How Real Estate Agents Can Explain Rising Interest Rates

male real estate agent explaining to clients

How Real Estate Agents Can Explain Rising Interest Rates

A question we are hearing a lot from our clients lately is, “how can real estate agents explain rising interest rates to clients?” With rates increasing, this is an objection that you are going hear more and more often. Although it might seem like this would be a difficult objection to overcome, at the end of the day, it’s not much different from other objections that agents deal with on a regular basis.

Background: How Real Estate Agents Can Explain Rising Interest Rates

Conventional “wisdom” in real estate will tell you that rising interest rates make buying or selling a home more difficult. From a home buyer’s perspective, as mortgage rates increase, affordability typically decreases. However, it’s important to realize (and to educate your clients and leads on) that current rates are still lower than they have been historically. Rates in the 2000s have typically been the lowest they’ve been in history.

So it’s perfectly possible to buy and sell homes with rates hovering around 7%. It’s also important to educate your clients that their rate ultimately comes down to their lender. Mortgage lenders have different types of products and will work with you to find a solution.

But before you do any of that, you have to cover the basics with your lead.

How Real Estate Agents Can Explain Rising Interest Rates: What Not to Do

When it comes to how real estate agents can explain rising interest rates, there are certain things that you never want to do. As with any objection, you don’t want to:

  • Disagree with the lead
  • Make the lead wrong
  • Educate the lead before understanding them
  • Try to close immediately

At the end of the day, you have to listen to what the lead is saying and process what they tell you. For example, don’t make them wrong and avoid using the word “why”. Instead of asking, “why do you think rising interest rates are a problem?”, say “what about higher interest rates do you think is a problem?”

Listen closely to what they have to say, understand it, respond to it, and then go into educating them on the situation. The important thing is to build on what they say and have a natural conversation; don’t just nod and then go into what you wanted to talk about anyway.

Here’s What You Should Do

When you’re thinking about how real estate agents can explain rising interest rates, you want to follow the same formula that you would use for any other real estate objection.

  • Get the lead’s perspective
  • Get the lead’s experience
  • Tell the lead the benefit of moving forward now
  • Educate the lead after understanding their perspective
  • Identify motivation and ability
  • Set a logical next step

Here’s how to cover all of these points and overcome this tough real estate objection:

Ask

  • When you say rising interest rates…what do you mean?
  • Do you know that lenders will work with you to determine your rate?
  • What will waiting for interest rates to change do for you?
  • What if a change doesn’t happen?

Tie the Lead to a Logical Next Step

  • When will you talk next?
  • Why will you talk next?
  • What will they get out of it?

When it comes to how real estate agents can explain rising interest rates, a key part of overcoming this objection is getting the lead to commit to a logical next step. And be specific. Don’t just say “give me a call when you are ready to move.” Tie them to something that they want to talk to you about. Focus on the benefit they will receive from meeting with you at that time.

If you want more information for overcoming this real estate objection and all other objections, then our Conversion University program is for you and your team! See all of our training programs here.

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Sales Role Playing: The Key Part of Real Estate Agent and ISA Training

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Sales Role Playing: The Key Part of Real Estate Agent and ISA Training

One of the most important aspects of real estate agent and ISA training are role plays. They are an incredibly powerful tool that allow you to hone in on your skills, learn new discovery, objection handling, and discovery techniques, and work on the things that you are struggling with. There is really no better way to improve your sales conversion numbers and no better form of real estate ISA training.

The Benefits of Real Estate Role Playing

For agents and ISAs, sales role playing not only allows them to practice closing techniques, objection handling, and all the other sales components they have to know, but it also allows other people in the group to learn from mistakes that their colleagues make. Just like pilots use flight simulators, so should inside sales agents use role play groups.

Agents and ISAs who don’t do regular role play training tend to get stuck more easily on their calls and stopped by common objections. They also have to rely too much on their scripts and risk sounding more like a robot than a human being. Through regular role play, agents and ISAs will feel confident enough with objections and closing in unique situations to avoid reading from a script. The result is that you will have more natural conversations that will boost your conversion rate.

How Sales Role Playing Works: Type 1

There basic role play structures. The first is one-on-one with a coach or experienced sales person. This is a lower stress environment that is sometimes better for less experienced ISAs who are just starting out. The coach describes a scenario or objection and then plays the role of the prospect. The ISA tries to set an appointment with them and the coach offers advice and insights along the way.

