If you’ve been in the real estate business for any length of time, then you know that real estate is cyclical.
Luckily, the industry has gone up, down, left and right so many times over the past century that most pros have their personal cycles down to a science.
With that being said, the current state of the market is at one of its lowest points in recent history.
This means if you’re currently working as a real estate agent, it’s probably not the best time to join the profession unless you have some tricks up your sleeve.
If you’d like to become a realtor but recognize how difficult this market is for people in that field right now, read on to learn about some great tips for staying ahead of the curve during these tough times.
Be a master of digital advertising
The vast majority of people who are looking for a new place to live are doing their research online.
If you want to stay ahead of the curve in terms of potential sales, then you need to know how to tap into this increasingly important aspect of the real estate business.
By investing in quality ads on the most popular websites where people interested in real estate go, you’ll be able to reach your target audience and show off your expertise all at the same time.
Learn what the best websites are for this and go all-in on digital advertising.
Real estate agents use online advertising to create brand awareness, drive traffic to their websites, and generate leads.
It’s important to know that online real estate advertising isn’t the same as online ads for retail stores or other products.
How do you create an effective online ad for real estate?
You need to know your target audience, their needs, and what they’re looking for.
Network like crazy
There’s a reason most real estate agents have a rolodex full of business cards: networking is one of the most effective ways to find new clients in any business.
If you want to stay ahead of the curve in this down market, then you need to find every opportunity to network with people and build relationships.
And the great thing about this is that you can find opportunities to network almost anywhere.
Start attending business networking events and gatherings, join relevant organizations (especially if they have a focus on real estate), and look for chances to meet people and make connections.
Even if you aren’t interested in being a franchise salesperson, there are opportunities to network with franchise owners and managers as well.
Find out which franchises specialize in the type of properties you specialize in and reach out to them. Building these relationships now will help you when you want to get your name out in the future.
Provide free services for potential clients
If you’ve been in the business long enough, you know that real estate agents make money when they sell properties and negotiate deals.
But in a down market, it’s difficult to sell properties and negotiate deals because people simply can’t afford to buy.
But what if you could provide services to people who are looking to purchase a property without asking for any compensation?
If you have any experience in home repair, maintenance, or other service-based areas, then it’s probably worth it to reach out to potential clients and offer to perform some services for free.
Even something as small as fixing the broken fence in front of one of the properties you’re working with your client on can make a huge difference in their overall experience with you.
And if you’re really looking to go the extra mile for these potential clients, you can even offer to help them negotiate with their current landlord and negotiate a lower monthly payment.
Utilize advanced lead generation techniques
It’s important to note that during times of economic downturns, agents still need to find new clients and close deals even though fewer people are looking to buy and sell.
This means you need to be constantly on the lookout for new leads, even if the overall volume is reduced.
But since we’re in the thick of a down market right now, you need to employ much more advanced techniques to generate leads.
For example, running online ads to find people who are looking to sell their properties is one way to get leads, but you can also tap into other markets as well.
One lucrative way to generate leads that is currently popular among real estate agents is finding people who are eligible for government-backed programs like Section 8 housing and offering to negotiate a lower monthly payment for them.
This can often be a very time-consuming process, but the payoff can be well worth it.
Real estate doesn’t have to be your only gig
Well, almost any gig... Simply put, real estate is cyclical and down markets happen.
If you’ve been in the business long enough, then you’ll likely go through at least one down market in your lifetime.
And though it can be difficult, this down time can be a great opportunity for agents to look for other sources of income.
One way to do this is to reach out to landlords and offer to help them find new tenants on a commission-only basis.
This is an especially good option if you specialize in certain types of properties that have notoriously long wait times for new tenants, like luxury condos or large apartment buildings.
Another great way to supplement your income in a down market is to find out if your real estate brokerage offers virtual assistant services.
If they don’t, then you may want to consider starting your own side hustle as a virtual assistant.
Wrapping Up
Real estate is cyclical, and down markets happen.
If you’ve been in the business long enough, then you’ll likely go through at least one down market in your lifetime.
Luckily, there are many ways to stay ahead of the curve during these tough times, including investing in digital advertising, networking with people in your industry, and finding new ways to generate leads and find new clients.
