How Real Estate Agents Can Make the Most of a Hot Market

With property markets all around the country hot at the moment, it can be a great time to be selling real estate.

As a sales agent, selling properties can be a lot easier when you have a list of buyers ready to make an offer on day one of the marketing campaign. However, as anyone who has been in property for any length of time knows, conditions change.

While the market is hot right now there are a number of things you should be doing to both capitalise on the current strength in the market and also to set yourself up for the future.

Build your database

When the housing market is moving up and investors are looking for opportunities to buy, it's great for sellers. 

However, when you're a real estate agent working with clients who are looking to buy now, you may find that buyers are missing out on properties that would be perfect for them because other potential buyers have taken longer to get back to you about them.

It's really important for agents to build their databases of prospective buyers and separate them into different categories, for example, those who might be looking to purchase multiple properties and those who may be seeking just one property now but want an agent in their corner so they can start building a relationship.
Forge Relationships

In real estate, it’s important to maintain a steady relationship with your clientele in times of low inventory and high demand. 

As soon as you start noticing that the market is starting to heat up, continue to be proactive - put lots of effort into finding new clients and building relationships with others. Relationship building includes consistently connecting with referral partners, which helps make sure you have the most up-to-date information available to you and your clients.

Show Your Success

When you’re selling properties and achieving good results for your clients, don’t be afraid to show your success. The most obvious way to do this is by increasing your presence on social media.

A strong market where people are engaged and interested is the perfect time to tell people about the result you’re achieving. It’s also the perfect time to offer educational content and help them better understand property as an asset class.

Building up things like your social media presence and email list is actually a key business asset for you going forward. And this is the perfect time to do that. Also look at other more traditional forms of real estate marketing like letter drops to get your message direct to the door.

Explore Marketing Options

When markets are seeing a lot of competition, it might be a time to look at the way you’re selling properties.

If you’ve been in the business for a while or if you have settled on a certain way of doing things, now might be a time to look at other ways that could potentially see even better results. A great way to improve your marketing efforts, is by automating them, which you can learn more about here.

If you always sell through private treaty and your area is seeing huge buyer interest, it could be worth exploring an auction, expressions of interest or an end date sale process. You know your area best and if you’re seeing record demand, there might be room for even better results.

Focus on Processes

When the good times are rolling it’s very easy as an agent to start letting things slide when it comes to the marketing and sales process.

When buyers are knocking on your door, there’s sometimes very little need to do much marketing at all. Invariably that leads to follow ups getting laxer and things like communication with other potential buyers falling away. These are things that would never happen in a soft market.

If you can continue to work on your processes during the good times, you will be well prepared for changing market conditions.

Use the Right CRM

With the right customer relationship management (CRM) system, you can automate and streamline most of your interactions with customers and leads, so you can focus on the people most likely to provide the best revenue to your business.

Eagle’s CRM helps real estate agencies improve their workflows and better manage their real estate businesses.  To get started with Eagle Software, simply book a demo today.

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