A 2020 Real Estate Market Outlook
The real estate sector is currently undergoing a time of unprecedented change, and there are more challenges ahead in 2020. In my annual Bold Predictions broadcast, I used the most up-to-date research to cut through all the clutter and noise and analyze the state of the market, the industry and the agent for a complete 2020 real estate market outlook. Now I want to share my highlights with you so you’ll know what to expect, how to effectively and easily deal with upcoming changes and how to capitalize on future opportunities.
Here are some of the major takeaways for your business:
State of the Market
Despite a slowdown in Europe, ongoing trade disputes and an intense political climate, the American economy is solid. Inflation is low, labor participation is high, very few people are unemployed and consumer confidence is strong. In 2020, the economy is set for even more growth. However, construction isn’t keeping pace, so there’s going to be a continued shortage of housing inventory.
On the ground, agents will have to be aware that clients might be more anxious because of negative news cycles. To skillfully deal with this, they must be confident, reassuring and armed with knowledge so that they can bring perspective that’s based in truth and fact.
State of the Industry
With technological shifts and significant restructuring and reorganization, the industry is already experiencing disruption and that’s set to continue in 2020. Meanwhile, national franchises are struggling with what makes them unique, local brokerage profits are falling and the number of teams is growing, which brings its own challenges. In this environment, it’s vital to focus on the customer. Disruption starts with unhappy customers, not technology. The truth is, many customers are dissatisfied because inexperienced, unskilled agents are not meeting their needs. This is the silent disruption happening in the industry today.
State of the Agent
No matter the challenges of the market, it’s possible to individually control your own economy, your own opportunity and your own future. To prosper in 2020, you must:
- Work on your skills
Many agents are poorly trained, which means that there are huge opportunities for those with skills. There’s no secret formula or quick fix for success, you must dedicate time every month for real estate training and skill development, put an effective system in place…and hustle! The Pathway to Mastery—Essentials is Buffini & Company’s in-depth real estate training program that was designed to help you become extraordinary, elevate your professionalism and your skills and stand out from the crowd in a rapidly changing environment.
- Become a total pro
In 2020, we are introducing an all-new event called Buffini & Company Master Class. The team and I are visiting 10 cities nationwide to help real estate professionals learn, connect and influence. If you want to discover what people at the highest level do, what the real estate best practices are and how you can tap into an invaluable knowledge pool, Master Class is perfect for you.
- Provide superior service
Providing superior service is a discernible differentiation that helps to attract and retain customers. Give people more than they paid for and you will have loyal clients and advocates for your business. Remember, it costs approximately five times more to attract a new customer than it does to retain an existing one. When you invest in your best and provide great service, referrals will follow.
With all of the changes happening in the industry, it will be the highly-skilled, relationship-focused professionals who will succeed in the future. As the largest real estate coaching and training company in North America, Buffini & Company has trained 3 million professionals in 37 countries, helping them to prepare for all sorts of market challenges. We have the resources and experience to lead you through change and prosper.
You can have a great business, you can have a great life and you can serve your customers in a fantastic way. In short – you can do this! That ultimately is the boldest prediction I have. Get ready for your best year ever!