Real Estate

5 ways agents can stay competitive as the housing market remains hot

The buying season typically slows before school is back in session. However, this year is still anything but normal, and the housing market reflects that fact. Inventory remains low and competition is still fierce —especially for first-time home buyers who are struggling to find houses within their financial means.

If you’re a bit burned out and in need of a breather, you may be wondering how you’re going to get through the fall. Here are five tips to help you stay competitive as buying season continues.

1. Team up with other agents

If your day-to-day is getting hectic, it’s time to team up.

“In this tight seller’s market, teaming up with another agent can be advantageous in winning more listings,” says Kimberlee Meserve, CEO and lead agent of the Street Property Team at Keller Williams. “The seller will feel they are getting twice as much value for the same price.”

Partnering with others can also help you provide all your clients with the best possible service. If you’ve been holding out because you don’t want to split your commissions, remember that teaming up will allow you to expand your clientele and benefit from other agents’ skills and expertise.

2. Make sure your office set-up enhances your efficiency

While working from home, you may have discovered the importance of having a tidy background ready for your video calls.

Clean backgrounds are crucial for presenting yourself in a professional light.

Keep in mind that cluttered spaces can not only hinder your professionalism, they can also diminish your productivity. To enhance your efficiency this season, declutter all of your desktops — and consider optimizing your equipment by investing in extra monitors or other tech to improve productivity.

3. Establish boundaries with your clients

Since real estate is a service industry, agents are often assumed to be reachable at all hours. However, if you try to live up to that expectation — especially during this market frenzy — you’re more than likely going to get burned out.
“Set a schedule. Set boundaries,” says Trent Beaver, REALTOR® at Better Homes and Gardens BloomTree Realty. “Know that to best serve your clients, you also need to serve yourself. In real estate, you’re always going to be working 7 days per week, but set yourself up so that calls and emails stop being responded to at certain times.”

4. Continue using virtual tours

You may be able to show homes in person and host open houses again, but that doesn’t mean you have to stop providing virtual tours of your listings. Remember, there are still new cases of COVID-19 arising every day and people are still rightfully cautious.

“Buyers want to see fewer houses, but more of the right ones,” says Meserve. “If you can filter that through utilizing a virtual tour, you can eliminate less-serious buyers from coming through your listings, which can help alleviate concerns that sellers have around exposure to COVID.”

5. Know when it’s time to give a referral

With the buying season extended, you know there are busy times ahead. Of course, you always want to help every buyer and seller who comes your way, but sometimes there just isn’t enough time in the day.

“The last thing you need for the longevity of your business is a client to feel abandoned, frustrated, left with questions, or feeling like you don’t have enough time for them,” says Matthew Griffin, REALTOR® with Keller Williams Realty Intown Atlanta. “Know how much you can handle. If you can’t best serve them, find an agent who can.”

Summary: to stay competitive you must set yourself up for success

The housing market may have slowed down, but competition for homes remains fierce, which is why you need to be prepared for what lies ahead. If you’re starting to feel burned out, don’t ignore the signs. Remember, to stay competitive, you must take care of yourself, as well as your clients.

To find more tips for enhancing your business, explore the Rocket Pro℠ Insight Learning Center.

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