Sales Role Playing: Type 2

The next real estate role play structure is with three people—two ISAs and a coach. For this structure, the coach will determine the scenario or caller objection, and one of the agents acts as the caller and the other as the prospect. They go at it with each taking turns in each role, giving each other feedback based on how they think the other did, and the coach steps in as necessary with tips and advice on how to improve.

Sales Role Playing: Type 3

The last type of real estate role play structure is sometimes called a “fish bowl”. This type includes a group of several ISAs and a coach. This is often the format that coaches will use when hosting virtual role play groups. The coach either plays the prospect with each ISA, or the agents take turns playing the role of caller and prospect. The value of this type of setting is that everyone present, even those not directly participating, gain from the experience. They get to see they aren’t alone in the common mistakes that all ISAs make, and they typically get to hear a wider range of insights and practical advice because many people will make different mistakes or make them in a different way.

How to Overcome the Difficult Market to Come

Real estate agent and ISA training is crucial for teams and individuals alike to make it through the shifting market. And the key part of training is role playing. You have to act now and make the right decisions that will allow your business to thrive in any environment.

At Smart Inside Sales, group role plays are a key piece of our real estate inside sales agent and agent training program. We offer an engaging, encouraging environment with agents of all skill levels and real estate experience, as well as coaches with many years of sales experience. 

Check out our real estate agent and ISA training programs here.

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“I’m Waiting for the Market to Crash” – Overcome this Common Real Estate Objection

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"I'm Waiting for the Market to Crash" - Overcome this Common Real Estate Objection

The market is shifting, which means we get to deal with a bunch of new (but not really new) real estate objections. The most common one our clients are hearing from leads lately is “I’m going to wait for the market to crash.” If you’re not armed with a tried, tested, and practiced response, then this real estate objection may stop you right in your tracks.

In this article, we’re going to cover the dos and don’ts of handling this common real estate objection.

What Not to Do

As with handling any real estate objection, when it comes to getting past “I’m waiting for the market to crash”, there are certain things you never want to do. Here they are:

  • Disagree with the lead
  • Make the lead wrong
  • Educate the lead before understanding them
  • Trying to close immediately

Basically, what these don’ts all come down to is listening to the lead, taking in what they tell you, and not being confrontational. Don’t tell them that the market is not going to crash if they tell you they think it will. And try to avoid using the word “why”, because it’s inherently confrontational. Instead, try something like, “what makes you think the market is going to crash?” Hear what they say, acknowledge it, ask any clarifying questions, and then try to educate them. Only try to close once they have accepted that they may not need to wait for the market to crash to move forward.

What You Should Do

The way to overcome this real estate objection (and really, all real estate objections) is to do these six things:

  • Get the lead’s perspective
  • Get the lead’s experience
  • Tell the lead the benefit of moving forward now
  • Educate the lead after understanding their perspective
  • Identify motivation and ability
  • Set a logical next step

Here’s how to cover all of these points and overcome this tough real estate objection:

Ask

  • When you say crash…What do you mean?
  • When do you think that will happen?
  • What will that do for you?
  • What if that doesn’t happen?

Educate and tell

Housing economists point to five main reasons that the market will not crash anytime soon: low inventory, lack of new-construction housing, large amounts of new buyers, strict lending standards and a drop in foreclosures.

Get at their motivation and ability: Would you move forward…

  • If you got an acceptable offer in the next few months?
  • If a great home came on the market in the next few months?
  • Would moving in the next few months even make sense for you?

Tie them to a logical next step

  • When will you talk next?
  • Why will you talk next?
  • What will they get out of it?

Getting the lead to commit to a logical next step is crucial. And be specific. Don’t just say “give me a call when you are ready to move.” Tie them to something that they want to talk to you about. Focus on the benefit they will receive from meeting with you at that time.

Don’t Let this Objection Slow You Down

“I’m waiting for the market to crash” is a real estate objection of someone who may not fully understand what is happening in the market, and who is probably getting a lot of their information from social media. The key is to get in there with the right information, while being sensitive to the opinions they have already formed. Come from a position of patience, understanding, and helpfulness.

If you want more information for overcoming this real estate objection and all other objections, then our Conversion University program is for you and your team! See all of our training programs here.

