There is no denying that demand is high in proportion to available inventory, but as you continue tackling the market, look beyond the sensationalist headlines that paint listings as a war zone. Listings are there, and they are available for the taking – there are just more buyers than there are listings.
Related Reading: Housing Market Update: How to Keep the Headlines in Context
Regardless of the market you serve, the need to buy and sell homes is universal and transcends the test of time. “The market we’re in and the challenges we are facing do not determine IF we’re successful, it determines HOW,” says The Reynolds Team CEO and Empire Building podcast co-host Sarah Reynolds. “The HOW changes regularly because the market changes regularly. And those who figure it out the fastest are those making sure they are watching the numbers closely and quickly.”
In partnership with Jonny West Real Estate’s Brian Gubernick, Reynolds discusses five tactics that agents can use in order to thrive in a high-demand market. The following tactics are actionable items that any agent can start employing in their everyday business. And, while they cover a lot of ground, the duo encourages you to pick one item to zero in on as soon as you are finished reading.
Start Thriving with These Five Tactics
- Know Your Value. One major way to be competitive in today’s market is to provide value by knowing your market inside and out, and being able to explain it to potential clients with language that is easily digestible. “There is absolutely no excuse to not know your market inside and out,” says Gubernick.
Being the local economist of choice is imperative to having a thriving business, and you can ensure you are constantly staying on top of your market by making client education a part of your everyday routine. For Reynolds, this takes the shape of a daily automated email, which provides her with daily information on her local market: under contract, sold, newly added. “I know the inventory. As you start looking at the inventory every single day, you start noticing trends and you can speak to them knowledgeably.”
- Target Your Audience. An essential but often overlooked strategy which Reynolds refers to as a ‘business 101’ lesson is zeroing in on one specific audience. “Do not try to be all things to all people. When you do that, you will not reach anyone,” she shares. “You want to target who YOU are good with.” Within her own career, Reynolds developed a niche connection with buyers who had outgrown their current homes and were looking to move up. “I started building all of our marketing and our unique selling proposition around that target audience,” she shares.
As you craft your own target audience, look into your previous experiences and the types of client pain points that you are most drawn to solving. This can mirror Reynolds’ move-up strategy, or it can cover clients such as seniors and empty-nesters looking to downsize their homes, people whose housing needs have changed due to remote work, or any other niche situation you find yourself passionate about solving. “Figure out the points of pain and then solve for them,” completes Gubernick. “Take them off the table before they can even become an objection.”
- Build an Agent-to-Agent Referral Network. Gubernick and Reynolds insist that building a strong agent-to-agent referral network is not only reserved for those who have well-developed platforms, but can be attained by agents of all business sizes as long as they come from a place of value to others around them. One way to do this is working toward building a wider mastermind group of agents who target the same niche audience as yourself. When possible, take the time to connect with group members and share your own strategies and insights.
“Use the platform of Keller Williams and the amazing resources that we have to target agents and build relationships across the country,” Reynolds says. “When you build these strong relationships, they pour into your business as much as you pour into theirs.”
- Work with New Home Builders. In lower inventory times such as the present one, new home builders are one of the first places you can go in order to plump up your listings. Gubernick and Reynolds encourage agents to not wait until the sign goes up, but reach out to new home builders in advance and get to know the projects they are working on and any upcoming communities.
“Don’t assume that you are too late to the game and don’t be hesitant in going to speak to these new home builders,” says Gubernick. “You never know what opportunities may exist.” In the process, don’t just focus on the big, splashy developments either. “Smaller, under-the-radar builders also need agents just like you to help them out. Where’s the smaller eight to 12-unit development that doesn’t have its own in-house sales team that you can service?”
Related Reading: 5 Action Steps for Unlimited Listings With New Homes
- Embrace Your Sphere. Just as you would approach building your referral network, it is important to approach your sphere with the same mindset of coming from a place of value, care, and contribution. Your sphere wants to feel cared for and important, and be given the proper information that will help with their specific pain points. Reynolds shares a rookie mistake that she made on her own real estate journey. “I talked a lot about first-time homebuyers and buying, and none of my sphere was giving me listings,” she shares. “One of the things I learned is to talk to my sphere about what I need.” In this high-demand market, if you are looking for listings, you should be talking to your sphere about:
- What they can do to get their home sold
- What sets you apart as a listing agent
- Recent home-selling success stories.
If you are not talking to your sphere about these things, someone else is.
What is the one action item you will be taking away from this article and employing into your business right away? Let us know in the comments section. Keller Williams agents are able to access Reynolds and Gubernick’s full session on thriving in a high-demand market, as well as a full library with of-the-moment training materials on Connect.Your Training Awaits