Tackling a Tough Housing Market
11.3.2022 | Category: Article
From runaway home prices to climbing interest rates, you’ve seen dramatic changes in the housing market this year — and more could come in 2023. Here are tips on how to ride out a tough market.
If you’re feeling a bit flustered about the housing market, you’re not alone. Every day seems to bring more news about rising interest rates, inadequate inventories and squeamish buyers. Here are some ways to tough it out:
Find yourself a niche market.
Relocations. Downsizing older adults. Condos. Historic homes. These are some of the niche markets that may still have an active pool of buyers and sellers. These markets experience their own ups and downs, but a niche is still a shrewd way to focus your business and time — and establish yourself as an expert.
Consider event marketing.
Do something productive with your downtime. Organize regular events that will help attract your niche market. For example, if you’re targeting entrepreneurs and business owners, your events could educate people on the benefits of real estate investing for business owners or how to use an LLC to buy a house. The increased visibility will help people perceive you as an expert.
Don't abandon social media.
A strong social media strategy can help you connect with more prospects from your niche while carefully-crafted content underscores your experience and expertise. The channel is less important than the content, but instead of Twitter try SMS or locally-based Facebook groups. Quality leads could be right at your fingertips.
Cut your expenses.
To see yourself through, experts recommend keeping six months of personal and business expenses saved in the bank. If not, you’ll need to cut your expenses to a minimum. This could mean working with less staff, less marketing or even less office space. Spend a few months tracking all your expenses and decide which ones you must keep and those you can cut.
Focus on providing quality services.
In tough times, many agents get discouraged and drop the ball when it comes to service. By providing consistent quality services, you’ll set yourself apart from competitors and make it more likely that the limited number of clients in your niche will choose you over someone else.
Keep track of market trends.
As we’ve seen in the last year, the market can change on a dime. So, you not only need to keep yourself up-to-date, you need to help your clients understand how the changes could impact them. Be prepared to answer lots of questions and adapt as changes occur.
Maintaining a positive mindset starts by taking care of yourself physically. Eat healthy, exercise and get plenty of sleep (the National Sleep Foundation recommends 7 to 9 hours of sleep a night). Healthy habits will give you the energy and drive you need to develop niche markets, organize business-building events, fine tune your social media and ride out this tough housing market.