- Understand Market Performance
- Learning Skills To Prepare For A Market Shift
- Refresh Your Market Strategy
Most real estate markets are unpredictable and susceptible to market shifts. Whether it’s a positive or negative change in the market, being prepared for a market shift is essential for agent success.
So, what exactly causes a market shift?
Changes in market conditions can be triggered by various factors such as mortgage rates, price trends and changes in the economy.
A good real estate agent should be prepared for the market’s highest highs and the lowest lows. This article outlines seven tips to help you prepare for a market shift. If you are well equipped with knowledge, skills and an effective marketing strategy, you can thrive in any market condition.
Gain an in-depth understanding of market performance in your area
When price trends start to shift, pay close attention to what’s going on in your area of specialisation and why this is happening. In the UAE, different areas perform differently during a market shift. Use data (available on Profolio™ app and website) to support your point of view and track the market every week. This will help you follow how particular segments perform and better respond to client inquiries.
As the market shifts, keep an eye out for new buyer opportunities and educate sellers on the changing value of their homes. Not only will this help you retain your clients through any market condition, but it also helps establish yourself as a highly knowledgeable and competent agent.
Focus on building relationships and expanding your network
Your relationships with your clients are an invaluable source for future referrals. With each lead you speak to – commit to delivering excellent customer service. Even if the individual does not transact with you, they can refer you to someone who will.
Relationship building does not happen overnight; showing empathy and staying on top of your follow-ups are crucial for building strong relationships.
In addition to this, expanding your professional network is an ongoing task and something you should never stop doing. Building a following on Instagram and LinkedIn and attending networking events can help spread your name in the market.
Networking also allows you better cater to clients by collaborating with different agents, gaining quick access to credible information and creating solid channels for lead generation.
Educate your clients to manage expectations
Property seekers are looking for an agent who can do more than just buy/sell a home; they require your support throughout the entire process. When the market shifts, there can be a lot of misinformation in the market, making clients feel frustrated, anxious and lost.
During this time, be honest and straightforward by educating your clients on the reality of the market. This will help you build trust and set realistic expectations to allow for more informed decision making.
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We suggest supporting your reasoning with data and numbers to help clients objectively understand what’s happening in the market without being overwhelmed by emotion.
Host open houses to attract prospects
Open Houses are a great way to expand your market presence and show off your inventory. When the market shifts, open houses can help you attract many prospective clients. Even if these individuals do not submit an offer for the property, you have the opportunity to build your presence in front of buyers who may become future clients.
Creating a brochure showing all property details as a takeaway for prospects can be very effective; this reminds them of your business and will encourage them to contact you when looking for property.
Keep learning to keep up with the changing market
The UAE real estate market is rapidly developing, with more agents and agencies joining the agency every day. To effectively ride the wave of market shifts, agents must continue learning to acquire the skills needed to succeed in this developing market.
To start, make a list of all the new skills you would like to learn. While it’s difficult for new agents to break through current competition, experienced agents can also lose their momentum if they are not careful. To make things easier for you, we organise interactive workshops every week at Bayut Academy, focusing on acquiring the skills you need to succeed in UAE real estate.
Refresh your marketing strategy
Marketing trends change frequently, and it is essential to keep up with these changes, especially during a market shift. Marketing yourself is necessary in any market condition. However, your messaging and strategy can change. As the market changes, adjust your marketing strategy to reflect your audience’s changing needs and requirements. Think about whether it’s a buyers or sellers market, mortgage rates increasing or decreasing, and the availability of inventory.
Analyse the performance of your lead generation channels
You likely have multiple channels to generate leads: Bayut listings, networking, social media, etc.
When the market shifts, take a look into each of these channels and understand which are your primary source for high-quality leads, then, you can invest your time into developing these channels to maximise return.
For example, if Bayut listings are your primary source of business, ensure you have a complete agent profile, create high-quality listings and equip your listings with the TruCheck™ badge to maximise leads.
If social media is your primary source for new leads, make sure you have an up to date profile, share valuable content, build your following and consider using paid ads to attract new leads.
For more tips like these, check out our Content Corner, filled with real estate articles focusing on the UAE market. You can also register for one of our interactive workshops at Bayut Academy, where we are committed to helping you acquire the skills needed to succeed in the industry.