With real estate in demand, and listings in short supply, selling a property for the sought-after price has, dare I say it, required less professional skill than a market where buyer competition is reduced, and listings are plentiful.
But, like all things, the current tide will eventually turn and it’s at that point that the great agents are separated from the average.
Which begs the question: What are the great agents doing right now to prepare for the eventual shift that will occur when the market softens?
Honing their skills
Seasoned professionals love the challenge of a softer property market. This is the time their communication, negotiation and true real estate skills come to the fore.
Their professional practice sees them laser-focused on the basics, drawing on principles of consistency, transparency and critical conversations.
If you’re not focused on honing those skills at the moment, or believe they don’t apply, a softened market will highlight the discrepancy between those who can sell in a good market and those who are an agent for all seasons.
Tend to your pipeline
I’ve mentioned this before and I’ll say it again, the results we achieve today are due to the activity we undertook three, six or more months ago.
Understanding that ensures constant, consistent activity remains top of mind in order to build your future pipeline.
In the current market it’s easy to imagine real estate will be a hot commodity forever. Sooner or later, however, things will shift, and great agents do not lose sight of that possibility.
In order to maintain your pipeline, weekly email communication is a must, and quarterly market reports are a minimum.
The aim of the game is to remain top of mind for potential sellers, by providing valuable market insight that builds trust.
Heavy self-promotion
Your name might currently be on every second ‘for sale’ sign in your chosen area, but great agents still invest heavily in extra personal promotion to achieve ‘attraction agent status’.
As an indicator, a great agent will spend approximately five per cent of their annual gross commission income (GCI) on personal promotion including Facebook, direct mail, SMS and their website.
Nurture your buyers
We hear this time and again, but many potential buyers are missing out when it comes to purchasing a property at the moment.
Great agents are nurturing these buyers in the knowledge they will be keen to purchase when the market softens.
The reality is those agents who have a healthy database have a point of difference in the market.
Meanwhile, agents should be collecting current buyer and seller testimonials to share with their future vendors.
Create cash reserves
On a financial note, great agents are using their current good fortune to create strong cash reserves for the future.
While we should be optimistic the strong market has some time to go, prudent agents create reserves for a rainy day, in the knowledge somewhere down the track there may be a reduction in sales volumes.
I liken this to driving a car where you have the utmost confidence you will reach our destination, but still prepare by having a spare tyre in the boot just in case there’s a flat along the way!
Considering their options
Many agents are currently considering their options and pondering whether now is the time to establish their own brand.
Having enjoyed recent market conditions, they are considering forging their own future in a bid to attract sellers when the market turns.
The reality is when the markets softens and sales come down to skill rather than available property, sellers will be looking at using a ‘business owner’ in the belief they will be more committed to the sale of their property.
As I mentioned earlier, there is plenty of steam in the market yet, but above all a great agent is always mindful of that wise saying “you should plan for what is difficult while it is easy”.
