Are you feeling the market lull? Here are 5 things you should be doing right now
All of us are feeling this market lull, new and seasoned agents alike, and while it’s easy to get discouraged, there are actually a lot of things you can be doing right now to stay ahead of the game. In this blog post, we’ll share 5 things you should be doing right now to stay on top of your business. So read on and find out how to keep your real estate business thriving in the midst of a market downturn.
Spend time with past clients, close friends and new acquaintances.
Networking is an important part of being a successful professional, and spending quality time with past clients, close friends, and new acquaintances is a great way to expand your business. Meeting people in friendly environments like social gatherings or virtual happy hours makes the experience more enjoyable for everyone involved—you’ll have the opportunity to catch up with old contacts, meet potential new business referrals, and foster meaningful connections that could last years! From referrals to advice, who knows what kind of new doors you may open simply by having genuine conversations and building relationships?
Content, Content, Content…
When the market dips and slower times arrive, it can be tempting to hit the snooze button on your marketing focus. But instead of being sidelined by the lull, use this extra time to get creative and crank out high-quality content that will really engage your target audience. Remember to segment your database so that you are crafting content for only those people who care about what you have to say – no need to waste resources on unconcerned viewers. And if there is one thing that has not gone out of style yet, it’s video! Creating video content – be it on Instagram, TikTok or YouTube – can reach even more people and help get the message across in a fun, educational way. So turn off Netflix and get content creating!
Plan a client appreciation event to leverage referrals
Planning a client appreciation event is an excellent way to connect with your customers, show them that you value your relationship with them and leverage referrals. The event should involve activities that will increase engagement from the audience, such as games and contests. You should also include special discounts for VIP guests and rewards for new referrals, to incentivize further loyalty among your clients. To make it truly special, add a wow factor by creating a unique experience instead of opting for the generic lunch get-togethers; like hosting a barista workshop or bartending class for instance. Be sure to craft an invitation message tailored to the invitees and promote it across various platforms. Client appreciation events require time and effort but when done right offer great results! For even more tips, check out our other article about how To Throw the Perfect Client Party and Leverage Referrals
Work on your business, not in it
Working on your business instead of simply working in it can make all the difference for long-term success. During a lull in the market, entrepreneurs can finally take the time to focus on dialing in their systems and business processes, from streamlining sales and marketing strategies to delegating workloads more efficiently. This is an invaluable time to hone existing practices and develop new ones that could have a major impact on your bottom line when the market eventually picks up again. Don’t let this opportunity slip away – use your time wisely so you are not scrambling to put together systems when you are in a more active market.
Keeping a positive attitude during a market lull can be tough, especially if you’re one of the many who are feeling the effects. But remember: history has proven that good times and bad times do come and go – it’s all part of life. We’re in this together, and we can pull through by leaning on each other for help and guidance. If you focus on the actionable items above, you may find yourself on the other side of this market with more business than ever.
And if you need a little help getting started or staying organized, remember that OSIRS is always here to help. What are some other things you do to stay afloat during a market lull? Comment below!