This article was originally published in August 2022. The advice is relevant in any real estate market.
With 25 years in real estate, I’ve been through a lot of ups and downs, including the 2008 economic crash. Once you’ve experienced something like that, you have a very different perspective on the economic uncertainty we are facing.
The last few years have really spoiled us with great business, but we all knew it would not last, so we have to keep perspective on the anomaly of what happened from spring of 2020 to spring of 2022. This is the time our clients really need us, to keep them educated and aware of what is happening in our local market and what affects their real estate value or potential to buy.
“Keep focused on the facts, good or bad”
Keeping yourself educated by reading local and national news in regards to real estate is important. Some clients may hear something about the national real estate market and think it applies to us locally. At the local level, you may be in a very different market with a more positive local economy and an area of great wealth and income.
The only way to stay out of the negative news cycle is to educate yourself, talk to other agents that are doing business, read the local news, watch the MLS to see what is selling, and do your own analysis.
Those that pay attention to what is happening will stay away from the “herd” mentality of the “sky might be falling” and things are tough. Keep focused on the facts, good or bad, and at least you can speak intelligently into conversations with your clients.
As real estate agents we are responsible for most client’s biggest asset. We can carry a heavy burden when times are slower or harder, so we have to keep balanced. I do that by paying attention and not turning away or getting sucked into negative news.
Use slow downs to catch up
When things slowed a bit in 2018, I decided it was time to spend money and revise some of my programs. We had time so I wanted to use it to change things up, knowing it would not last and I’d get busy again … because we always do!
I worked on my website, new birthday program, cleaned up my database, cleaned my office, all tasks that take time and we don’t have time to work on when working fast and furious like we all have the last two years.
“80% of my clients reach out when…”
Our new birthday program has had phenomenal success as 80% of my clients reach out when they receive their gift to say thank you. It is a fun and unique surprise that makes for a great response and allows for us to connect and makes them feel special and appreciated.
Referral and repeat business is everything to me at this point. I have doubled down by treating those clients with great appreciation. More home visits to some of my retired clients that love to chat and catch up, Christmas gifts to families, and this year we are doing a client appreciation night around the holidays for families and a happy hour night at a client that owns a winery! It’s all about making it fun.
Embracing the opportunity
The new opportunity that I found during the 2008 slow down, and any slow down since, has been the opportunity to show up better than others. It is not meant to be a criticism, but fear sets in and people shut down.
Being present and showing up and being in the forefront to our clients and even other agents, presents positive energy and confidence that our clients need to see from us. The priority should be the client first and foremost.
I have always said we make a lot of money and sometimes we forget that. A great exercise is to track how many hours you put into a client from when you start to when you close, then divide it by your paycheck and see how much you’re making hourly. There are times you feel like you’re losing money, we have all had those experiences but overall, the number is big … keep perspective!
Consistency is key
To be successful in real estate you have to be consistent, that is true with most things in life, so I can’t claim it to be pearls of wisdom. Oddly, we all have a hard time with consistency.
A great practice in consistency for agents during times like this is showing up to your office regularly to socialize with other agents. We’re all comfortable now working from home, but working directly with our peers connects us to the business and the industry and helps us learn even more from others’ perspectives.
If you can create a routine and stick to it, whether it’s a new program for your clients, or routine days spent in the office, you’ll have a greater chance of making it long-term and being able to ride the ups and downs.
Julie Scozzafave
Real Estate Broker, Windermere Real Estate/East, Inc.
scozzafave.com