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4 Tips for Real Estate Teams and Companies

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4 Tips for Real Estate Teams and Companies

It might feel like times are getting shakier in the real estate industry. And if you lead a real estate team, then you’re probably feeling the added stress of protecting your own income AND that of your team members. The question is, how can you keep your team as productive as possible and ensure your company stays strong in a slowing market?

The answer is to make sure you’re running a tight ship. Your real estate team or company needs to work like a well oiled machine with minimal waste. Here are a few tips to keep your business running at its best in uncertain times.

Create a Real Estate Business Plan

Real estate businesses are just like any other businesses. You need goals and a plan to achieve them. The first thing is to figure what your primary lead sources are. Then build out a strategy outlining what specific actions you will take in your prospecting, marketing, and sales efforts. Set a goal for how many homes you want your real estate team to sell this year. Ask yourself how many leads will that take? How are many phone calls? How much money is it going to take? What’s going to be your conversion ratio? 

Your real estate business plan won’t be perfect, but having it written down will help you and your team be accountable for reaching your goals. And it will give you all some clarity in an uncertain market.

Keep Your CRM Up to Date

A real estate CRM has to be updated in order to be useful. Your team needs to take the time every week to make sure data is entered correctly, that it’s organized in a way that makes sense to everyone, and that it is kept clean from out of date information or cold leads that you don’t need any longer. A clean real estate CRM will help ensure you’re making the right amount of touches and keeping in touch with your leads.

Don’t Skimp on Real Estate Sales Training

Real estate sales training is crucial to your team’s success. And I’m not just saying that because we’re a real estate sales training and lead conversion company. Training is key to teaching your agents how to have productive conversations, how to overcome difficult objections, knowing when to close, and how to speak like a human and not a robot reading a script. The problem is, many team leaders cut back on real estate sales training during slower times. But in reality, those are the times that you need training the most. Leads will be harder to come by, so you need to capitalize on every phone call and convert every lead possible.

Take a Look at Your Business as a Whole

When times are tougher, it’s also important to look at your business as a whole. Are your books and records in order? Are there any expenses that you can cut? Are you only paying the exact amount required of you for taxes and not more? These things might seem a little off topic, but they can make all the difference for your business and real estate team.

With the passage of the Inflation Reduction Act, the IRS will be greatly expanded. That means that your books and records need to be impeccable. It might even be worth hiring a professional to handle the financial side of your business for you. Doing so will free up your time and ensure everything is done correctly. Hiring a professional will also make sure you’re not paying too much in taxes (most businesses do).

When it comes to expenses, take a close look at all your tools and subscriptions. Video editing software that you haven’t used in years can probably be cut. Real estate sales training and an accounting professional should be kept. Take the time now to determine what is necessary for your business and  team and what’s not. You’ll thank yourself in a few months!

If you have any questions about real estate sales training, or how to keep your team successful in the coming months, please don’t hesitate to reach out to our team!

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Real Estate ISA Training: The Key to Overcoming the Market Downturn

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Real Estate ISA Training: The Key to Overcoming the Market Downturn

As a real estate team leader, the success of your team or business ultimately rests on your shoulders. You have to put the right systems in place to ensure your ISAs are consistently producing results, and give them the tools they need to be successful. That means you need real estate ISA training. This is even more important now that we find ourselves in a shifting real estate market.

Real Estate ISAs Are Key

With the market slowing, you have to take advantage of every lead that you can get your hands on, which means real estate ISAs are a critical part of your operation. The fact that phone answer rates are lower today than they ever have been means that if an inside sales agent can get someone on the phone, they need the skills to actually set the appointment, because it’s tougher and tougher to get people on the phone.

What does that mean for you as a real estate team leader? You need effective real estate ISA training.

The Two Biggest Barriers for Real Estate ISAs

On a practical level, the most important thing that your real estate ISAs have to do effectively is successfully make calls to set appointments. And the two biggest barriers to this are call reluctance and effective objection handling. Overcoming both of these has to do with mindset. And real estate ISA training can help.

Call reluctance

Being a real estate ISA is a difficult job. You face a lot of rejection and hear “no” a lot more than you hear “yes”. That’s why mindset and mindset training are so important. Inside sales agents need to have the right perception of their work, themselves, and the business. The biggest determining factor for whether a sales person will or will not be aggressive with generating leads, setting appointments, asking for contracts, and closing deals is the story they build and tell themselves in their heads. That’s where your training and motivation comes in.

