it should also help save you from unnecessary expenses.
- Cut And Track Expenses
Although you should try to keep your expenses to the lowest at all times and never miss to track them, desperate times need desperate measures.
For example, cutting down on paid advertisements is one of the ways to limit your expenses. Similarly, you can go all-digital with your process to cut down printing and scanning costs.
A good way to think about cutting down and tracking your expenses is to consider the ROI that expenses can bring. Most expenses won't bring you enough ROI, especially during market downturns. So, perhaps, that's another reason to cut your expenses.
- Push Pocket Listings
You would have come across many sellers who would have said to you, "find me a buyer and sell the property."
Well, you may not want to focus on such clients, but tough market times are perfect to get into such transactions.
You can easily reach out to your sphere of influence, get the word out that the property is selling off-market, and you'll probably find a good customer soon.
That's what thriving real estate agents do to stay afloat in the market.
The real estate market is not immune to inflation or recession. It is only better set off to show the ripples.
However, lower transactions can still impact the industry insiders. Perhaps, the above-mentioned ways can help real estate agents survive through a market downturn.