This is not a doom and gloom post, so let's look at some facts first and solutions second!
The Spring and Summer market is in full swing, yet feels a little chilly in some areas.
According to NAR (National Association of Realtors) May 2023 brought 4.30 million in sales, a median sales price of $396,100, and 3.0 months of inventory. The median sales price is down 3.1% year-over-year, and inventory was up 0.4 months from May 2022.
Keep in mind these statistics are for the country as a whole and your area may be feeling the shift more.
There are more reports that over 60,000 agents have gotten out of the business this year according to AXIOS.
How do you handle an agent saturated market paired with decreased pricing each week while days on market and inventory are increasing?
The secret is to keep working your business as agents are leaving the business. The market share is about to increase 10 fold as long as you work your business correctly. Right now the competition is fierce because many agents have entered in the last few years.
As selling a listing requires more skills and working with buyers requires more negotiation skills, many will continue to leave. We are entering back into an era of original thinking to sell and creative solutions, which is fantastic news.
Here are 4 simple things you can do to prepare for the next 6 months and keep your sales momentum rolling!
Call, text, or message 5 friends or past clients daily. Not in a salesy way either! Just check in on them and whatever you do, DO NOT bring up business. Trust me this works. If real estate is at all on their mind, they will bring it up and then it is fair game but if you just have a great conversation and get to know them better, that is a win too. If you do this enough, when you do directly ask for business, they will be more than happy to help!
Make a directory of all your business vendors from your window repair, roofer, handyman, flooring, title, lenders, insurance, etc. and offer it to past clients and COI. Sending with a friendly, "Just wanted to make sure you are taken care of by the best around! I know they will take care of you in a pinch!" is received with love. You are able to support your vendors while giving the best and trustworthy to your clients and friends. Everyone wins- and trust me you do too,
Host a home buying seminar or listing your home seminar. I have done these and have always received dividends in the long run. I do want to preference long run here. These types of seminars will bring you business from buyers who need credit repair or sellers who are looking at selling next spring. You need these in your pipeline too. You can schedule these a month out with your best vendors support. These are also great at spreading business and feeding your vendors back.
Host a gathering at your neighborhood pool or at your home with a handful of neighborhood friends you do not see often. This could be just friends you love but have not seen in a while. Make it about them and again DO NOT bring up business. They will, I promise and when they do you will have your opportunity but do not make the whole time about business. No one likes bait and switch or wants to sit in an hour sales pitch. If you let things flow, you will get a ton of intel and a new listing. This is a long game move and meant to enjoy your life with people you love while also filtering back into your business. It is a win-win!