Right now, everyone is talking about the shifting market and expressing concerns about a possible recession.
Well, if we learned anything in the last few years, it’s that uncertainty happens. The market is always in flux, and it’s up to real estate teams to prepare themselves with best practices and strategies to help them thrive in any market conditions.
Remember, pivoting is not about stressing out. It’s about rising to the occasion and taking on the challenge at hand.
Here are four critical tips that can help you pivot in a market shift without the panic.
#1. Know your data
Knowledge is a serious source of power during periods of uncertainty surrounding market shifts. You need to know your numbers, not just the headlines.
The first step to honing your team’s insight into current real estate data is investing time to study the market using trusted industry sources. This can help you understand exactly what’s happening, allowing you to see beyond the woes and worries initiated by predictive headlines.
If you’re tracking the real numbers, you will have a better handle on the situation — informing your immediate strategy, and allowing your team to plan for potential futures as they arise.
The second step of data mastery is being able to share what you’ve learned with your clients.
Once you encounter the raw data, it’s your responsibility to digest the information and help inform your sphere. Learning how to communicate and decode information for your clients will empower your deal-making strategies to ensure that they succeed in any market conditions.
Pro Tip: Keeping Current Matters is a great resource for real estate data! We love their weekly series, “The Deep Dive” into the housing market.
#2. Diversify your lead sources
All investors know that a resilient portfolio is a diversified one.
The same thinking is true for your lead sources that are feeding your sales pipeline. When you get wind of a market shift, it’s time to analyze your lead sources and ensure that you have a diversified stream of leads.
When you expand the channels that generate leads for your real estate business, you will be less likely to experience “lead droughts” — or periods when your lead gen strategy is not delivering the volume of leads required to power your business.
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Having multiple lead sources can help soften the blow of a market shift. Even when the momentum slows, you still have enough resources to keep your sales funnel active. On the other hand, if you’re relying on a single source of leads and that slows down, you don’t have another outlet to lean on.
#3. Double down on lead gen
When word of a market shift spreads, many businesses reactively cut back on their marketing efforts and reduce their marketing spend. However, this is not what the pros do.
Rather than pulling back, many top-producing agents recommend doubling down on lead generation during a market shift.
The strategic angle here is that you will be taking advantage of the action taken by all of the other agents who are fearful and hesitant. While they reduce their lead gen, you can capture those leads that they are missing out on.
With less competition trying to lock in leads, your business can elevate its visibility in the local market by strengthening your lead gen strategy.
#4. Schedule frequent syncs with your team
While you have the power to thrive in any market if you are leveraging competitive strategies and keeping up with your data, that doesn’t mean that a market shift isn’t unnerving.
When the markets are changing and you are mapping out your pivoting strategy, it’s a great opportunity to make time to communicate with your team about the current situation.
Scheduling regular meetings to get everyone together and talking about how the current market conditions are impacting your real estate workflow can connect your team and boost collaboration. This is a great time to share ideas and strategies, as well as openly discuss any of the challenges that individuals on your team may be experiencing.
Besides giving team leaders more insight into what their team members are going through, this culture-strengthening strategy can help team members feel secure and supported.
It’s important to remember that, in some cases, shifts in the market and economy can introduce struggles within the personal lives of team members. It’s important that everyone is united during tough times.
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