How do you thrive - not just survive - in the current real estate market?
Headlines and more headlines. Every news outlet, especially the real estate publications will scare you right out of business if you give them power.
Instead, let’s get real about the current real estate market in Oklahoma.
We certainly have a more balanced market than the phenomenon of the last couple of years, however – the simple truth is that there are fewer buyers in the market, which has reduced the number of transactions and will to continue to keep the numbers low in the foreseeable future.
Of course, the challenge is – you need to keep your current level of business and continue to grow it – to sustain yourself and your family.
It is critical to adapt your business plan for the reality of the market. Here are three actions that you need to take right away.
1. Analyze your business plan.
If you don’t have a plan, don’t fret about it, but set about the business of creating a plan right away.
If you already have a business plan, you must make revisions. Here are three steps to get you started.
When you analyze your results for this year, ask yourself: Are you on track with you plan?
What has changed? Are you making your transactional goals?
If not, how do you adapt your business plan to meet your financial requirements?
Analyze your prospecting activities. By this I mean actual contact with prospective clients, not marketing.
Are you on track with your calls and outreach?
If not, you could be in danger of falling behind.
If you are on target, you may need to ramp up the number of your reaches by 20 to as much as 50% .
2. Analyze your marketing plan.
Have you met your marketing goals so far? Track your results in terms of actual lead conversion – this is a prospect that becomes a customer.
If a marketing tactic is working well, you may consider doubling or tripling your efforts in this method. Examples could be a targeted prospecting letter or a social media ad.
What marketing has not produced a result? Make a decision to continue or replace
3. Research new prospecting & marketing activities
Consider 1-2 new projects that you can commit to without spreading yourself too thin. It's always more effective to go deep instead of wide!
Examples might be video CMAs or neighborhood farming.
I hope this short review will help you prepare for the future market with success.
I’d love to help you gain clarity on your changes in your business plan.
If you’d like a 20 minute analysis of your business plan, just reach out to me here to book a time to for a quick phone call. -GiGi Faulkner