Tips to Expertly Prepare for Real Estate Market Volatility
As a real estate professional, it is YOUR responsibility to advocate for your client, safeguard their finances and make sure your business stands the test of time.
The real estate market has shocked us all the past few years, even in the midst of a global pandemic agents have been able to thrive and continue building their business network. We are seeing a shift in the market recently, and experts predict the market will not stabilize anytime soon. Mortgage rates are on the rise, home prices are no longer exponentially increasing, inventory is decreasing and most importantly worries about a possible recession threaten market activity.
Despite these threats, our team at The Pocket Network says it’s possible to continue fueling success and we are here to arm you with the right tools! Are you ready to put in the required work and make the necessary changes to your business and personal life to navigate the volatile market?
To stay competitive, make sure you have an intimate understanding of your market with multiple sources and data points to provide a full picture of what is happening. Detailed market research can make or break a deal, so be sure to go the extra mile to check in with TPN and fellow agents to get additional details on what’s happening in specific pockets of the market.
Network, Network, NETWORK!!!
It’s important to strengthen your relationships with clients! Many agents can develop some level of trust by memorizing facts to showcase their market expertise, but what’s going to set you apart from everyone else? The volatility of the current market alongside worries of an oncoming housing bubble means there needs to be more hand-holding. Communication is key!
It is equally important to build strong relationships with other agents. In an uber-competitive and oversaturated market where everyone is hunting for the same clients this is more valuable than ever.
Refine your negotiation skills
As a real estate agent, you must refine your negotiation skills to help your clients make a purchase that will benefit them in the long run. Thinking of the client’s needs, such as a longer closing timeline or offering a leaseback option, can prove to be more effective.
Be strategic and you won’t notice an inventory problem
The inventory shortage may continue to worsen, so you must be very strategic to provide options for your clients. Access The Pocket Network’s off-market listings and subscribe to receive market insights.
Once you’ve been able to quantify what works, the real reward comes with consistency! There is no secret way to bring you to the top overnight, you have to put in the work. The most important part with keeping your momentum is to continue to invest in yourself both professionally and personally so you’re not thrown off by any change in the market.