New Agents Can Take Advantage of a Slowing Market
Can a slowing market be advantageous for new agents? The short answer is yes; opportunities are waiting for you if you’re only starting out in the real estate industry or if your business has yet to achieve success. Today I’ll explain why that’s the case.
The first reason is due to expired listings making a comeback. They’re one of the best ways to build your inventory, but they’ve almost been nonexistent in the past year. The only expired listings available were homes that were overpriced or had major issues.
Now that the market has shifted, more homes are sitting longer on the market. Approaching the sellers of these properties presents great opportunities for you to build your business. As the saying goes, “The early bird gets the worm, but the second mouse gets the cheese.” The first Realtor who got the listing probably got stuck because the seller had unrealistic expectations. When they try to sell the second time around, the seller has likely already managed their expectations and is now more willing to listen to your advice. Also, most seasoned agents don’t go after expired listings because they already have a solid referral system and repeat business, meaning you’ll have less competition.
You can generate buyer leads by going to open houses.
The second reason the slowing market can be a positive thing for new agents is that open houses are coming back. Homes no longer sell as soon as they hit the market, so sellers now have to do open houses. You can generate buyer leads by going to open houses.
Lastly, 10% to 20% of your competitors will likely be culled from the industry due to the market slowing. It’s unfortunate for those whose businesses have to close, but for those who are remaining, that means you’ll have less competition.
The bottom line is, don’t give up, and don’t let yourself be among those whose business has to close. If you need more help on how you can be successful in a slowing market, call or email me. I’d love to connect with you!
