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Sharing real estate marketing advice for every market

May 19, 2023

How to Thrive in a Cooling Real Estate Market

Even in a shifting housing market, there will always be people who need to move. The key is to get in front of those listings. These five tips will help ensure you’re top of mind when someone experiences a home-selling life event.

1. Don’t skimp on marketing

In a cooling real estate market, it may feel counterintuitive to spend money. Your gut instinct may be to pull back on your marketing—but now isn’t the time to fade away. “It doesn’t matter what the market is doing–ever. It matters what you’re doing.” - Peter Fife, top producer in Prescott, AZ. Evaluate your current marketing strategy and make adjustments. While new markets require new approaches and tactics, the goal remains the same: win listings.

As a rule of thumb, put the pedal to the metal on programs that deliver 3X ROI or more.

2. Don’t be too salesy

People do business with people they like. After about 5-7 years in real estate, there's very little that distinguishes one real estate agent from another as far as knowledge and expertise. The thing that sets you apart is a homeowner’s perception of you. Put their interest before yours to build rapport and trust with each interaction. While people hate being sold, they look to friends for advice. Make sure they know they can come to you with any moving or real estate questions.

3. Make meaningful connections

Find opportunities to socialize during the holiday season and throughout the year. Attend community events. Make the effort to start conversations with as many people as possible. Host your own social gatherings in areas you farm. Invite the community to a hot cocoa or ice cream social or a casual meet-up at the local dog park. You’ll be the one sharing treats! The more interactions you have, the higher the odds that you’ll be in the right place at the right time.

4. Don’t neglect your past clients and sphere of influence

There are going to be fewer transactions out there for the taking. The best competitive advantage you have is with your past clients and people within your sphere of influence. Set a goal to connect with them no less than 18 times per year in varied ways. Every third or fourth time, make sure your outreach is personal. Call people simply to say hello and ask how things are going. Send handwritten notes or cards. These thoughtful touches go a long way toward keeping you top of mind when it’s time to do some real estate business.

5. Be consistent with your efforts

Don’t let this market shake your confidence. While the market has slowed, there will still be people who need to sell. Consistency and patience are key. Evaluate and adjust your marketing efforts, make time to network, and stay in regular contact with your past clients and sphere of influence. If you do, you’ll navigate this market like a pro and hit your goals.

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