The past few months have seen a major shift in the real estate market. At this time last year many houses for sale received multiple offers and, in some cases, well over the asking price. Buyers were extremely frustrated as they sought to find their new home, only to lose out.
With talk of a looming recession, inflation and rising mortgage rates, it is natural for agents and clients to feel concern. If you implement some best practices and strategies right now, you will not only be able to better serve your clients, but also stand out from the crowd. In turn, you will be able to deliver a calm and professional level of service to your clients, allowing them to feel confident in your abilities as well.
Strengthen your fundamentals
Take some time to really review your business model. What is working and what can be improved? Assess your finances. Where might money be leaking that you are not even aware of? It might be worth it to work with a professional financial advisor to see what changes you might need to make if a recession does happen.
Take some time to look at your customer service model. Over the past few years, in many businesses, customers have been treated more as a transaction than a person. Have you stayed in touch with your best customers? Or has it been “out of sight, out of mind,” after the transaction closed? Have you let leads die on the vine because you had no way to handle them? Of course, you didn’t mean to ignore anyone. But going forth in a new financial environment, agents who emphasize excellent customer service and relationships will be the ones who succeed. It’s not too late. Reach out to your best customers on a consistent basis with relevant, accurate information on the real estate market and before long, they will come to see you as the trusted professional you are.
Lean into available support
You want to be the trusted resource for your customers and your team. That can feel overwhelming but don’t think you need to do this alone! There are many resources that can offer you the support that you need too. Remember, it’s not a weakness to ask for help – it’s a strength.
Mastermind groups
A mastermind group is a great way to get support but also accountability. It can be held in-person, virtually or even on social media, such as a Facebook group. These groups allow you to share your struggles and triumphs with other like-minded peers.
Some Mastermind groups are also referral groups. One of the most common is BNI (Business Networking International.) These types of groups limit the number of members that are from a particular industry so that you don’t have members competing for a referral.
Coaching and training programs
Buffini & Company has an array of coaching and training programs that can help you strategize proactive steps to keep you focused on your goals. They will be with you every step of the way – assessing your methods, offering suggestions for improvement and encouraging you when you hit roadblocks. Whether you are starting out, already on a team or are a team leader, we have a program that will work for you.
Advice you can trust
For the past 26 years, Buffini & Company has helped thousands of clients achieve success through every type of real estate market, including the Great Recession of 2008. To help you through this challenging time, we are offering valuable, online content—free of charge. In this special bonus section you will also find blogs, webinars and podcasts all designed to offer strategic advice and keep you up to date on the real estate market.
We know the thought of a recession can be daunting. But we’ve “been there, done that” and we’ll help you through this changing time too!