If your sales person has good stories in their head—if doing those activities that lead to productivity have a positive connotation—they will be unstoppable. Emphasize the fact that their careers and lives are in their own hands. When they are busting butt making calls and following up on leads, they are building the lives they want to live. In doing so, they are creating value for the client, for the business, and for themselves. Training and culture have to hammer home that selling and productivity are noble endeavors.

Objection handling

After self perception and head stories, objection handling is the area for real estate ISA training. If they don’t know what to say, or how to convert a lead from a “no” to a “yes”, they will not feel comfortable or confident when contacting leads. At that point, they will make all sorts of excuses for why they can’t or won’t bring in new business.

These days we handle objections in a much more sophisticated and conversational way than the older “hard sell” tactics and snarky scripts. Teach your agents to ask questions to get to the bottom of a lead’s objection. As we say at Smart Inside Sales, “follow the no” and get to the heart of lead’s desired outcome and how they think they will get there. Offering leads a different solution to reach an even bigger and better outcome is the best way to handle a negative response.

Circumvent the natural fear of objections with a comprehensive real estate ISA training on what to say and when to say it. Focus on teaching them to ask powerful questions that compel the lead to almost ask the sales person for the appointment. 

Real Estate ISA Training: Create Valuable Assets for Your Company  

There is a real estate storm that has arrived, and it’s probably going to get worse before it gets better. Team leaders have to act now and act decisively if they are going keep their companies competitive and successful during the downturn. And that really starts with your real estate ISA training. Even the most promising candidate needs effective instruction to be successful.

That’s where we come in. We offer comprehensive training programs that focus on way more than just scripts. We teach your ISAs to have more effective and productive conversations that will greatly boost their conversion rate and help them set more appointments. From mindset to objection handling to closing—and everything in between—we’ll help your ISA become a master of lead conversion.

Learn more about our real estate ISA training.

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The Cure for the Fall Market: An Effective Real Estate Pipeline

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The Cure for the Fall Market: An Effective Real Estate Pipeline

When the fall comes, many agents who haven’t worked on their real estate pipeline buckle down for slower, tougher months ahead. After all, the spring and summer real estate seasons are typically busier—with more buyers out looking in the nice weather and larger demand from people who are looking to purchase a home and settle down before the school year starts.

Although this trend might be true in a broad sense, the mistake that many real estate agents end up making is writing off the fall and winter completely. They think that as soon as Labor Day comes and goes, that there is no longer any business to be had.

But there is a way that agents can secure a steady stream of business, even into the fall and winter seasons. By building a fat, bursting real estate pipeline that is just pumping new clients out for your company.

The Mistake Many Agents Make

The sad truth is that if agents or companies are lacking business in the fall and winter, it’s because they did not put in the work during the time leading up to that time. In other words, they did not build an effective real estate pipeline. And I’m sorry to say that those agents have no one to blame but themselves.

Because, although it might be less than the spring or summer, there is A LOT of business to be had in the other seasons. You just have to put yourself in a position to capture as much of it as possible.

What Is a Real Estate Pipeline?

In simple terms a real estate pipeline is just the process or sequence of steps that your clients go through from when they were a prospect all the way until their home sale has closed. It’s basically a combination of lead generation, CRM management, lead conversion, the process of buying or selling a home for your client, and then staying in contact with them, so they come back to you for a future sale.

One of the most important parts of a real estate pipeline, and the one that often gets thrown by the wayside during the busy seasons, is lead generation and follow up. Those two activities are vital to consistently adding new people into your pipeline, so they can move through the process and you can make money. If you aren’t putting in the work to continuously add new people, then your pipeline will dry up and the slower months will be extremely slow indeed.

How to Conquer the Fall Real Estate Market

Years in real estate are often thought of as cyclical. Boom and bust, hot and cold. The most successful agents, however, don’t experience such severe ups and downs. Why? Because they are constantly adding leads to their real estate pipeline, so they have clients that are ready to buy or sell houses throughout the entire year.

The problem is that when you are killing it during the summer, or throughout all of 2021 and the beginning of 2022, for example, you aren’t thinking about adding new business to your pipeline. You aren’t focusing on identifying and generating leads, consistently following up, or going the extra mile to make the appointment.

But if you want to avoid the up and down roller coaster of the seasons, and reduce the stress, anxiety, worry, and scramble, then you should constantly be working on your real estate pipeline.

