It only takes a few years in real estate - once you have experienced different parts of the market cycle - for agents to understand what a roller-coaster ride the industry can be. For many, the end of 2022 was a whole new experience off the back of the post-COVID market boom.
The real estate industry is constantly evolving and changing, so it's important to continuously adapt to stay ahead of the curve.
The last few years have seen several significant trends and shifts in the market that we can all learn from in order to enhance your career and better serve your clients.
Embrace Adaptability
The real estate industry is constantly changing, and being able to adapt to new challenges and market conditions is key to success. Real estate agents who are flexible and able to adapt quickly will be better equipped to handle changes in the market and serve their clients effectively.
Amy Wolter discussed this in her blog, ways to future-proof your career.
Focus on Communication Skills
Effective communication is crucial in real estate, whether it's communicating with clients, negotiating deals, or working with other industry professionals. This is especially important in the current market where agents need to navigate misalignment of vendor and buyer expectations.
Buyers react instantaneously to bad news like interest rate rises, whereas vendors tend to take a quarter or two to understand where the market is.
As their agent, you need to be able to educate vendors about what’s happening in their local marketplace and educate them around the price, around what kind of buyers you’re seeing in the market. Communication is key.
Utilise Technology to Your Advantage
Technology is rapidly changing the real estate industry, and agents who are able to effectively utilise technology will have a major advantage.
Innovation is one of our core values at Place, and one that we are proud to pursue daily as we use technology to optimise our business, and our agent's businesses, for better results.
At Place, our fully integrated App Stack offers solutions in lead generation, contact database management, digital listing presentations, vendor campaign funding, property campaign management, digital marketing, AI driven buyer enquiry management, and contract management, to name a few!
Continuously Educate Yourself
This one goes without saying but can sometimes be neglected when you find yourself in a cycle of being busy.
This could include attending industry conferences and workshops, reading a book and listing to a podcast - we know a great one 😉.
We have a 'learn it all' culture at Place and ensure that every role within the business is catered for, allowing our people to gain the necessary knowledge, skills, and experiences to help them grow and thrive within the company.
Don't forget the fundamentals
Following sky-high sales volume in 2021, this past year has seen a big drop in clearance rates and a subsequent drop in agents’ list-to-sell ratio. In todays market, you need to be proactive about listing more stock and the ways in which you find your seller leads and buyers.
Take the time to reflect and enhance
Good agents will take the time to reflect on what worked and didn’t work in any period of time so they can move into 2023 with confidence. You can read more about that in our blog, here.
Take Action
The agents seeking longevity and careers in the industry are focused on providing a full-circle service. In turn, you will become a trusted advisor to your clients, and a leader in your marketplace. Start by taking action.
Great agents will reduce the risk, maximise the sale price, make it easy and get them sold. It’s an excellent formula for continued career success, you just need a plan and actionable steps to do it, which is what we are giving our people at Place through a combination of training, innovations, personalised support, and more.
If you would be interested in having a confidential discussion on how we can assist you in building a sustainable career in Real Estate, please get in touch.