The market has changed considerably since the height of the “COVID-19 craze”, during a stretch of time where people were experiencing all sorts of changes to their lifestyles and routines due to the COVID-19 pandemic, and many of them were looking to make a move.
Interest rates were low, inventory was low, and time on market for homes was at an all time low, with multiple offer scenarios and unconditional offers becoming the norm.
Now, with higher interest rates and more homes available to choose from, we have returned to a more balanced market.
You have likely felt the growing hesitancy that occurred as the market started shifting.
Here are some ways to set yourself up for success so that you can best serve your clients this year.
Set SMART Goals
When you’re setting goals for success, quickly run through the S.M.A.R.T. checklist and ensure your goals are Specific, Measurable, Achievable, Relevant, and Time Specific.
Quick example:
Rather than,
“Sell more homes.”
Think,
“Book four listing appointments this quarter with people met through open houses.” → “Host 12 open houses (~one per week) this quarter.”
SMART goals incorporate measurable action to keep you accountable and increase your likelihood of achieving them.
Know your numbers when it comes to your business
We’ve talked a lot about knowing the numbers in the market to provide value to your clients.
You also need to know your numbers when it comes to running your business.
Track all of your business and marketing expenses so you have a clear idea of how much money you’re spending relative to how much money you’re making. This is extremely important to ensure you have a sustainable business model and you’re well prepared when you get ready to do your taxes.
Organize your client relation management tool (CRM)
The most successful agents are organized!
Client relation management (CRM) software includes many tools to help you take care of your clients when used correctly.
Depending on what CRM software you choose to use, you may need to pay a monthly or annual subscription fee. We use kvCORE, which is provided to all eXp Realty agents at no additional cost.
We love using kvCORE for our monthly newsletter, which includes market updates and features local businesses, events, and developments to provide value to our clients. We also use it for note taking, scheduling follow-ups, and setting reminders for special anniversaries so that we can help our clients celebrate those milestones.
Learn every day
This one sounds obvious, but it’s worth overstating. You should be spending at least one hour a day updating yourself on current market statistics, developments, community plans, and other factors affecting the market.
The more you know, the more you can do for your clients to help them achieve the best possible outcome under a variety of circumstances.
Property tours
Previewing properties on your own is a great way to increase your knowledge, comfort, and confidence when it comes to serving your clients. Just let the listing agent know when you’re previewing the property on your own and be flexible if there’s any scheduling conflicts for a prospective buyer wanting to view the property.
Understand what your job is
Put simply, real estate shows often paint an inaccurate picture of glitz, glamour, and drama.
As licensees, we deal with people’s largest assets, this is a major responsibility and should not be taken lightly.
We are here to help people achieve their real estate goals, not the other way around.
Always operate with the understanding that your role is to achieve the absolute best outcome for your client. Don’t worry about the money, focus on becoming a valuable advisor for your clients and the money will take care of itself.
If you ever have any questions, I’m always happy to have a conversation. You can call or text me at 250-634-2141, or email me at [email protected].
I hope this was helpful and, as always, I appreciate you being here.
Go crush it!
Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
