8 tips for every real estate agent to consider in 2023
The majority of agents who work with buyers, sellers, and tenants appear to be not prepared for the changes brought about by a new year and market cycle. One of the challenges faced by current real estate agents is no or lack of experience of working in the market with the decrease of home prices. According to NAR, the median experience of real estate agents is 8 years, so the majority of these professionals have worked only when home prices were constantly growing. At the same time, real estate experts admit that even these market peculiarities can create perfect conditions for thriving, but it's necessary to know how to benefit from this opportunity and start acting!
Changing business sources
There is a viewpoint that business sources continue to change, and it is necessary to get prepared for that in 2023. We observe that the number of transactions has decreased by the end of the year since more sellers try to keep their properties and postpone their sales.
There are traditional buyers who consider price reductions and continue making purchases even without significant price drops, but some of them decide to wait for more affordable offers too. The only market participants who can prevent prices from growing are investors who buy new homes on returns, but their percentage isn't that big either. When it comes to rent, it seems to preserve a current price or have a small growth due to new loan types that help first-time buyers to make investments. It will lead to owner-held finances and assumed loans which have been popular before and can be something new for young real estate agents, so it's time to expand your knowledge and learn useful tips from experts!
8 things that can help you to succeed in 2023
- Select a market niche that will earn your living thanks to sales. Many plans developed by real estate agents are doomed to failure, so what's the point of spending time and money on them? It's better to work on projects that bring about a guaranteed financial benefit.
- Discover more about this niche. Naturally, you should analyze the competitors and the offer. If you have selected a specific area to serve, you should become a constant guest there. Do open houses and check homes added to the listings, get acquainted with locals and join different groups, etc. It would be great to live in this neighborhood too, but it isn't a must.
- Create a special group of potential clients in your niche. It should be a group of 100 - 150 people who will be the target audience of your marketing program. You should load them with useful information and give value to each of them, ask for and make introductions too.
- Do your best. You should take initiative and remain conscious at work to achieve the goals set. Don't look for excuses and do your work quickly, efficiently, and with benefit for others.
- Be positive and optimistic. Even if you face some challenges with a home for sale, try to figure out benefits even from the situations that seem negative. A home that spends a lot of time in the listings can help you meet more buyers and sellers. This is only one of the examples, but you've got that every medal has two sides.
- Be consistent. It's better to avoid starting marketing campaigns that will last less than 2 years since every project should be a continuation of the previous one, while separate pieces won't do good in the future.
- Try to be everywhere to be spotted by people you plan to work with. You should have a big circle of communication and be recognized easily by the majority of people living in the area you serve, but keep in mind that only having a good reputation is your utmost goal!
- Look for support. Don't forget that you can't be the only fish in the pond, so don't refuse assistance and help as well as find time to study and learn new things. Think about working with a mentor and broker who can contribute to your success and give worthy advice.
All these tips will help professional real estate agents to thrive in the upcoming year and become leaders in their niches despite any competitors. Always look out how to benefit from every tip in practical situations and enjoy great achievements!