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While the residential real estate property market has ignited a bidding war in the last couple of years, 2022 is shaping up to be more business as usual, with the rate of price increases deaccelerating somewhat. But, make no mistake, it’s still a very busy real estate market, especially in geographic areas considered “hot,” with agents continually having to stay on top of their game.
Here are some tips on how to close more deals and ramp up your real estate business in a highly competitive market.
1. Work on your goals
Your objectives are set for the year, whether it’s being the number one real estate agent in a specific area and/or drumming up x amount of dollars in property sales. To make your goals a reality, be sure to measure the results of your plan — from your marketing material to your networking and relationship-building strategies. Review your plan regularly and make tweaks when necessary to take into account any economic changes, such as interest rates, that may impact the market and your sales projections.
Related: 7 Ways to Set and Track Goals for Maximum Success in 2022
2. Partner with other professionals who can boost your referrals
Look to align your business, for example, with an insurance agency or brokerage that specializes in providing high-value homeowners insurance for luxury properties, particularly in difficult markets such as Florida and California. In helping clients meet their insurance needs, you’re providing an added-value service that can help close more deals.
3. Do your homework
To be successful in the real estate market, make sure you’re prepared every day by staying current on the very latest in market trends. Try to research new listings and programs that become available in your area on a daily basis and get to know the specifics of the properties. Match your clients’ needs with available properties for sale and provide them with a fresh perspective.
Related: What to Expect From the Post-Pandemic Real-Estate Market
4. Display confidence with buyers and sellers
Let buyers and sellers know that you know what you’re doing. You’re great at helping people find their dream homes while also helping others move on to the next phase of their lives. They need to know you will make a deal happen, especially when there’s a lot of competition to contend with. Everyone loves a confident person who is ready to help get them what they want.
Related: The 5 Steps to Building Unshakable Confidence
5. Listen to what the buyer or seller needs and wants
Paying attention to what your buyer or seller is looking for in a deal sounds simple enough, but often, real estate agents approach a sale with preconceived notions based on comps in a specific area and go right to discussing numbers. Get to know your clients’ needs and wants.
For example, find out what type of home the buyers envision themselves living in — beyond knowing their square footage requirements and the number of bedrooms they’d like. Is the kitchen important to the buyers, as it’s often where the family gathers to catch up on the day’s activities? Or perhaps the buyers love to cook and dream of a true chef’s kitchen layout. Do the buyers work from home and require a place to set up offices? Do the buyers want a neighborhood that allows them to be able to readily walk to nearby cafes, restaurants, and local shops? How far are the buyers willing to commute to the office?
If you are working with luxury home buyers, remember they are typically experienced, real estate purchasers. The home purchase is based on their wants and aspirations, not their needs. You want to find a home that aligns with the buyers’ wants, one that fits into their daily life. They are not just buying a home but enhancing their lifestyle and looking for an experience.
When working with sellers of luxury homes, ask to hear their stories and their relationship to their properties so that you can share their amazing experiences with potential buyers. You want potential buyers to also connect to these stories and imagine creating their own stories in their new homes.
If you are really listening to what your clients need and want, you can likely narrow down the search and show them homes that hit the mark the first time out. There is nothing more frustrating to buyers than walking into a potential home only to find that it doesn’t meet any of the criteria on their checklist requirements and wish list.
6. Know the area as if it’s in your own backyard
Location is everything, and most buyers have a strong opinion of where they do and don’t want to live. While real estate agents know the areas in which they market, dive even deeper so you can paint a picture and make the area and neighborhood come alive. For example, if your buyer loves to surf, find out all the great surf spots in the area so you can share the information with him or her. Bring the buyer to a couple of spots so he or she can instantly imagine living in a home that’s a mere stone’s throw away from where the surf’s up.
Related: 4 Ways Real-Estate Pros Get Leads from Digital Marketing
7. Be reassuring
If buyers are having doubts about the financial investment involved in purchasing a specific property, talk to them about their issues, doubts, and pain points. Address each issue while also being reassuring. If they are getting cold feet, remind them about what they initially loved about the property. Perhaps you’re not able to close this specific deal but don’t close the door on selling another property to the buyer down the road. Keep in touch with clients — they are your best advocates.