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Looking back on the past couple of years in real estate, you could rightly describe it as a bit of a wild ride.
From the heady highs of 2021 to the more subdued market of late 2022, it’s been a scenario that even the most seasoned of real estate professionals would have struggled to predict. But what’s ahead in 2023? And what skills will you need to have as an agent in a bid to navigate the year ahead?
Here’s what to expect in 2023 and the best practice strategies that I believe will guide agents through the next 12 months.
You do not control the market
Some sections of the media continue to scream of property price declines in the period ahead. Others tips are levelling off and slightly bounce back later in the year. Regardless, the real estate market will do what it will do, and no agent (no matter their level of skill or experience) can control supply, demand, interest rates, consumer sentiment, or property prices. Instead, this year will continue to see the best in the business getting back to the basics of great real estate service, and here’s a small insight into what that involves.
Knowledge is key
The best in the real estate business have always understood their role is not to force a transaction, but instead educate their client so they can make a decision that’s right for them. Then and only then do you become an agent who people return to when the time is right and recommend to their friends. Key to this role as a trusted real estate professional is knowledge. It involves a deep insight into what’s recently sold, for what price, over what length of time, along with the best possible sales campaigns and marketing to achieve a good outcome. Now’s the time to know your market, to educate your prospective and current clients, and to standout by marketing your obvious expertise.
Sharpening the saw
As the market shifts, the skills of agents become more important. Now’s the time to “sharpen the saw” and ensure these skills are up to par. That might include revising your listing presentation, honing your negotiating skills, and also getting back to the business basics of consistent prospecting and networking. It’s time to embrace training, to learn from others and to seek out great mentors who will help hold you accountable and encourage you to be the best agent you can be moving forward.
Time to get real
The rising prices of 2021 means some vendors may have unrealistic expectations about the price their property will currently command. Your expertise lies in having real conversations about the current state of play and how it affects them now and moving forward. Although few people can accurately predict what will happen to property prices in the coming months, these real conversations revolve around mapping out the scenarios of what their property will achieve now, and what could feasibly occur in three- or six-months’ time. And it’s similar for buyers who might be sitting on the fence as to whether to purchase now or wait and see whether prices might drop further. This is the opportunity to educate all parties about the current state of your local market, and the pros and cons of waiting or making a move now.
Follow up, follow through
In a fast-moving market, communication with buyers and prospective sellers proved a casualty. In fact, one of the most frequent bugbears that many people had with the industry in the heady days of 2021 involved a lack of timely communication from real estate agents. Now’s the time to remedy that situation with consistent and clear communication about what exactly is going on in your local patch. Take the time to reach out to people in your database. When someone contacts you, follow up on that communication and follow through with action — whether that’s taking the time to appraise their property, speaking with them about market conditions, or just making them aware of the results you’ve achieved and the point of difference you offer.
Own your patch
There’s never been a better time than now to truly own your patch with expert insight and great service. A shifting market is an opportunity, but it’s one that is only realised when you are at the top of your game skills-wise. So, with a new year upon us and opportunity ahead, my question to you is are you ready to up the ante, get back to real estate basics and become the professional that locals turn to when it comes time to buy or sell?
ABOUT THE AUTHOR
Manos Findikakis is the CEO of Agents’Agency.
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