When the real estate market starts to change and become slower, the initial reaction of many people is to panic. Newer real estate agents may be tempted to join them, while experienced agents know there are ways to tackle this new market without losing momentum in their businesses. As C21 Redwood Realty Arlington agent Gary Hughes shares, “Once you decide you will be one of the survivors, you can move forward eager to manage the change and embrace new experiences.”
Where to start? Here are some tips to help you thrive in your next changing real estate market:
Go Back to Basics
One of Coach Tom Ferry’s top tips for confronting a changing market is to diversify your lead generation strategy. You’ll have to work harder to attract buyers and sellers from a variety of sources, and you may even have to go back to certain basics of real estate like working For Sale By Owners (FSBOs) and expired listings. Diversifying also applies to new price points. Rethink the price point you work in and review whether you may want to explore other price points as well.