How to Be Successful in a Shifting Real Estate Market

real estate listing challenge

How to Be Successful in a Shifting Real Estate Market

Real estate companies Compass and Redfin recently announced that they are laying off a large number of their workers. Compass is cutting their workforce by 10% and Redfin by 8%. These layoffs are indicative of a market shift in the real estate industry. Rapidly rising interest rates and high home prices are hurting affordability and pricing people out of the market.

We don’t know how far the fall in home sales will go, but what’s clear is that real estate agents and companies need to start making changes now if they want to continue to be successful.

Coming Out of a Hot Market

Let’s face it, the past year and half have been great times in the real estate industry. Homes were flying off the shelves, loads of people wanted to sell, and the heavens were showering success down on listing agents. During those times, having the sharpest sales skills possible probably didn’t seem that important.

It seemed like there was plenty of business to go around, and that maybe you didn’t have to work quite as hard for each client.

But all indications are pointing to the fact that those times are probably over. What matters heading into a shifting market? Getting back to the sales basics and sharpening your skills as much as possible. Every lead counts.

Coming out of a hot real estate market can be scary, but it is not the end of the world. When the sky falls, it never comes all the way down. But your success depends on the steps you take in the coming weeks and months.

Set Yourself Up for Success in a Shifting Real Estate Market

In a recent post, we talked about how important it is to stick with your real estate training programs. Because consistent and successful lead conversion is more critical now than ever. Although it may not have seemed as important over the past two years, now you have to become the master of:

  • Asking the right questions for sales discovery
  • Having real conversations instead of relying on scripts
  • Handling the most common and uncommon objections
  • Knowing when and how to close on your calls

Get More Leads with Our Summer Challenge

With the shifting market in mind, we decided to create a summer program aimed specifically at giving you the skills to get more real estate listing leads. We’re calling it the 10 Weeks, 10 Listings Summer Challenge. Basically, you’ll go through some intensive role play and call reviews sessions each week, learn how to create or improve a listing presentation, gain strategies for talking to complete strangers, and practice handling ANY objection.

How it works is that you’ll be placed into a small group of five agents to train with, compete with, and hold each other accountable. The small group setting will keep you on track, and at the end, the competition is to see who can get the most listings. By the end of the Challenge, you’ll have an effective farming plan, solid messaging strategy, be able to convert the toughest FSBOs, expireds, and cancelleds, and have the skills to 3x your lead conversion rate!

Take the Right Steps Now

Like we said, a shifting market is not the end of the world. But you need to act. Changes are happening and you have to keep up. So shore up your skills and focus on the tried and true sales process to have real conversations that convert. Our 10 Weeks, 10 Listings Summer Challenge is a great way to improve your skills, ensure new business keeps coming in through the door, and stay successful through the shift.

Check out the details here

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Why You Shouldn’t Ditch Real Estate Training during Tough Times

don't give up real estate training

Why You Shouldn't Ditch Real Estate Training during Tough Times

don't give up real estate training

If you’ve been paying attention to the news lately, then you’ve seen that a lot of the experts think that an economic downturn is coming. For real estate specifically, this will probably mean that the market will slow. We have had some hot times for the past year plus, but it looks like those times may be coming to an end. How do you endure slower times? With effective real estate training.

If you’re an experienced agent, then you know that ups and downs are just a part of working in real estate. It comes with the territory; markets are hot and a lot of people are buying and selling, and then they slow and you have to make do.

The Biggest Mistake Real Estate Agents Make in Downturns

The first thing that many agents or real estate companies do when times get tight is to try and cut down on expenses. Although this isn’t necessarily a bad thing when it comes to unnecessary expenses, it is most likely a mistake to stop your real estate training programs. Do you know why? Because a downturn in the market is exactly when you need real estate training the most.

When the market slows, every lead you can get counts even more. There are way fewer people selling, which means that any opportunity you have to get a seller lead is crucial for your business. In tough times more than ever, you have to become a real estate lead conversion master. What does that mean? You have to master the art and science of:

  • Asking the right questions for sales discovery
  • Having real conversations instead of relying on scripts
  • Handling the most common and uncommon objections
  • Knowing when and how to close on your calls

Remember, every lead lost during a real estate market downturn is a missed opportunity to keep your business thriving.

Stick with Your Real Estate Training

Instead of quitting real estate training programs when times get tough, the smarter move would be to utilize it as effectively as possible. What you don’t want to do is just sign up for a bunch of real estate training programs and then never look at them. Collecting massive amounts of training materials is a waste of time and money—two things you don’t want to waste when the real estate market slows.