Our Build Your Pipeline Challenge

If you’re feeling the stress because you haven’t worked on your real estate pipeline during the craziness of the market over the past two years, then we’ve got a solution for you here at Smart Inside Sales. Our Build Your Pipeline Challenge is a 12 week program where you’ll learn all the skills, techniques, and strategies needed to build a predictable, reliable stream of new business.  

Check out the Challenge here.

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How to Build an Effective Real Estate Pipeline

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How to Build an Effective Real Estate Pipeline

Building an effective real estate pipeline is a critical part of building an effective business. The problem is that over the past year and a half, maintaining a pipeline hasn’t been as necessary as it normally is. Afterall, 2021 and the first part of 2022 were hot times in the real estate industry. Houses were selling like hot cakes and you really didn’t have to do too much to get clients and make deals.

But those times have passed. Now we’re back to the real world, where you have work extra hard for every lead and every deal. And that starts with your real estate pipeline.

What Is a Real Estate Pipeline?

Any business that involves selling needs to have a pipeline. In simple terms, your pipeline is just the process or sequence of stages that your real estate clients go through from when they are just a lead all the way through until the deal has closed. A significant part of managing a real estate pipeline is maintaining the relationship you’ve built with prospects and customers. The goal is to stay in contact, so when they’re ready to buy or sell, you’re the agent they think of.

Here are the primary components of a basic real estate pipeline for a seller client:

  • Identify and generate your leads
  • Reach out and follow up until they make an appointment with you
  • Get the appointment and meet with them
  • Secure a written contract
  • Establish a listing
  • Begin to accept offers
  • Close the deal
  • Follow up with your client after the sale

Why You Need an Up to Date Pipeline

Your pipeline reflects your future business. If it dries up, then your business is going to dry up soon after. In the really good times like we’ve just left in the real estate industry, an effective pipeline doesn’t seem that important, because there is business everywhere to be found that seemingly just falls from heaven.

But when times are tougher, your pipeline is what you rely on to keep new business coming in and being able to pay the bills. When it gets down to it, what does it actually mean to maintain your real estate pipeline? It’s essentially the combination of prospecting, lead generation, CRM management, lead conversion, the actual process of buying or selling a home for your clients, and then staying in contact with them, so they come to you in the future.

Each part of your real estate pipeline is crucial to your success, but the first half is often thought of as the most difficult. The part where you actually find and convert new business. But make no mistake, if you neglect the second half, the continued nurture for a future sale, your pipeline will suffer.

How to Build a Successful Real Estate Pipeline

If you’ve let your pipeline lapse, then I have a new program that can help! At Smart Inside Sales, we recently launched our Build Your Pipeline Challenge. It’s a 12 week program where you’ll get all the goods for a successful pipeline.

You will be set up in small groups of 5 or 6 Agents or ISAs and you will have a dedicated trainer that supports you and your goals every day. Throughout the 12 weeks you will have access to our Prospecting Room, where you will execute your sales calls for at least 1 hour a day, Monday – Friday. 

There will be 2 classes a day offered in a breakout room exclusive to this program in The Prospecting Room. You will finish off each week with an accountability meeting with your dedicated trainer.

By the end of this program you won’t only have a pipeline bursting with new business, but you will have learned the skills and techniques necessary to effectively manage it and continuously add to it.

Check out the Challenge here.

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What to Do in the Current Real Estate Market

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What to Do in the Current Real Estate Market

The real estate market is experiencing some big changes. According to a recent article by CNBC, the number of mortgage applications fell to a 22 year low last week. They also pointed out that homebuyer demand is down by about 19% compared to the same week one year ago. On the new build side of things, the National Association of Home Builders reported that confidence within the housing market has sagged due to the impact of high inflation and rising interest rates that have resulted in “dramatically slowing sales and buyer traffic.”

Interest rates are climbing in an effort to combat inflation, borrowing conditions are much tighter, and, as a result, buyer purchasing power and demand are sharply diminishing.

I Don’t Mean to Be Doom and Gloom

I’m not trying to kill the mood, I just want to lay out the facts of the real estate market situation, so agents and ISAs like you can make the proper choices and adjustments now. Because the truth of the matter is that a slowing market does not have to kill your business. It’s true that a slower or tougher real estate market may cause less committed or able agents to exit the industry. But all that means is more business to go around for the agents who are committed to the long haul and to putting in the work.

