– The old way of doing business in real estate is over
– The year 2024 will present challenges for agents
– It is important to define success for yourself in 2024
– Embrace discomfort and push yourself to grow
– Look for solutions from within and make the most of available resources
– Lead the real estate experience from start to finish and be the expert for your clients
– Engage with your sphere of influence both in-person and online
– Expand your job title and offer new services to meet client needs
– Leverage your collaborative community and learn from others in the industry
– Remember that you never truly arrive in real estate, there is always more to learn and grow from.
According to The Agency’s Rainy Hake Austin, meeting the challenges of 2024 will require you to get in touch with an essential truth about the real estate business: You’ve never arrived.
We’re all aware of what the economic forecast for the next year looks like — and it’s likely that 2024 is going to present some challenges. Agents are going to be working hard and pushing themselves in uncomfortable ways.
In short: 2024 is going to be a growth year. You have the opportunity to approach the challenges of the market strategically and rise to the occasion, adapting and learning to push your business in new ways to meet the current needs of the consumer.
As a seasoned executive in the real estate world, I’ve witnessed the industry’s ebbs and flows. Drawing from experience and a forward-looking perspective, here are seven essential strategies to help you prepare for a successful 2024.
1. Define ‘success’ for yourself
Take the market into consideration, and get clear on what a successful 2024 looks like for you. Is it hitting a certain number of deals or dollars closed? Is it trying new marketing tactics? Is it building your connections? It will look different for every agent.
2. Embrace the discomfort zone
We’re entering growth mode this year, and that means leaning into new things. Don’t stop if things are slow — just keep moving, and continue to put energy into your business. If you aren’t uncomfortable, you likely aren’t pushing yourself.
3. Look for solutions from the inside
As they say: Wherever you go, there you are. “The grass is greener” is an easy trap to fall into, but you have green grass right here in front of you, so let’s plant the seeds. What is available to you right now and right here? Seize it, maximize it, and put it to use. Remember, you’re the hero here, not the victim.
4. Lead the real estate experience from start to finish
Be the expert — your client’s primary resource. Offer a comprehensive experience that owns the entire real estate ecosystem. Make sure you fit in along every step of the journey by integrating yourself into the full real estate experience.
5. Intentionally engage your sphere
This isn’t the year to hide away — it’s the year to be as visible as possible. Get in front of your sphere both in-person and online. Figure out your monthly touchpoints — whether it’s your newsletter, sponsorship opportunities or events — and get out there.
The truth is, some of the old-school grassroots networking and marketing opportunities are still the best way to engage with clients and build new business.
6. Expand your job title
Give yourself a promotion because you might have to wear a few more hats this year. Grow your offerings, find a new niche, and own it. Whether it’s leasing or new development, listen to what your clients are asking for and be the solution to their needs.
7. Leverage your collaborative community
Lean on your brokerage and other agents. Building connections, sharing insights and learning from each other is one of the most powerful tools in our toolbox. It’s one of our focuses at The Agency, and I can vouch: Connection is powerful.
Going into 2024, you also need to know this: At the end of the day, you’ve never arrived. There’s always a next thing to do, more to learn, ways to grow yourself personally and in business. You’re never done. And I don’t say that to discourage you. I say that to inspire you. Shift your focus from a destination to a journey. Because that is the beauty of it — the possibilities that lay before you.
Property Chomp's Take:
In the ever-changing world of real estate, it's important to stay ahead of the game and continuously adapt to new challenges. As we approach 2024, it's clear that agents will need to push themselves and embrace new strategies to thrive in the market. Rainy Hake Austin, an executive at The Agency, shares seven essential strategies to prepare for a successful year.
The first strategy is to define "success" for yourself. Take into consideration the market conditions and set clear goals that align with your personal definition of success. Whether it's closing a certain number of deals, trying new marketing tactics, or building connections, it's important to have a clear vision of what you want to achieve in 2024.
Next, embrace the discomfort zone. Growth requires stepping outside of your comfort zone and trying new things. Even if things are slow, keep moving forward and putting energy into your business. If you're not feeling uncomfortable, it's likely that you're not pushing yourself to grow.
Instead of searching for solutions outside of your current situation, look for opportunities within your own business. Take advantage of the resources and connections that are already available to you. Remember that you are in control of your own success and have the power to make a positive impact in the real estate industry.
To lead the real estate experience from start to finish, it's important to be the expert and offer a comprehensive experience for your clients. Make sure you fit in along every step of the journey by integrating yourself into the full real estate ecosystem. This will not only provide value to your clients but also differentiate you from your competitors.
Intentionally engage your sphere of influence both in-person and online. This is not the year to hide away but to be as visible as possible. Create monthly touchpoints with your sphere, whether it's through newsletters, sponsorship opportunities, or events. Building personal connections and engaging with clients is still one of the most effective ways to grow your business.
Expand your job title by finding new niches and offering additional services. Listen to what your clients are asking for and be the solution to their needs. Whether it's leasing or new development, be proactive in expanding your offerings to meet the demands of the market.
Lastly, leverage your collaborative community. Lean on your brokerage and other agents for support and insights. Building connections and learning from each other is a powerful tool in the real estate industry. By working together, you can navigate the challenges of 2024 more effectively and achieve greater success.
As you prepare for 2024, remember that success is not a destination but a journey. There will always be something new to learn and ways to grow both personally and in business. Embrace the possibilities that lie ahead and approach the challenges of the real estate market with confidence and determination.