Being a successful real estate agent in a booming housing market is relatively easy. The only thing you have to worry about is competition from other agents. The housing market has cooled in recent months as the U.S. approaches a recession. Now, as a real estate agent, you’re competing over fewer properties.
As home values decline, you’ll also earn lower commissions, which makes it hard to keep up with inflation.
Fortunately, you can be proactive and grow your real estate business during an economic downturn. From purchasing business and commercial auto insurance to preparing for unforeseen events to changing your tactics to meet the market needs, read on for tips to experience success.
Protect Your Real Estate Business With Insurance
If you’re an agent in a major real estate business, your insurance may be included in your job agreement. However, if you own your business, you’ll need to consider your insurance needs and options.
You should consider commercial car insurance since real estate agents often drive a lot. If you transport clients to properties, you’ll need a policy that covers liability and injury risks to those in your vehicle as you drive for work purposes.
Professional liability insurance is also crucial coverage for real estate agents as it protects from lawsuits from disgruntled clients who may be looking for someone else to blame for a bad decision.
General liability insurance protects agents from assuming liability if someone hurts themselves during a showing or in your office. It also covers you for property damage liability.
A growing sector of insurance is cyber insurance for businesses. If you have client personal information online, you should consider the risks to your.
Improve Your Home Showing Technology
Use times of slow sales to improve your digital presence. From virtual tours to your online visibility, there are many ways to grow and improve your marketing.
More real estate shoppers are buying properties sight unseen than ever before. And offering 3-D digital tours can open up your business to people from outside your region. Don’t neglect to improve the property photos you post online. Many clients use the posted photos to decide if they want to look at a property or not.
Make sure your photos show the property in its best light to entice potential buyers to see more.
Focus on Maintaining Relationships With Former Clients
Sometimes, it’s hard to put effort into maintaining relationships, especially if your client just bought a house. It will probably be a long time before they enter the real estate market again, so you may think investing in your relationship is a waste of time. However, nurturing these connections can lead to referrals and future opportunities, such as assisting them with apartment building financing or other real estate needs.
.Try to make an effort a reconnect every quarter or even twice a year. This kind of customer service will help you build a more loyal client base, and eventually, you’ll have a solid stream of returning customers.
You’re likely already experiencing a slowdown in the market with winter and a looming recession, so use your spare time to strengthen your return customer base.
The steps you take to strengthen your real estate business when times are tough will give you the foundation to come back stronger when the market picks back. It’ll also help you sell houses when competitors have difficulty attracting clients.