PAR officers and past presidents offer their tips and advice for growing your business during an ever-changing real estate market.
Know Your Local Market
The current market is a great reminder of the importance of real estate professionals being dedicated students of their own markets, according to PAR President Al Perry.
He said, “The headlines speak to national and regional stories. You should be a master-level student of the smaller markets you serve to help you recognize local changes and identify emerging trends in your local market. This information is powerful for our clients as they navigate to maximize their opportunities or minimize their pain. Changes will result in winners and losers, remember both need your knowledge. Be the local expert for your clients.”
Know the Facts
Navigating a changing market requires knowing the facts and getting out there, according to 2022 PAR President Chris Beadling. “Real estate is still a people business and people are most interested in the real estate market when it is ‘not normal.’ Learn and understand the fundamentals of economics that drive our business, form a narrative that explains why things are happening the way they are and then when people ask you about the market you aren’t just answering ‘good’ or ‘bad’ or ‘better than ever!’, rather, you are the one with the facts and the knowledge who stands out in a room.”
Find a Niche
2001 PAR President Bob Fleck said, “Despite the size and complexity of the real estate business, many think of it as being made up of real estate brokers and salespersons only. Our industry is much more than helping a family sell an old home and finding them a new one. It is a complex industry and to succeed long term every real estate professional needs some basic knowledge of specialized areas such as appraisal, property management, financing, subdivision, development, counseling and education.”
Fleck continued, “One of the most abused words in our business is experience. Being licensed for 20 years, I guess, makes one experienced. Realtor® new to the industry would be wise to find their niche. Find something that no one else in the area is doing and take time to broaden your experience beyond merely listing and selling single-family detached homes. Real estate continuing education courses are readily available and they are inexpensive. There is no law that says you can’t take more than 14 hours of continuing education every two years.”
Todd Umbenhauer, 2018 PAR president recommends not overly focusing on what some are describing as a changing market. “This is the time to continue and even expand your marketing efforts. Social media affords the opportunity to promote one’s brand and inventory for very minimal costs. Develop an awareness within your sphere of influence and beyond that there is a market, changing or otherwise, and you can help sellers and buyers navigate the same.”
A Realtor® for more than 40 years, Umbenhauer added, “Being strategic in your marketing efforts is always important, but particularly important now. Many MLSs and other resources allow you to identify particular demographics that are likely to need your services now or in the near future. For example, people who have owned their homes for 20 years or more and are over 65 years of age are far more likely to need your services than younger owners who have only lived in their homes for a few years. Target those households, offering information and assistance. It will be necessary for you to be able to answer their questions about finding their next home with limited inventory available.”
“This is not a time to go it alone. Join or create a mastermind group in your office in order to compare notes with others about what is working and not working for other agents in your company. If you find what has produced results for you in the past is no longer generating sales, seek out designation courses that will open your mind to methods of business development you previously did not have the expertise to implement. In short, have a plan, consistently work your plan and measure results (certainly nothing new about that!). Doing so is far more valuable than lamenting about the changing market.”
Maintain Professional Attitude
With 45 years of experience, Bill Festa, who served as 2020 PAR president said, “One tip for maintaining a successful real estate business throughout market changes is for agents to concentrate most of their career on obtaining listings and doing so with a professional attitude.
Give Clients Sound Advice
Preston Moore, PAR president-elect, said, “As markets change, everything we do changes. I have been through many market corrections. With my education in economics, accounting and finance, I have learned not to be too emotional with the ups and downs of the market. Our clients are emotionally involved with their transactions. The key for me is to show them the fortitude they need during the difficult times. If something goes wrong, they need someone who can give sound advice to help them through any real estate turbulence.”
Maintain Your Emotional Equilibrium
2012 PAR President Frank Jacovini concludes, “Your real estate career is an emotional roller coaster. One day you feel high as a kite when you go under contract on that $800,000 listing and then a week later, you’re devastated when the home inspection reveals defects the buyer just doesn’t want to deal with and terminates. To get through the ups and downs the most important advice I could give is to maintain your emotional equilibrium. Take it one day at a time and leave the problems at the office. And make sure you put your hours in. Eighty-five percent of success in real estate is just showing up.”