Unless you’re living under a rock, you know the market is changing. After 30+ years selling real estate in San Francisco, I have seen many corrections, changes, ups and downs. For many of you, this isn’t your first downturn, or even your second. You’ve seen this movie before. Robert Reffkin, head of Compass Real Estate asked some of the most seasoned agents to to share their advice on how to navigate times like these. These were very good, thought I would share them:
Here are some ways to grow your business in a downturn, from top Compass agents:
- Focus on mindset every day. Think growth and abundance. How you will create opportunities from any challenges. Get comfortable being uncomfortable. Attitude always wins over talent in the long run. Remember the quote, “The person that believes they can and the person that believes they can not, are both right”.
- Elegantly market your brand and your successes. Do not slow advertising. Focus on methods that have proven track records: digital ads, newsletters, postcards, video messages. And make sure it all looks amazing.
- Hyper-focus on quality. Do everything with an ultra-crazy level of quality. Obsess about the details. Remain consistent. Never skip a step. Price homes accurately and make sure your listings shine — pre-market prep, staging, photography and marketing. Partner up with super experienced agents if you are not one. Clients crave confidence and expertise in a moment like this.
- Communicate more, not less. Double down on your “touches” to your sphere of influence. Some teams told me they reach out 40 or more times a year to their past clients — with handwritten notes, phone calls, postcards, drop-offs at their homes, special events and more. It’s a good time to communicate with current clients, too. Follow-up emails after each conversation matter even more and show you’re hyper focused on quality.
- Obsess about what’s working. Study the comps that are selling and figure out why. In a downturn, you’ll spend less time doing pitches and showings, and you can spend more time seeing properties and talking to other agents so that you can price a property to sell, not sit on the market.
- Stay visible. Film videos with market updates and personal anecdotes. Participate in virtual panels. Attend daily zooms to keep yourself in the market.
- Make sure you are having the hard conversations with clients. Data doesn’t lie and helps you clearly show your client what is happening in the market, in the short term and in terms of long-term appreciation and rates. Your job is to be their trusted advisor, provide them great information about market trends, and help them stay away from sensational news. If you manage expectations in a well-informed, kind, and compassionate way, they’ll thank you for it later.