Ignore the naysayers. Create your own trends. Even with interest rate increases right-sizing the market, opportunities still abound.

 

Changing times can generate inspiration for reinventing yourself. Let’s look at ways to thrive in a new environment:

 

 

 

1. Analyze leads for more detail

 

Despite market disruption, California agents and brokers still have access to highly qualified leads. You just may need to look more deeply into the funnel.

 

People still need to move, which means they still need to sell homes, buy homes, relinquish leases, rent out their properties and more. And others, such as investors, may want to mix up their portfolios to take advantage of high interest rates.

 

Agents, brokers and teams who analyze, learn from and act on the true nature of their leads are the ones who are most likely to find opportunity.

 

Look for properties currently leased by the owner or used as vacation rentals. Look for homes that need to sell quickly, such as estate properties, potential auction properties and more.

 

 

 

2. Educate buyers, sellers and investors

 

Willingness to educate people can create decades-long opportunities. First-time home buyers, for instance, are delaying getting into the market given the perceived high interest rates.

 

Here’s where an experienced agent’s knowledge can help them understand that not only are interest rates still lower than historical averages over the past 10-15 years, but homeownership can still keep money in the bank.

 

Retirees or soon-to-be-retirees may be putting off listing, fearing lower sales prices than they might have obtained last year. But are they willing to look into other opportunities such as renting their current home and purchasing their next home?

 

Work with these kinds of owners to show them how currently lower prices on homes can work in their favor, if they’re willing to think differently about their existing home.

 

3. Rebuild client relationships

 

An old saying in sales goes something like, “The best source of new business is your existing client base.” Nurture your base to find opportunities for referrals and repeat business.

 

Recharge relationships with people you’ve worked with over the past decade or so. There’s a good chance these people wonder how the market changes may affect them. You’re the perfect source of information.

 

Some 2021 and 2022 buyers, for instance, may have purchased at the top of the market. Now that their home has reduced in marketable value, they may wonder if, when and how a property reassessment may help them save some money.

 

As a licensee, you have knowledge and experience to describe when, how, and through what channels they may be able to start this process. Consider an email marketing campaign targeted to these people. Follow up with a personal call.

 

 

4. Choose continuing education outside your comfort zone

 

Consider expanding your sphere by adding a specialization. Dozens of online classes can help you not only meet your regular requirements for continuing education as a licensee, but build knowledge to grow your business.

 

Among courses offered by the California Association of Realtors are designation specific trainings including the Investment Properties Specialist Certification or the First Time Buyers Specialist Certification.

 

Others include Probate and Trust Specialist and Team Leader certifications that can help you level-up your offerings to both clients and team members. Dozens of online institutes and private colleges or universities offer training in specialized areas.

 

Make sure the classes you want to take will be recognized by the California Department of Real Estate and will count toward your CE requirements.

 

 

Now, back to those leads.

 

Have you looked at the new ways that you can fill your funnel, promote your brand and enjoy high-impression business and listings’ marketing?

 

Partnering with LeadHax removes the guesswork from print and digital media decision-making. It’s a truly integrated experience that blends your branding, advertising, social media, and lead generation processes,

 

Then you’re freed up to do the work you enjoy most, such as diving into these 4 ways to thrive in 2023 real estate.