You are looking to build and improve a life that you can proud of—no matter what the economic conditions are around you. To do that, you need training materials that both teach you what to do, but also how to do it. I know from firsthand experience that theory without practice is not enough. That’s why great real estate training courses—like my Conversion U—combine the two in order to give you a viable path to a higher conversion, more sales, and consistent success.  

We hone in on your conversational skills and techniques, so you can become an expert at discovery, objection handling, closing, and not solely relying on scripts.

Don’t Forget, You Create Your Own Real Estate Business

During a recession or real estate market downturn, it can be easy to think that the whole world is shutting down. While it’s true that there might be fewer buyers and sellers, real estate business is still happening. You just need the skills and determination to go out there and get a piece of it. The fact that it’s more difficult is precisely why you should stick to your real estate training programs that work. You need them in tough times more than ever.

Go After the High Hanging Fruit

There are always people moving, and there are always people looking to buy and sell homes no matter what the economic climate is. You just have to be creative and go after the high hanging fruit.

Don’t listen to the negativity on the news or even in your own head. You have the ability to be successful in any real estate market. Just don’t cut off your own legs right when you need to hit the gas by throwing real estate training out the window all together.

If you’re serious about converting more real estate leads and weathering any storm that may be coming then check out our Conversion University real estate training program. It teaches you both the conversational framework you need, and you have a coach to practice all of the concepts until you master them. We have options for both teams and individual agents and ISAs!

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Top Three Real Estate Lead Conversion Mistakes

person who made a lead conversion mistake

Top Three Real Estate Lead Conversion Mistakes

person who made a lead conversion mistake

Let’s be honest. Being a real estate agent is not for the faint of heart. It’s a difficult job at almost every turn—you work extremely hard to get each and every client, and then even after getting them to work with you, the work is just beginning. As many of our coaches say at Smart Inside Sales, working in real estate is more of a lifestyle than just a job.

Do you know what makes it significantly easier and less stressful? Knowing that you have a lead conversion process that is reliable and that consistently works. That’s what we teach in our Conversion University course and training here at Smart Inside Sales.

On that training and learning note, I wanted to highlight some of the most common real estate lead conversion mistakes that I see and that our coaches see. The three top ones are:

  • Ignoring lead sources
  • Relying too heavily on scripts
  • Speaking too much on their sales calls

Let’s go over these top real estate lead conversion mistakes one by one.

Real Estate Lead Conversion Mistakes: Ignoring Lead Sources

It’s not always practical to work every single lead source all the time. Depending on the size of your team and stream of leads from certain sources versus others, you may have to focus on the most productive sources at the expense of less productive ones. But if you have a real estate team with multiple inside sales agents, then the critical thing to do is prioritize lead sources for your different ISAs, depending on their skill and experience level. 

Basically, you want to prioritize certain lead sources over others, but you want to try to work them all. Generating leads through calling FSBOs, expired, and withdrawns, as well circle prospecting, is definitely a more difficult route than following up with inbound leads. But, as I’ve said before, the low hanging fruit isn’t the only fruit on the tree.

The key to gaining an edge over your competitors is by mastering multiple lead sources.

Relying too Heavily on Scripts

Real estate scripts are useful for lead conversion, but they should not be read or stuck to blindly. Their primary value comes from helping you remember which key questions to ask and to have a framework to fall back on if you get into the weeds in your conversation.

More experienced real estate agents and ISAs, on the other hand, understand the basics of speaking with outbound and inbound leads, and probably have developed a decent repertoire of questions and responses. More than scripts, seasoned real estate ISAs and agents need to hone and perfect their discovery, objection handling, and closing skills. This is where we come to using scripts as part of a wider conversion system.

Instead of focusing your efforts on memorizing scripts, you want to learn conversation techniques—so you can gather all the necessary information, sound like a real human, and make the sale.

Speaking too Much on Their Sales Calls

The last big real estate lead conversion mistake that many agents and ISAs make is talking too much. The key to discovery, closing, and successful lead conversion is listening to what the person has to say on the other end of the phone.

You should be listening carefully not only to what the prospect is saying, but how they are saying it. What are their main pain points? What is their underlying goal (hint: it’s almost never just buying or selling a home)? How do they think they will accomplish that goal?

Many sales people make the mistake of thinking that they hold all the power when they are doing most of the talking. That’s just wrong. You hold the power when you guide the lead with the right questions and get them to give you adequate, useful responses that you can then circle back to when you close.

If you’re serious about converting more real estate leads, then check out Conversion University. It teaches you both the conversational framework you need, and you have a coach to practice all of the concepts until you master them.

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