Ready or not, here it comes. With inventory rising, and days on market ticking up, the North Texas real estate market has officially entered a new chapter. While it may feel a bit scary for agents that haven’t experienced a shift, the reality is that opportunity never disappears, it simply manifests itself differently. Here is the simple truth: A lot of people are going to buy a lot of homes in the coming years. Here’s another: A lot of agents are going to get out of the business in the coming years.
The second statement is an unfortunate reality of our industry. When we’re experiencing seller-favored markets a lot of people get into this business, when the tides turn just a bit many are not quite able to sustain the business they’ve built. This is where the metaphorical rubber meets the road. So what can you be doing to ensure that your business thrive during this chapter in the economic cycle? Or, better yet, how can you take more market share and actually increase your business in an uncertain time?
The answer is quite simple, but the application is not: you must do everything better than you were before.
What does that mean? It means staying in your optimal zone of production, leaning into your strengths, leveraging your weaknesses and, more than ever, being a better representative of your clients than your competition.
It means being the agent that this market needs.
So what does that look like?
Let’s look at the buy side first. Your buyer prospects have more inventory than at any point in the last several years, rates have remained in the middle 5% range and sellers are beginning to show flexibility in asking price and terms. Yet, somehow, a large portion of the general public feels that it’s a poor time to buy a home. They’re fundamentally being underserved by a media culture that preys on doom and gloom and an industry full of real estate agents that, by and large, aren’t well equipped to have valuable conversations in a shifting market.
Helping your buyers to understand the opportunity in front of them, from rising inventory to demand levels, long-term equity buildup etc. is a surefire way to serve more people and, in turn, generate more referrals.
The listing side is just as straightforward. Homeowners that understand how much equity they’ve built up, the difference between price depreciation and price deceleration, and how to select an agent that will generate more interest in a higher inventory market are in a great position. The fact is, that’s not most homeowners right now. It’s our job to come from contribution and educate those we serve. On top of that, your ability to convey your value to potential sellers will be more important than ever. Having a solid listing presentation and marketing plan that you can run through in your sleep is key.
None of this matters, of course, if we don’t have appointments. When it comes to lead generation in your business, this is the playoffs. This is the time to leave it all out there. The habits that you have been building over the last 18 months will either power you to new heights or sink your business in a shifting market. If you’re not religiously committing several hours a day to immersive lead generation, then now is the time to start. Not 90 days from now, not after you get your next closing check. Now.
It s undeniable that some real estate businesses are going to grow healthier, stronger and more profitable as the market turns over. It’s equally certain than many agents will struggle to gain traction as they’re challenged to think and show up differently. Which category you fall into will depend largely on the habits you showcase every day.
Get up, show up, and never give up.