Seasons of Real Estate
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When you live in Texas and you are used to 100 degree temperatures in August (and even September) it’s difficult to feel like the seasons are changing. But fall is right around the corner and I want us to start thinking about how we’re talking to our clients about the change in the cycles of real estate before they occur. How we can start to review our client’s business, how we can prep them for the cycles of real estate to come in your market? How they will be spending their time and how their activities will change as those fast paced summer months transition to the little bit slower time as we move into the fall fourth quarter and again in the first quarter of 2020. It is August and likely your market is still booming and busy like it is here in Austin so our challenge is to start prepping your clients for what’s to come.
We know with the start of school and football season and all of the good things that come with cooler weather (pumpkin spice everything) we start to bring some changes to their business as well. I think right now is a really good time to do a little recap of their year and see what’s working and what’s not.
You as a coach likely have your agents game plan activities that they’re working on to lead generate and grow their database and their branding. Now is a great opportunity to spend some time looking back over those goals that they’ve set and remind them of where they need to be. It’s a perfect time to look at what has been working in their business and what has not working so well. We can definitely make some adjustments at this point in our year to see if we can move the needle a little bit more before the end of the year sneaks up on you.
Let’s identify the areas that they’re getting traction on and the ones that they’re not. Let’s look at where their business has come from. Where their clients have come from, where the referrals have come from and where their headaches come from. Can we shift some time, perhaps money and energy into those areas that are working and take a little bit away from those that are not working so well?
Start talking about what the budget looks like for them through the fall months and into the holiday season. And I’ll touch on that holiday season prep moore ahead as well.
As a coach, I think that you can bring a lot of value to your clients by reviewing some historical market data for your area. Some may be new to real estate and you need to consider that. They may not know what the cycle looks in your market. Things get super busy during the summer months then we often see the cooling off period as we moved to Back to School mode.
Prep them to think about what’s going to happen in their market and how their time is going to change based on the activity that’s going on. Collect that data, that will be useful to them while making different considerations on their marketing. Utilize that data with your agents to gain more credibility! You want to show them the summer months are faster paced. They may be getting more inbound inquiries and so they feel very confident and a lot of agents can leave the summer months feeling really good about business and maybe a slight sense of false confidence because of how booming your market could be.
I’ll just speak on Austin for a moment. We are definitely moving as quickly as people can see and show houses right now. Things are coming on and off the market, sometimes quicker than they’re able to even get on the MLS. But we know that at some point in the fall, things slow down and people have more time to consider homes to buy and more time to consider selling. Make sure your agents understand that the buyers and sellers are considering real estate in a different way during these months- they may be prepping for next year instead of deciding to buy before the end of the year.
It’s also a good time to start seeding the holiday conversations. Not a lot of people are buying and selling during the time between Thanksgiving to Christmas, but it’s a really good time for you to stay in front of your prospects and past clients and a way for you to have really great face to face interactions with prospects and future clients. There’s a lot of holiday parties, family gatherings, open houses, a lot of festivities around the holidays to take advantage of. Your agents need to learn how to capitalize on that time about being in front of groups of people and talking about their real estate career in a way that’s authentic to them. Utilize those holiday months, when you have more time to intentionally grow your business and show some client appreciation. Obviously the holidays, we want to share the holiday spirit to send good wishes to the people in your database. Start thinking about the way that you want to do that NOW!
Consider this tip to pass along to your clients: For time management purposes: if you have a thousand people in your database, are you really going to be able to stop by everybody’s house or party before the end of the year? Likely not. Consider what you’re going to be doing for holiday cards or a client appreciation event or perhaps a reverse pop by? Planning now in August we’ll, we’ll set your end of year up for much less stress!
This week I want to encourage you to prep your agents for what is to come through the fall into the winter and how the cycles of real estate change. I hope that these tips were helpful in framing some of the conversations that you have coming up.
If you want some more Coaching Conversations tips, please keep listening to the podcast by The Agent School on Spotify or Anchor FM!