Spring is typically the time when the lion’s share of listings come to market, and this spring should be no different. Make the most of the Spring 2022 market by hitting the ground running. With that said, great agents also need to prepare for a number of market transitions that are unique to Spring 2022.
Make the most of the Spring 2022 market by knowing what to expect:
First, interest rates are going up and are expected to climb through the entirety of 2022 as an attempt to stave off historic growing inflation. With loans costing more, this could have the effect of cooling the buying market.
Secondly, the Covid pandemic is quickly turning endemic. The frenzied buying we saw over the past two years will probably slow down a bit as life returns to some semblance of “normal.” As such, expect to see more listings come to market and stay on market longer.
Third, market disruptions around the globe have caused the once bullish stock market to rise and plummet like a ship in a hurricane. Buyers who once pulled money from stock and mutual funds to purchase homes with all-cash offers will likely not be doing that anytime soon. The stock market also affects investor confidence, and a prolonged downturn could cause many to hold their money rather than invest.
Finally, the latest National Association of Realtors® monthly membership report shows a dramatic increase in licensed real estate agents at an uptick of 5.31% over the past year. With more realtors vying for a piece of the pie, it’s more critical than ever to up your game. So, how does a great Realtor® make the most of the Spring 2022 market?
How Realtors® can make the most of the Spring 2022 Market:
Connect More Consistently by doing the following:
1. Start with personal calls and handwritten notes to your Sphere of Influence. Warm it up with a call and then a note, or the reverse.
2. Drop off a personal but branded gift that will make your clients remember you.
3. Send a monthly newsletter or market update newsletter via email or direct mail, or both. (The FNHW Blog provides a variety of relevant content you can use in your monthly newsletter.)
4. Get a good CRM and become as automated as possible.
5. Use Direct Mail – it’s still a very tried-and-true way of getting your name out there, and many look forward to checking their mailbox over email.
6. Join a Facebook group and become someone others can rely on and refer.
7. Stand out from the crowd by leveraging home warranty products to both your buyers and sellers–this can give you an edge over other agents.
Ways a great agent can prospect for new business by calling:
- Five for Sale by Owners
- Five Expireds
- Five for Rent by Owners
- Five past clients
- Company Orphans
- Neighbors around a new listing (even if not yours)
- Neighbors for your open house to invite them to stop by
- Vendors for referrals
Make the most of the Spring 2022 market by being “of service.”
Self-promotion and creating relationships built on service are the keys to being a great real estate agent. With competition increasing and inventory still in short supply, your goal is to stand out from the crowd. Make sure people think of you first whenever they think about real estate.
Do this now for Spring of 2022. Start with thirty days. Then do it for thirty more and watch your business grow.