Starting today, Sunday, July 16, 2023, we have 168 days left in 2023. We are currently in Week number 28 of the year.
Let me ask you this, what are you going to do in the 168 days that are left this year?
I’m asking because if the previous 197 days (and 27+ weeks) haven’t gotten you halfway to your 2023 income goals, you will need to evaluate what you are doing.
We are in a “perfect storm” of a real estate listing market. Too many real estate agents are chasing too few listing opportunities, interest rates are high by anyone’s standards, and people are no longer entering the market on a whim.
In order to make it in a market like this, you have to win the referral market. By that, I mean you need to develop hundreds of people who, if they hear of someone who needs to buy or sell, would absolutely recommend you.
Did you enter the business after 2010? If so, you may have been lulled into a false sense of the ease of finding business. To be straight up with you, it wasn’t hard to find new business during the last decade’s run-up in prices and appreciation.
The game has changed, though. To win today, you need to find and develop deep relationships with people. Doing so actually requires face-to-face communication with people. You have to get out and talk with people! Put the phone down, step away from the computer or iPad, and leave the house or office.
A good goal is to meet five new people a week that you can get to know on a personal level. Spend time finding out what goals, ambitions, and dreams they have. And then find ways to help them get to what they want.
Doing so will cement you in their minds. Helping others achieve their desires will work far better than refrigerator magnets, football calendars, and the endless postcards we send out.
And don’t forget the people that you already know. Please pick up the phone and ask them for coffee. Or write a handwritten note and ask them how they are doing.
There is a use for AI to help you here. I asked the following question of Bing’s ChatGPT look alike:
How can real estate agents find business in 2023? What are some effective methods that don’t have a lot of competition?
This is what I got back:
Real estate agents can find business in 2023 using various methods. Some effective methods that may not have a lot of competition include:
- Finding a niche market: Real estate agents can find a niche market that allows them to earn enough living on sales. They should learn the niche fast and always be there doing open houses, visiting every listing, meeting people in local coffee shops, visiting the mayor, joining the local chamber and networking groups, attending faith services there, etc.
- Establishing a VIP group: Agents can establish a VIP group of 150 who fit the niche they choose and start a marketing program. They should touch all 150 people every single month in some way, give massive information and value, ask for introductions to those who need their service, and make introductions to vendors who these people may need1.
- Engaging with the community: Building relationships with people in the neighborhoods agents want to work in is a great way to get their name out there. They can do this by volunteering at community events, donating gift baskets at charity auctions or even having giveaways to local businesses.
- Asking existing clients for referrals: According to the National Association of Realtors (NAR), 68% of people who used a real estate agent found that agent through their family or friends2. As long as agents provide excellent services throughout the transaction, their clients likely won’t need any prompting to recommend them to others.
- Cold calling surprisingly ranks surprisingly as the second most effective prospecting method3. 57.1% of business comes from cold calls and is beaten only by referrals at 92.8%
These are just some ways real estate agents can find business in 2023. Agents need to be proactive and take advantage of opportunities as they arise.
So here is the reality. To survive this market, you are going to have to work at levels you haven’t seen before. You are going to have to find something that not only works but is something that you will actually do. Will you start by clicking on each of the links above and taking action?
Are you up for it?
