On Wednesday, February 22, 2023, we hosted our monthly YPN breakfast “Thriving In A Shifting Market” at our home base, Manny’s Deli. We were so excited to get together in person, connect with our peers and devour advice from our panelists. You can stay up-to-date on upcoming YPN events by following the YPN Facebook page!
THIS MONTH’S SPEAKERS:
READ KEY TAKEAWAYS:
Our guest speakers Josue Duarte, Duarte Realty, Eli Masud, COMPASS, Barbara O’Connor, Dream Town Realty, and Moderator Sarah Ware, Ware Realty Group, emphasized the importance of building a foundation, being transparent in client communications, and maintaining a strong work ethic as key contributors to navigating shifting markets.
As the discussion started, they talked about what it means to work in a shifting market. “It’s a big change in one of four areas,” Eli said. “Buyers, sellers, price and interest rates.”
3 KEY STEPS TO BUILDING A BUSINESS THAT LASTS
- Before you experiment, do you have a strong business foundation? Josue developed a steady business foundation through his grit and work ethic. Taking the time to fully understand the transaction process and earn a loyal referral base allowed him to successfully manage 30-40 deals as a solo agent before he scaled his business.
- Set a budget and stick to it. Eli knows what his cash flow is. He takes a look at his monthly, quarterly and annual expenses and adjusts his spending based solely on that big picture bottom line. Just because you start making more doesn’t mean you should spend more! He emphasized the importance of creating a savings account and identifying the long-term goal.
- Set client expectations immediately. Barbara sets the stage with clients by comparing the real estate market to the stock market so buyers and sellers understand it, too, can change at any minute. By providing data and systematic communication, her transaction experience with clients is smoother. Eli lists all the things he does marketing-wise; he never assumes the client knows or notices. That helps talk about the strategy he has in place and reference new listing tactics he will try in response to the market.
WHAT CAN YOU DO TO STAY AHEAD OF A SHIFTING MARKET?
Maximize the tools you have.
Eli creates a list of all the systems he is currently doing before progressing to more complex tasks. Are you posting on social, communicating with past clients, keeping up with your CRM, etc.?
Learn about the different demographic needs.
Who should you be marketing to? Barbara advised not to be afraid to switch up your marketing based on current investor or demographic needs. For example, are higher interest rates intimidating your younger clients? Older generations are less intimidated.
Connect with like-minded individuals.
Josue suggests finding a reliable mentor or someone that’s going down the path you want to go on. Someone has already done what you’re trying to do, so don’t be afraid to seek help!
Find ways to build future clientele.
How are you staying top of mind for current and future clients? For Josue, that means doubling down on marketing especially right now when most REALTORS® are spending less. He said, “Now’s the time that I am taking over those billboards, ads and online presence to get in front of consumers.”
PREPARE FOR TAX SEASON EARLY
Save time and money when filing your taxes by identifying a tool to keep track of all your daily expenses. “I use a QuickBook account to track all of my expenses so that I can write it off later,” Eli advised.
Designate a certain amount of money to put in a separate account. For Barbara, 37% of her commission goes to a savings account and the rest goes toward her family.
BE A TRUSTED ADVISOR & TAKE CARE OF YOURSELF
“The best client is the one that trusts you,” Josue said.
Clients really care about your personality and who they’re working with — what knowledge you have. As a REALTOR®, invest in your knowledge and your relationships with people. Build the kind of relationships where buyers and sellers trust that you are advocating for their interests with genuine care and intentional expertise.
All three experts echoed a similar sentiment about doubling down and working through uncertain times — it takes a strong work ethic and grit. They encouraged new and experienced real estate professionals to hunker down and get to work no matter what. If you need a second source of income, that’s okay.
Through all the hard work, Barbara starts her day with positivity. She reads motivational books or finds something to keep her mindset positive. As you hustle through building or strengthening your business through any kind of market, stay true to what you value most in your life — family, friends, time off, working out — and your dedication will pay off.