As a real estate agent, we fear the word recession. Doesn’t everyone fear the word? Rather than panicking, listen up and focus. When the market crashes, your business does not have to crash with it. To be successful in the midst of a recession, you must be able to run your business and remain an agent of convenience for your best target customer, manage cash flow wisely, and stay up to date on the latest trends in your industry.
So how do you remain successful during a recession? Here are a few tips to recession proof your real estate business:
Focus on outbound sales and referrals
It might be challenging to focus on outbound sales, but it is not impossible. Focusing on your outbound sales strategy may require some additional effort, but will lead to success in the long run. Most people chose to focus on inbound sales because it is believed to be easier, but the truth is, it won’t bring you the right customers or enough business to increase your overall revenue.
The key to being successful with an outbound sales strategy is to remember that it is a long-term commitment. By having a mindset that revolves around a long-term commitment, you will be able to increase revenue over time. Here are some strategies to incorporate into your sales strategy:
Make connections through social media
Social media should not be used to sell but you can be social and use it as a tool to connect with prospects. Social media can provide you with a lot of information so when it’s time to send an email or make a call, you have good information to for your conversation.
Cold calling is one of the best outbound sales strategies, but realtors often don’t have the time to dedicate to cold calling. Cold calling connects you to qualified leads that you otherwise may not ever discover. The problem is, on top of client meetings and all the daily admin work, there is little time for realtors to make prospects.
That’s where Call Motivated Sellers comes in to help. Our team at Call Motivated Sellers will take on all the cold calling for you so that you can focus on doing what you do best: closing deals.
Another way to get new clients is through referrals. You might not be able to get all of your business solely from referrals, but referrals can get a few new clients through the door. If you are worried about business slowing down, every new lead counts; even if it’s just one or two leads from referrals. The trick to being successful with referrals is easy: all you have to do is ask! You might be wondering why clients don’t give you referrals, but many times, they don’t think about it unless its mentioned by their realtor.
Show clients appreciation gifts, special messages for birthdays
Since every customer matters, you want to make sure you don’t lose the ones you do have. The goal is to have clients call you when they are in need, rather than calling your competition. When you are fresh on your client’s mind, you will be the first person they call for business. Here are some ways to enhance customer retention:
Appreciation Gifts: Appreciation gifts don’t have to be extraordinary. Something as simple as a housewarming gift for clients’ new homes is enough to show you care.
Birthday Shout Outs: Wishing your clients a happy birthday is a great way to show your clients you are thinking of them. A simple “Happy Birthday” Email is enough but if you wanted to go the extra mile, you could send clients a small Starbucks gift card so they can enjoy a coffee on you!
Thoughtful Messages: Today, consumers are bombarded by sales emails. A nice way to stand out is to send customers a simple appreciation email thanking them for their business.
Always hit the deadlines to close, always be prepared for meetings, never be late
Unsatisfied clients lead to a dead deal. There are some things that real estate agents can’t control but when it comes to paperwork, meeting times, and other important milestones, it’s important to have everything done on time so you don’t risk the chance of losing a deal. If you find yourself struggling to meet deadlines, you might want to make it a point to become better with time management.
Make them seem like they’re your only client
Everyone loves top notch customer service; it’s what keeps people in business. When you treat your client as if they are your only client, there is no reason for them to quit business with you. If they did choose to do business elsewhere, at least you could say that you have done everything you could to give them the best experience.
To make a client seem like they are your only ones, make sure you are responding to their calls or emails on time, check in with them occasionally, provide them with all the information they need, and of course, make sure to show up to meetings on time.
What you can expect
So, you might be wondering what your business would look like if you put all these tips into action? With these tips, there’s a good chance you would never even guess there was a recession going on! You might be putting in more effort to be the best real estate agent you can be, but in return you will see your business thrive, even during challenging times.
Call Motivated Sellers: The first step towards success
The first step towards creating a recession proof real estate business is having a strong client base. As mentioned, most real estate agents don’t have time to dedicate to making cold calls to find new leads. The more qualified leads you have, the stronger your business will be and the more likely you are to remain successful through challenging times.
Want to learn more about how our team at Call Motivated Sellers could help? Let’s talk!