How to Accelerate in a Shifting Real Estate Market
In today’s shifting real estate climate, it’s more important than ever for real estate teams to adapt and find new ways to accelerate their business. Here are five strategies to help teams stay ahead of the competition.
The real estate market is constantly changing, and real estate teams need to be aware of changes like fluctuating interest rates, economic conditions and buyer preferences if they’re going to serve as trusted partners to their customers and next-level their business.
The key is to stay nimble and adapt to these changes by leveraging technology and innovative marketing strategies that can help you stand out, wow more buyers and win more listings.
1. Get Hyperlocal and Become a Local Market Expert
By staying current on community events and local real estate market trends, you can help improve your status in your community as a hyperlocal market expert. First, you’ll want to establish firm boundaries of your core market and then “own it” by staying on top of local price points, inventory and changes in the local neighborhoods. Zillow publishes free housing data, including the typical home value and market changes across a given region and housing type; month-ahead, quarter-ahead and year-ahead forecasts; and data on for-sale listings.
2. Leverage Data and Analytics
Data is king in the real estate industry, and real estate teams can accelerate their growth by leveraging data and analytics to help determine the ideal price range for a property and identify the most effective marketing channels for a specific demographic. In addition to Zillow housing data, the Target Market Analysis Report and Pricing Benchmark Report from ShowingTime+ give you real-time market-level data to provide accurate listing pricing and the number of showings in different pricing brackets. By analyzing market trends, buyer behavior and historical data, teams can help identify opportunities, predict market shifts and adjust their strategies accordingly.
3. Expand Your Audience with Social Media
Social media offers a great tool for helping real estate teams expand their listing reach to a wider audience. By consistently creating engaging content with a mix of sales-focused fun and human-interest messaging, you can help generate more interaction with prospects and customers. Try creating video content, a great way to help raise engagement, and don’t forget to “like” and respond to comments on your social posts.
4. Embrace Technology to Expand Your Listing Reach
A great way for real estate teams to expand their marketing reach is ShowingTime+ Listing Showcase, an immersive, interactive listing experience with advanced features like virtual tours, interactive floor plans and high-resolution photography. In addition to the differentiated listing experience, Listing Showcase helps agents win more listing appointments by offering sellers prioritized exposure in personalized search results on Zillow, dedicated emails to interested buyers, upgraded branding and contact options.
5. Collaborate with Industry Professionals
In a shifting real estate climate, it’s essential for real estate teams to collaborate with industry professionals to stay ahead of the game. Try partnering with mortgage brokers, home inspectors and other real estate professionals to help provide a more comprehensive service to clients. These partnerships not only add value to your client relationships but also expand the team’s network and potential client base. The same applies to collaborating with other real estate teams to share resources and expertise.
By working together, teams can leverage each other’s strengths and accelerate their growth in a highly competitive market.
