After a tumultuous start to the 2020 real estate market, home-buying and -selling prospects have improved dramatically in Q3 and continue to surge as we approach the end of the year. While the housing market continues to face significant hurdles, including an uncertain economy and presidential election, it remains a seller’s market, with a shortage of inventory and strong buyer demand.
Record-low mortgage rates have dramatically increased buying pressure even as we enter a traditionally slower buying season. As houses fly off the market due to heavy competition, many brokerages and real estate professionals haven’t had to engage in traditional marketing and sales tactics to achieve their goals. As we enter Q4 and start planning for Q1 of 2021, it is vital to start thinking about how to incorporate some of the basics back into your company’s prospecting and marketing strategy.
Understand Your Market
While COVID-19 wreaked havoc on the real estate market earlier in the year, leading to a substantial decrease in housing demand, there has been a sharp rebound in the market. These types of major reverses often cloud reality as well as future market trends. This is why as we look toward 2021, it is crucial to evaluate and analyze your company’s market, strategy and goals.
Continue to Prospect
As history has shown, housing markets will normalize, and your company needs to be ahead of the curve when they do. Bidding wars eventually fade, and savvy marketing plans will replace “coming soon” listing strategies. When there is heavy buyer competition and low inventory, it is more important than ever to not fall into the “it’s a hot market” routine. Define your market with your company, develop a multi-faceted marketing plan and dedicate time to prospecting. Strengthen your short and long-term sales funnel, while continuing to update current clients and ask for referrals.
More than 60 percent of home sellers use the first agent that takes the initiative and contacts them. The market your company serves has a massive number of potential clients, each in a different stage of their life. By utilizing Cole Information, you can connect with them, offer assistance, develop a relationship and potentially earn new business.
Hyperlocal marketing has always been a concept we have encouraged, and it is even more relevant in the current landscape. Marketing to a specific demographic or localized area based on trigger events, such as new and sold listings or open houses, is an ideal way to become a recognized name in your community. Creating multiple touchpoints in a neighborhood—so when a client is ready to move, it’s your name they remember—should be a driving objective on how to not only document your goals but achieve them.
With Cole Information’s technology platform, brokers and sales professionals can access the data they need to grow their sphere of influence, deliver high-quality in-house leads, close more transactions, generate additional commission revenue and increase company profitability.
Travis J. Bailey is the vice president of Enterprise Sales at Cole Information. For more information, contact him at 973.896.6134 / firstname.lastname@example.org or visit info.coleinformation.com/strategiesforsuccess.