How To Enter the Real Estate Market as a Realtor During a Downturn
Launching a real estate career is an exciting proposition. There’s a lot of opportunity out there for people who are self-starters and who enjoy helping others find the right property at the right time. But, what happens when you decide to break into real estate only for the market to settle into a mixed period? The good news is that there are ways to be successful, even in a mixed real estate market, if you’re willing to stretch yourself a little.
Developing good habits in a mixed or down market can help you establish a foundation for times when the market is on the upswing. Making contacts, establishing a good reputation, working hard and being creative can all help you attain your long-term goals, regardless of where you find yourself in the market cycle.
Raise your profile
When you’re starting out in real estate, it’s a perfect time to make your introductions to the community. One of the ways you can do that is by going out and getting to know your market. Understand the neighborhoods in your area and what drives people to move to them and away from them. Go to neighborhood events and introduce yourself to residents. Start a newsletter (print or email, depending on your audience) and send that out on a regular basis to communicate trends and developments that you see observe.
You want to establish yourself as trustworthy and informed. Getting to know your market on a personal level is a helpful way to raise your profile and get your name out there.
One of the keys to attaining your goals in real estate is networking creatively. What I mean by that is that you shouldn’t be afraid to use your existing networks, while also working to expand and strengthen those networks. Let your family, friends, and close acquaintances know what your goals are as a real estate professional and where your expertise lies. Expand your network by attending professional gatherings and getting to know people in your market, as outlined above.
Don’t hesitate to use social media to expand your network too -- post regularly about your market, the trends you see, and the successes you’ve achieved.
Play to your strengths
One of the most important things you can do as a beginning real estate professional is to rely on your strengths. If you’re an extrovert who loves sales and enjoys meeting people, then focus on those aspects of the job and use those strengths to drive the growth of your business. If you’re a numbers person and can help people figure out how make the right purchase at the right time within their budget, use that trait to your advantage and sell yourself based on that type of service.
A good way to make a name for yourself is to emphasize those aspects of your business that you feel confident in and enthusiastic about, because that confidence and energy will come across to clients and potential clients as memorable and authentic. That’s a great way to stand apart from other agents, particularly in a mixed market.