“Do the best you can until you know better. Then when you know better, do better.”
This fine Maya Angelou quote is a powerful way to frame 2019 as the market-leading agent in your area. What can you do differently in 2019 that will help you overcome forces beyond your control – like a tightening market and reluctance from lenders?
New market conditions require service that goes beyond a customer’s expectations, supported by internal systems that maximise every interaction you have with a prospective buyer or seller. Now is the time to reflect on what you know better about your market – and how you can use that knowledge to secure more business.
Australia’s real estate market will continue to be impacted throughout 2019 by the Financial Service’s Royal Commission and resulting tighter lending conditions. The Federal Election is primed to have negative gearing and capital gains tax changes presented as core voter issues, which may lead to further instability. Additional areas of concern for Australian investors include stock market volatility and pending state elections.
Here’s how to keep a clear head and consistently list and sell in times of market flux:
- Invest in education so you can get the most from your tech investments.
- Focus on improving internal systems to minimise waste and maximise time.
- Segment your buyers and sellers into categories that allow you to target your communications.
- Action relevant campaigns to deliver useful content that connects with prospects who are considering selling or buying in the next six to 12 months.
So how to find the hottest buyers and sellers lurking in your database? The short answer is: in 2019 you will need to identify and work with those who must sell and those who must buy. Those who don’t have a burning need to make a change simply won’t do so in these market conditions – instead, they’ll take up your time and energy in ‘testing the water’.
- A growing family.
- Job loss.
- Moving interstate or overseas.
- Senior members of the community who are asset rich and cash poor, wanting to sell before the market declines further.
- Moving jobs.
- Need to be in a particular school zone.
- Have finance approved.
- Need to move out of a rental property.
- Those who see there are bargains in the market.
- Investors who want to buy before negative gearing rules potential change at the next federal election.
The best way to prospect these groups is to create content that relates to their circumstances, helping to prompt them into taking action. For example, you may develop a ‘mature client’ database, with whom you can share articles about the benefits of downsizing, presenting examples of people you’ve helped to sell and buy. There are few things more compelling than a ‘test case’ featuring a client who has downsized to the tune of an extra $500k in the bank to help enjoy their retirement!
The property market has its peaks and troughs; we must do our best to serve those who need our expertise, regardless of the market dynamics. Agents who prosper in changing conditions are those who are the most efficient in their daily business functions – and the most connected to their prospective buyers and sellers.