Key Takeaways:
– Real estate agents should evaluate their recent productivity and establish a framework for success in the new year.
– Bolstering marketing efforts, including online presence and education, can lead to continued productivity.
– Utilizing available resources, such as brand reputation and digital learning hubs, can provide an advantage in the market.
– Staying connected with past clients is crucial for repeat and referral business.
– It is important to connect with potential clients early in the new year to stay ahead of the competition.
inman:
Believe it or not, there are less than two months left in 2023. And there’s no better time than right now for real estate agents to evaluate their recent productivity and establish the framework for success in the year ahead.
This is especially true in today’s housing market.
“In a changing market, agents need to make sure they’re participating in activities that lead to continued productivity,” says Amy Lessinger, RE/MAX Senior Vice President of Region Development, who previously spent 15 years as a Broker/Owner of a top performing RE/MAX brokerage in Nevada. “That means finding more buyers and sellers to serve.”
Here are three proactive strategies for business growth in the new year.
1. Bolster marketing efforts
An online presence is a digital advantage that agents can consistently build on.
“Branded marketing should never stop. In fact, professionals who invest more into their marketing right now should continue to see it pay off,” says Nimesh Patel, Broker/Owner of RE/MAX Fine Properties in Sugar Land, Texas, who also leads The Nimesh Patel Group, a top RE/MAX residential team in the U.S. that’s among the highest producing RE/MAX teams in Texas.
Patel, whose team is prominent in the area’s luxury housing market, adds, “From social media to online advertising to old school mailers, all marketing should help ensure the consumer is always feeling the agent’s presence. When some agents get intimidated by market conditions and slow down, it creates more opportunities for the full-time, fully committed agent.”
Agents should take a close look at their current marketing strategy and find more ways to provide value to consumers.
“An online presence isn’t just important – it’s a must in real estate. Agents should not only showcase their successes but should also be educating their community,” Patel shares.
2. Use any resources available to you
If the remainder of 2023 presents downtime, agents should look to optimize resources they already have at their fingertips.
“First and foremost, make sure you’re happy with the brand you’re aligned with – hopefully one that is productive and professional. From there, lean into everything that brand offers,” Lessinger says. “For example, because RE/MAX is the most productive real estate network in the world*, aligning with the brand can give agents an incredible advantage. We know that consumers value reputation, and our brand positions agents as top professionals.”
Lessinger also points to RE/MAX University, the brand’s extensive digital learning hub, as a valuable resource for growth-minded agents.
“This is a skills-based market,” she adds. “For those aligned with RE/MAX, the goal is for them to leverage our education as they become the go-to expert.”
Patel agrees.
“The more diverse an agent’s business offerings are, the more customers they can help,” he says. “Having a vast array of skills will not only make an agent more valuable, but it will also help them navigate an ever-changing business environment.”
3. Stay in touch with your database
Past clients are the foundation of repeat and referral business. When real estate pops up in conversation, you want them to mention you as their preferred professional, Lessinger says.
“Staying connected to their database is extremely critical for agents. Not many things in life are constant, but it is a guarantee that people will buy and sell houses every year. Lifestyle changes – from new jobs to new babies and more – make people rethink their living situations,” she shares.
“If someone is thinking of making a move early in the new year, connect with them now – otherwise, you’re behind the curve. This is critical in helping not only end this year strong, but start the new year even stronger.”
*As measured by residential transaction sides
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Property Chomp's Take:
As we approach the end of 2023, it's important for real estate agents to reflect on their productivity and set goals for the upcoming year. In today's housing market, agents need to be proactive in order to maintain and grow their business. Here are three strategies to consider for business growth in 2024.
1. Bolster marketing efforts: In the digital age, having a strong online presence is crucial for success in real estate. Agents should continuously invest in branded marketing to ensure they are consistently reaching potential buyers and sellers. This can include social media marketing, online advertising, and even traditional mailers. By consistently showcasing their successes and providing value to consumers, agents can position themselves as top professionals in the market.
2. Use available resources: Real estate agents should take advantage of the resources available to them. Aligning with a reputable and productive brand, such as RE/MAX, can give agents a competitive advantage. RE/MAX, for example, offers extensive digital learning through RE/MAX University, which agents can leverage to enhance their skills and become go-to experts in their field. By expanding their skillset and offerings, agents can better navigate the ever-changing business environment.
3. Stay in touch with your database: Past clients are an essential source of repeat and referral business. It's crucial for agents to maintain strong connections with their database by consistently reaching out and staying top-of-mind. Lifestyle changes often lead people to reconsider their living situations, so agents should be proactive in reaching out to potential clients. By staying connected and providing valuable insights and assistance, agents can ensure they are the preferred professionals when it comes to real estate transactions.
As we approach the new year, real estate agents should take the time to evaluate their current strategies and make adjustments for future success. By bolstering marketing efforts, utilizing available resources, and staying in touch with their database, agents can position themselves for growth in 2024. Remember, success in real estate requires continuous effort and adaptation to market conditions.
