Home Topics Real Estate How agents can now prepare for a (even busier) spring

How agents can now prepare for a (even busier) spring

Whether it’s a hot market or a slow one, how can you plan for the upcoming sales season? Here are three simple ways agents can prepare for a potentially busy spring market without the downtime that a slow winter market typically offers.

Here in the Midwest, we’ve seen a strong trend of increasing buyer demand and dwindling inventory. It has finally reached a point where there is 50 percent less property for sale than it was last year at the same time.

In the warmer months, inventory is expected to increase as most people usually enjoy taking a step. As hot as this market was, with most homes only been on the market for a few days and many well above the asking price, we can assume that this trend will continue given low interest rates, a high pool of buyers and the stagnating amount of properties, which will become available at a certain time.

Whether it’s a hot market or a slow one, how can you plan for the upcoming sales season? Here are three simple ways agents can prepare for a potentially busy spring market without the downtime that a slow winter market typically offers.

Collect your sphere

Your sphere of influence (SOI) is a warm contact that you know and that you have spoken to for at least 10 minutes at any given time. These are people you have developed a relationship with, whether they are family, friends, neighbors, someone at the gym, or anyone else who fits into that category.

Remember, people take steps toward life changing events: a new job, expanding families, being close to their grandchildren, and many other reasons that affect their own lifestyle.

These are your best contacts and the ones who can best help you identify potential buyers who are about to move. While real estate isn’t rocket science, it is a relationship-driven business.

You should always realize that everyone knows someone, and collecting your Sphere is a great way to find them. Whether you call, email, or drop in, these activities will keep you posted in due course.

Chase the new business

Every year I set myself goals for working with people in neighborhoods, cities around my subway and for new developments that I haven’t worked with before, because I want to expand my customer base, build on experience and do new business.

There are several developers and builders whose work I admire in the city and I’m not afraid to tell them. You shouldn’t either! As the saying goes, we don’t because we don’t ask. If there’s a property that you rave about or a leader in your field that you meet and one day you want to work with, send them a note.

Let them know your admiration and make your intentions clear. You exude professional trust and the attitude of an ambitious doer.

I find that the best way to prepare for future opportunities is to reach out to these people at the end of the year or at the start of a new year.

Study your market

You can never know your market too well, and that’s exactly what you should be doing. One of the best things my agent (and one of my greatest mentors in real estate) taught me early in my career is that it’s all about going to the “knowledge base”.

To achieve long life in a competitive industry like real estate, you need to add value. You should strive for a thorough understanding of the market rather than focusing on the dollars.

One way to create value is to have a profound understanding of market activity and Past, present and future trends are taking shape.

As Benjamin Franklin put it, “If you don’t prepare, you prepare to fail.” By studying your market, you can speak intelligently with others about what is happening and add value to consumers as a real estate professional by making one of the largest investments of their lives.

Any of these tasks, in one way or another, can help boost your business and prepare you for spring. It is a humble act to ask for help from those you know. and It gives your fellow human beings the opportunity to be a connector of human beings.

Reaching out to a developer to show your admiration for their work and willingness to help them where they need it is free and leaves a lasting impression. Understanding an ever changing market by studying the trends and familiarizing yourself with inventory positions will position you as a player in your market and better prepare you for a hot spring season.

Anthony West is a real estate agent, founder of The Luxury Life KC at Moffitt Realty, and a Kansas City entrepreneur.

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