3 Tips to Working in a Hot Housing Market
Working with a client today is not the same as it was last year. The current housing market is historic — and piping hot!
The chief economist for the National Association of REALTORS® (NAR), Lawrence Yun, recently noted that there were more NAR members than listings in the marketplace — an extremely rare event.
For real estate professionals, this means competition is fierce. Instead of blending in by pursuing online advertisements and Internet leads, the top-producing agents must stand out by strengthening existing client relationships to generate real estate leads. Agents who stick around long after the contracts are signed will create loyal advocates of their business and consistently receive high-quality referrals.
Use these three top tips to successfully navigate the hot market and emerge with clients for life.
Set and Manage Expectations
Buyers and sellers need to know what to expect from this marketplace. Set up a consultation with each buyer and seller to explain what’s going on in your area. Make sure they understand just how competitive things are and how that may affect their journey. By being honest with clients upfront, you avoid any miscommunication or disappointment down the line.
Give Market Updates
Become a trusted advisor for your clients on all things real estate. Post helpful information on social media to address common questions about the real estate market. Lead Facebook Live broadcasts with Q&A portions so your clients can ask questions in real time. Create informational videos to send to clients as market snapshots. Consider adding the new Video Messaging Tool to Referral Maker® CRM to easily embed, send and track videos via email. When you keep clients informed, they know that they can rely on you to guide them through the crazy market.
Provide Exceptional Service
Now more than ever, agents must step up their customer service game. In this competitive market, no relationship should be taken for granted. Send monthly Items of Value that focus on a variety of topics, including real estate, home improvement, personal development, productivity and more. Deliver small client appreciation gifts and write notes to thank your relationships for their business. Don’t forget to celebrate your top-referrers with a real estate client party at some point! Your clients should get the white glove treatment before, during and after a sale so you can earn their referrals.
A real estate coach can guide you through this hot market and ensure you come out stronger than before. Buffini & Company One2One Coaching™ helps agents build a business plan focused on relationships and exceptional customer service. Sign up for a free business consultation today to discover what a Buffini & Company real estate coach can do for you!