Here are a couple of tips to help you survive in this hot market.
How does a real estate agent survive in a hot market like this?
I know a lot of the community assumes that just because the market is hot, every Realtor should be crushing it, but sometimes that’s tough to do. The latest statistics say that there are around 11,000 Realtors in our market but only about 3,500 listings. That’s a big problem. It means there are about 7,000 Realtors out there with no listings. If you’re one of them, how do you get listings? I have a couple of ideas that will help you break through.
First, you need to stand out and be very competent. Whether you’re a new agent or an experienced agent who doesn’t have much traction, you need to get competent quickly. This means knowing the market, looking at the MLS, studying the comps, reading the statistics, doing your homework, etc. Also, you need to sound great, so know your scripts. If you come across a wonderful opportunity, you need to be able to take advantage of that.
“Build up a strong database of people who know and like you.”
Second, be likable. You have to be the choice Realtor for anyone interested in working with one. You’re the product. If you don’t have listings or aren’t showing homes, it’s easy to pity yourself and not look at the market and the MLS. However, that’s exactly what you have to do if you want to survive and then thrive. After this, develop a database of people who know and like you.
You’ll notice I haven’t mentioned social media. That’s because I think these ideas are the core. Social media is great, but you might never meet the folks you come across on social media and show competency to them. If you truly can meet people on social media and show competency, by all means do it, but don’t rely on social media exclusively. I also haven’t mentioned buying or selling internet leads. With so many people looking for those leads, they’re very expensive, and it’s tough to make a living that way.
So build up a strong database of people who know and like you. Together, they’ll help you thrive as an agent.
As always, if you have questions about this or any topic, don’t hesitate to reach out to me. I look forward to hearing from you.