Last week, I was speaking to a select group of residential and commercial real estate agents in the Houston Area. We were there to talk about sales, strategy and positioning their already successful businesses to get to the next level.
Normally a session like this would have me congratulating them all on a great year and giving them a few innovative strategies that could really help them gain an even stronger competitive advantage.
But this was no normal session, and this was no normal year.
Like most industries I speak in, the real estate market is experiencing a high degree of uncertainty. Everything from high interest rates, lack of inventory, and, for the commercial agent, a total transformation and reinvention.
This session needed far more than a few high-fives and a good idea or two. I was excited to get in there, roll-up my sleeves, and help these agents learn the strategies to shift how they think about uncertainty and truly turn disruption into a major competitive advantage.
A Downturn vs. Uncertainty
What our marketplace is experiencing is so different from an economic downturn. Many of these agents had been around a while, they had seen it all. They had remembered when interest rates were at 17%, lived through 2008, and had even come through COVID.
And while all of that was challenging, what we are going through now is so much more unstable. A down-turning economy, while not an agent's dream, is predictable. It is an economy that is headed south, and when buyers know that they can make a plan, make a decision, and keep the market moving.
In an uncertain economy, everything is exactly that – uncertain. No one knows what is going to happen, when it is going to happen, or what impact it will have. The result is buyers stall, decisions are not made, and the market freezes – even if there is no foundational reason for it.
Uncertainty is so much tougher than a downturn. Tougher that is, unless you know how to make uncertainty work for you.
Top 4 Growth Strategies Real Estate Agents Need Now
So, what did we cover in this session, and what ideas did I share? Well, I am not going to give away all of my secrets, but here are a few nuggets to get you started.
1
Change What You Sell
You are no longer selling real estate, and if you think that, you are going to struggle in this marketplace. Finding an agent is easy, I can do that just by googling online. No, what your buyers are looking for is an expert, an expert who is a straight shooter. An expert they have confidence in and one they trust.
You need to understand everything about the economy and how it impacts your buyers, and then you need to write, shoot videos, and share all the information you learn. You need to become the expert, the resource, and the one they believe will be honest with them about what is going on in the marketplace.
2
Own A Niche
When the market gets tight, agents start selling to everyone they can. Understandably, you need listings, buyers, and customers—but you need to do the opposite. When your competitors go big, you need to go small. You need to focus and become the go-to realtor in a certain demographic, neighborhood, community, etc. Pick a niche, own the niche, and your reputation will grow from there.
Why? Because in an uncertain, overcrowded marketplace, it is word-of-mouth that will grow your business. No matter how much advertising or promotion you do, your potential buyers will still talk to their friends, neighbors, and co-workers to find out who they used. You need your name to be the one that keeps popping up.
3
Double Down
On relationships, connections, and any past buyers. I love that everyone is talking about AI, technology and automation – all great. But nothing, and I mean nothing, beats a good ole fashioned conversation.
In an uncertain marketplace, it’s time to do something radical, out of the box, and unconventional. That’s right it is time to do something like picking up the phone. Better yet – go to a networking event. Check in on a past client. Find any and all ways to touch base, personally, with your network. Build your network, and it will grow your business in times of uncertainty.
3
You’re Needed More
And last but not least, when the buyers stall, when decision making slows down, and it seems like no one is interested in real estate, that is the time to sell more, NOT sell less. People remember who showed up in the tough times, and who was there when they needed advice, input, and help. They will reward the courageous realtors who understand the best time to be a real estate agent is when the marketplace is uncertain.
Okay, there is a lot more where that came from, but again I don’t want to give away all of my secrets.
I understand these are challenging times, not only in real estate, but in most industries. But I also know, if you understand uncertainty, embrace uncertainty, and shift your strategy for uncertainty, then you will not only change how you think about uncertainty, but you will also turn all of this uncertainty into your greatest competitive advantage.
