Due to low inventory and rising mortgage rates, the real estate market has slowed down considerably compared to the frenzy of the past two years. If you’re finding you have more time on your hands these days but want to stay highly productive, these five tips will help you grow your pool of clients so that when the real estate market does ramp up again, you’ll be able to hit the ground running.
If sales are slow, one of the best things you can spend your time on is networking to get new clients into your pipeline. Consider attending community events and business luncheons. Search for volunteer opportunities in the area where you could meet new people. Whatever you do, be sure to follow up with any new contacts you meet.
- Develop new marketing skills
Good marketing skills are perhaps one of the most beneficial tools a real estate professional can possess. From marketing yourself to marketing your listings, it’s important to stay on top of the latest marketing trends and best practices so you can reach your target audience.
- Further your education
What’s hot in the real estate market right now? What skills do you need to build? Seek out courses to help fill these voids. Do you have some CE to finish up before you renew your license? Slow periods are a great time to finish them. You can also seek out professional development courses on just about anything you want to learn about. And when spring and summer roll around, you’ll be at the top of your game.
- Explore new niches
Another great way to maximize your free time during the real estate offseason is by branching out into new and exciting fields. There are a plethora of niches that are highly profitable. According to the McKissock 2022-2023 Real Estate Income Report, the most profitable niches for real estate agents are eco-friendly properties, foreign investment properties, and luxury homes.
- Experiment with social media
Using social media outlets is a great way to utilize your free time during the slow months (and the best part is you don’t even have to go out into the cold to do it). Nearly 74% of sellers use social media to find their agents, meaning you have an opportunity to share insightful, quality content with clients and prospects, position yourself as an industry expert, and make it easier to attract new customers.
No matter what tactic you use to keep busy when business is slow, remember that the real estate market always bounces back. So, it’s important to not get discouraged if you don’t see immediate results. View this time as an opportunity to work on areas of your business you haven’t had time to work on when the market was hot.