Although no one knows exactly when or under what circumstances it will happen, there’s bound to be another dip in our real estate sales volume and prices.
The pandemic drove an urban exodus to the suburbs, increasing demand during a time of historically low-interest rates and already high real estate prices. That serendipity and its unpredictable combination of local and global economic factors are exactly the reasons that now is the time to prepare your business for the next unexpected turn of events.
Explore several ways, some of which build on each other, to prepare yourself and your business now for when the market changes tide.
1. Think beyond repeat and referral business
Being able to say that 85 percent of your business comes from referrals or returning clients only makes you feel good and look good. People like you and prospective clients like working with teams that their friends trust.
What happens, though, when first- and second-degree referrals run dry during a twist in the market? Will you be able to rely on people remembering how great you are?
That’s when a wider sphere of influence – developed now – will serve you.
By not relying on referrals to deliver the majority of your business, you put yourself in control of your progress. You, not the market, will be the determining factor in who, how, when, and what kinds of opportunities you want to pursue. Use comprehensive digital marketing tools to find and expand your sphere of influence.
2. Become a subject matter expert
One way to expand your reach to people outside your sphere is to position yourself as a subject matter expert.
In a future blog post, we’ll explore areas of expertise in more detail. For now, consider sharing your knowledge on specific topics via short blogs or comprehensive, social media marketing campaigns:
Finance: You already have more than general knowledge of the home loan financing process and the timing and requirements for paperwork and approval. Share that knowledge to help your potential clients at least begin thinking about topics of importance.
California Real Estate Tax legislation: Propositions 13, 19, 60 and 90 did not arrive in numerical order. Your clients may not know how each relates to each other and has its own set of benefits and cautions. Brush up on the nuances of each to become the go-to real estate legislation expert.
Home Improvement and Zoning: 2020 and 2021 have been high time for major home renovations and outdoor living space redesign. Help homeowners or buyers in the areas you serve understand necessary requirements before certain renovations. Promote that knowledge digitally.
Accessory Dwelling Units (ADUs): 2020 legislation allowed property owners to add ADUs to their properties in most counties. Provide a service by explaining the benefits and/or challenges of ADUs.
3. Write your dream client list
Sphere of influence shouldn’t be static. You don’t have to know someone to know someone. Create a list of clients you know you could serve well but that you aren’t serving in great numbers now.
That list might include real people in your local area who may have a move in their future. It may include residents or potential buyers in neighborhoods where you’ve yet to establish yourself. But it also should include longtime residents and types of buyers that you’ve never met.
Imagine a scenario with higher interest rates and lower prices. Create demographic profiles of potential buyers who might be attracted to real estate in and around your area of influence. Where would they come from and why would they be buying here?
Add neighborhoods you want to target and include cities where future California residents live now. Leverage digital marketing tools to target geographic areas near and far.
4. Engage – but don’t annoy – your subscribers
Are you monitoring the engagement rate of your emails lately? If it’s stagnant or not increasing, then all your work isn’t helping you. People get too many emails. Make yours click-worthy.
For starters, use a new email subject line for every email blast. The monthly email that comes with a subject line of “Monthly Newsletter” draws more yawns and deletions than clicks and scrolls.
Next, if the only genuine news in your next email marketing blast is the self-promoting list of deals you’ve represented or the same local market analysis that every other agent is sharing, then try switching things up for a month or two.
Include topics and images that bring elicit smiles, contemplation or the element of surprise.
Finally, remember our earlier tip about becoming a subject matter expert? Add a blurb that provides tips on your area of expertise and encourages recipients to get in touch. Embed a reply form near those topics.
Follow this blog for upcoming details on the topic of subject matter expertise.
