Recession-proof your selling tactics
“Cooling real estate markets may have some estate agents wondering about their future career prospects. Try these sales strategies”
Time to pack up those open house signs? Not if you get your business into gear now, says Susan Watts, broker/manager for RE/MAX Living in Atlantic Seaboard and City Bowl. Of course it never hurts to go back to the basics: educating sellers on market changes, making sure you have a great website and targeting a specific niche like first-time buyers. In any market, sound real estate practices pay off. Watts also offers these five tips on selling houses in a cooling market.
1. Price property correctly
Pricing a home correctly will be key to a successful sale in a recessionary market. This requires the detailed analysis of a huge amount of data – a simple comparative marketing analysis (CMA) is not good enough. Agents at RE/MAX Living draw on the experience and knowledge of each member of the office. The power of sharing information among many is immensely beneficial for both buyers and sellers in this market.
2. Networking will be key
In a market where there may be fewer buyers in certain price brackets, the portals will provide fewer enquiries. Having a large network of well-connected agents will be key to tapping into a buyers pool far superior to what any portal could possibly provide in recessionary conditions.
3. Quality, quality, quality
In a recessionary environment there are generally more properties available for the discerning buyer to pick and choose from. Marketing each listing must be done using exceptional images and copy to ensure that it stands out from the multitude of listings available.
4. Provide very regular feedback
In a slower market results can be a little more difficult to achieve. This necessitates more feedback to clients, not less. As the economic climate changes ensure that your clients are kept up to speed with how these changes will affect them. In addition, prompt feedback regarding viewings and show days allows sellers to make informed decisions.
5. Deliver innovative client service
Agents need to know their clients needs and meet those as well as deliver the unexpected. It could be by maintaining value in the area by supporting local schools, night shelters and neighbourhood watch groups, or offering additional project management services when your client is packing up and making the move. The key to success in any market is, as always, about making the entire buying or selling experience as hassle-free and pleasant as possible. This is the difference between average and exceptional agent, but also the difference between success and failure when the market cools off.
Words: Susan Watts, broker/manager, RE/MAX Living