Thriving in a Transitional Market
Updated: Jan 5, 2021
We are in a transitional real estate market right now. Rates are low, demand is still high and supply is still low, so the fundamentals are there for real estate to continue to move, and it is. We also are dealing with a lot of uncertainty and fear about what could happen and how long people will continue to be quarantined. This means that we need to TAKE ACTION and not be frozen in place.
In markets like this, there are a couple of keys to being successful:
1- Look at the data and understand it. YOUR local data. Don't get caught up in national statistics on real estate. As I said before, that is like talking about the weather nationally. It's irrelevant to us. What is the data in YOUR area?
- Number of homes listed for sale.
- Number of homes that are pending.
- Average list price.
- Average sale price.
- Days on market.
- Months of inventory.
Those are the numbers you should know. Compare these with past months and past years and see what the trend is. Is your market trending up in price but down in sales? Is it flat? Is it staying stable with price but slowing down with the number of sales?
2. Decide how you are going to get ahead in your business. What are you doing to evolve your platform for the future? - Are you using Zoom or other conference calling technology? Are you using it for buyer
consultations? Listing appointments? General check-in's? - Are you getting your SOI current market stats for THEIR market? - Are you using virtual tours and 3D imaging and drone videos? - Are you connecting personally through texts, calls and emails with you SOI
individually? I would love to help you draw up a plan that ensures you are taking daily actions that will elevate your business. A lot of Realtors will be frozen in this market and adopt a "wait and see" attitude. They are going to be left behind. Let's be sure you have things to act on and are working every day towards growing your business. I look forward to connecting with you soon!