The housing market has been hot for the past few years, and it still has momentum (especially in certain areas). But a turning of the tides is inevitable, and the early warning signs of a market slowdown are there.
Inventory is still low, home prices are historically high and mortgage rates are rising. It’s looking like leaner times may lie ahead.
So what can you do to future-proof your business? Here are a few ideas:
1. Bolster your finances.
Even under the best of circumstances, an agent’s income can be irregular. A healthy emergency fund can help you survive those unexpected market downturns. Experts recommend setting aside at least three to six months’ worth of expenses if possible.
2. Invest in training.
In an ever-changing industry, continued education is essential — especially when you consider the legal ramifications of regulatory updates. Technology and marketing best practices also continue to evolve. Staying current ensures the best possible service for your clients.
3. Focus on the client experience.
Leverage technology to streamline the customer journey from start to finish. Essentials include automated email drip campaigns, cloud-based documents and transactions, AI chatbots, and virtual tours. A better experience lays the foundation for stronger relationships, which results in repeat and referral business.
4. Nurture your network.
An uncertain future makes for an anxious present. Clients need more attention than usual. Take a proactive approach to communication and leverage all available channels (e.g., text, email, social media). Update, educate and provide the tools, guidance and resources necessary to navigate an increasingly volatile market.
Don’t forget your fellow agents and referral partners. Sometimes it helps to know you’re not alone. Like you, they too need support and understanding during these trying times.
For more career tips, contact us today.