Is Your Business Built to Sustain Itself Through a Changing Market? — RISMedia

When one thinks back to how the business looked in the last two or three years, the picture that comes to mind looks different from how the business is operating today. The market was hot, and houses were selling faster than the industry could keep up. One of the biggest challenges real estate agents faced was helping buyers compete on offers in a dense buyer population. Today, agents face new challenges as they work to keep their pipeline full.

Looking at the history of the property market, change should not be surprising. As long as agents are proactive and prepared, business need not slow down. The most successful agents have a business built to sustain itself as the market changes by continuing to market themselves, have a continuous flow of leads and have strategies to nurture each lead so they can convert them into customers.

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Marketing is key. The typical reaction during a moving and slower market is to cut costs and reduce marketing efforts. Don’t make this mistake. Yes, agents must manage costs, but more than just cutting costs, investing in the right opportunities to build brand awareness is essential. A shift in the market allows a reset to incorporate a new marketing strategy such as using video creatively, creating a brand presence on a new social platform or re-engaging the farming area yours with new marketing strategies. Agents need to be where their customers are, leveraging social media and traditional marketing strategies to ensure their community knows they are the resource of choice.

Lead generation is crucial. As the market changed, many agents found themselves in a foreign landscape fighting for listings, dealing with buyers being priced out and struggling to keep the pipeline full. Agents need to ensure that their lead generation efforts are top notch and that they have a continuous flow of new potential clients. Get back to basics by reconnecting with past clients to generate repeat business, and don’t hesitate to ask for referrals. Make new connections in your community through organizations such as HOAs, small businesses, schools and churches, and build a strong referral network by partnering with affiliate companies such as mortgage brokers, contractors, appraisers and other service providers. household services.

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Lead conversion is vital. Marketing and lead generation are the first steps to sustaining a healthy business, but having strong lead conversion systems in place is vital. Leads generated from different sources all require different strategies to ensure that the lead is not lost and converts into an actual customer. Online leads are a high-volume, low-converting game, but the potential ROI of converting even a small number of these leads is high. I connect every lead immediately. Repeat/referral business is a low-volume, high-converting game and requires a more personal touch. Both games are equally important, and converting leads from all lead generation sources helps agents continue to succeed.

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Meagan O’Leary is the director of education for Elm Street Academy and oversees educational strategy and execution across the Elm Street ecosystem. The Elm Street Education Team brings effective and energetic training to the ever-evolving real estate industry and beyond. For more information, visit https://elmstreet.com/.



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