The real estate market is shifting, and if you’re noticing fewer buyers showing up at your open homes, you’re not alone. As the market tightens, it’s easy to feel a sense of panic or uncertainty about what’s next. But here’s the good news: even in a challenging market, there are strategies you can implement to stay in control, reduce your days on market, and continue growing your business.
Join me in Episode 114 of Coaching on the Go as we dive into one of the most pressing issues in real estate today: the sudden disappearance of buyers. With agents left wondering where all the buyers have gone and a much-needed reality check and practical advice to navigate these challenging times.
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In Episode 114, you’ll learn 6 actionable steps to help you navigate this new market reality with confidence and success.
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In this episode, we’re taking about today’s shifting real estate market, where buyers seem to be disappearing, it’s essential to adapt your approach to stay ahead. To help you navigate these challenging times, here are six key strategies that will keep you in control, reduce your days on market, and ensure you continue to thrive. From setting clear expectations with clients to making crucial adjustments along the way, these steps will give you the tools and confidence you need to succeed, even in a tough buyer’s market. Let’s dive in and explore how you can turn these strategies into action!
1. Embrace the New Normal aka Acceptance
The first step to navigating this market shift is acceptance. Market cycles happen, and while it might not feel comfortable right now, it’s important to accept that this change could last a while. By embracing the new normal, you can focus on what you can control—your strategy, systems, and processes.
2. Pre-Campaign Meetings Are Crucial
Setting clear expectations with your clients from the outset has never been more important. Before launching a campaign, ensure you have a comprehensive pre-campaign meeting. During this meeting, outline what success looks like for the first few weeks and set up a framework for adjusting if needed. When everyone is aligned on the strategy, you’re already ahead of the game.
3. Decide: Pre-Campaign or Full Campaign?
Another key consideration is whether to begin with a pre-campaign period or jump straight into a full campaign. In markets like this, where sellers may need time to adjust their expectations, a pre-campaign can help gather valuable feedback. It also provides an opportunity to course-correct before going all-in. However, if your sellers are ready to meet the market, a full campaign might be the best option.
4. Consistent Weekly Communication
In this market, consistent communication is not just helpful—it’s essential. Weekly progress reports and meetings (either in person or via Zoom) will help maintain trust with your clients and guide them through the reality of today’s market. Keeping them informed ensures they feel supported and are more likely to adjust their expectations as needed.
5. Adjust or Bust
“Adjust or bust” is the mantra you need to adopt right now. Direct and early conversations about pricing adjustments are critical in reducing your days on market. If you’re not comfortable having these tough discussions, practice and refine your approach, but don’t avoid them. Your success depends on it.
6. Set Clear Post-Auction Expectations
Even if your property has gone to auction, the work isn’t over. If your clients are still reluctant to adjust their price expectations, support them but also make it clear that you need to free up your schedule for new listings. Explain that running open homes indefinitely isn’t feasible and that a shift in strategy may be required. This will allow you to keep your business moving while giving your clients the time they need to accept the market reality.
Summary:
In Episode 114 of Coaching On The Go, Caroline Bolderston shares 6 essential strategies to help real estate agents succeed in a challenging market with fewer buyers. Learn how to embrace the new normal, conduct effective pre-campaign meetings, and maintain consistent client communication. Discover how to adjust pricing strategies early, decide between pre-campaign or full campaign approaches, and manage post-auction expectations. These actionable steps will help agents stay in control, reduce days on market, and continue thriving despite the market shift. Perfect for agents looking to adapt their strategy and maintain success during a buyer drought.
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Caroline Bolderston
With over 20 years of industry experience Caroline has a track record of personal high performance and exceptional results. Taking her passion for Real Estate sales and her genuine interest in sharing her expertise to develop others, she was the creator of the Belle Property Academy which has delivered many $1M agents and high performing sales teams.