Thousands of agents entered the real estate industry during the pandemic, largely due to surging home prices and a massive amount of demand. But many of them may not have what it takes to weather more difficult times.

The question you need to ask yourself is, which kind of real estate agent are you? Do you want to put in the work and build a successful company and career in any real estate market? Or are you a fair weather agent that wants to get out when the going gets tough?

If You’re in It, Then Here’s What You Can Do

If you’re committed to being a successful agent and navigating the tougher waters ahead, then here are some tips:

Don’t stop your marketing – When the real estate market slows, your marketing actually becomes even more important. But you have to be smart about it. Look closely at your metrics to see what works and what doesn’t work and only put your money into what is producing results. Remember that effective marketing is an investment, no an expense. But if you can’t see exactly what money is brought in by the money you put out, then it’s not a great investment. So pay attention to the numbers, and invest in what is working to bring in new business.

Focus on your sphere – In a real estate market downturn, one of the best things you can do is focus on your sphere to develop a stronger referral base. People in your sphere are those who already know and trust you. You don’t have to win them over; you just have to be available and there for them at the right time. Reach out to them, ask them how they are doing, see what real estate needs they have. Stay connected and let them know you are there for them.

Organize your CRM – Now is the time to make sure your CRM is correctly organized and up to date. Doing so will help you keep track of prospects, leads, and clients and build out a pipeline of people who will need your services 3, 6, or even 12 months out from now. Your CRM will help you connect with your sphere and reach out to them regularly.

Real estate training is key to your success – One of the biggest mistakes agents make is quitting their real estate training when the market shifts. Just like with marketing, a slower market is exactly when you need to invest more in training. A real estate market downturn means there is less business to go around, so you need the skills and determination to go out there and get it. For that, you need real estate training to consistently refine and improve your ability.

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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The Top Real Estate Metrics to Look at in a Shifting Market

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The Top Real Estate Metrics to Look at in a Shifting Market

We’re in the midst of a real estate shift. The market is quickly changing, and agents and teams have to adapt in order to keep up. At Smart Inside Sales, we’ve been receiving a lot of questions from our clients about which real estate KPIs they should pay the most attention to now that the market is tightening.

I wanted to put together a quick blog post that covers some of the key real estate metrics that you need to track and review regularly. Doing so will help you successfully weather the real estate shift that we are in the middle of.

Real Estate KPIs: Lagging Indicators

Most real estate teams focus a lot of their attention on lagging indicators. These are real estate metrics like active, closed, and pending listings. Team leaders will use these numbers to forecast where their business will be heading in the future. The problem with that is it’s kind of like standing at the back of a ship looking at where you came from in an attempt to figure out where you’re headed.

Don’t get me wrong, looking at active, closed, and pending is a great way to review past performance and assess how successful your team has been. Coupled with a clear idea of the types of actions your agents have been taking, these real estate metrics can help you review whether your current strategy has been working well or not.

The problem is, they don’t give you a clear view of where your business is headed. For that, you need to look at key leading indicators.

Real Estate KPIs: Leading Indicators

If lagging indicator real estate metrics are you standing at the back of the ship, then leading indicators are you standing in the crow’s nest. They help you see right where the ship, or your business, is heading and why. When thinking about real estate KPIs for your business, these are some of the most important ones for looking forward:

  • Number of leads generated
  • Number of contacts made
  • Number of appointments set
  • Number of appointments met
  • Number of contracts signed

These metrics allow you to see how much business is currently in the door, how much is right outside the door, and what business is on the horizon. They also give you a good idea of how much successful effort your agents and ISAs are putting in to create more business for your company. By understanding these key real estate metrics, you are in a better position to make fast decisions about where to focus your resources in the tightening market.

The Real Estate Shift Doesn’t Have to Be Scary

A tightening real estate market can be stressful, but it’s not the end of the world. You just have to take the right steps for your team now. A big part of that is understanding your agents’ current performance and what business is coming down the pipe. At Smart Inside Sales, we recommend that team leaders look at the lagging and leading indicators we mentioned, as well as other important metrics like:

  • Lead spend
  • Conversion rate
  • ROI

All of these real estate KPIs should be reviewed weekly, monthly, and quarterly. That way there won’t be any surprises, and you can have the information you need to make any tough decisions that come up. Knowledge is power. You just have to start collecting it.

If you are a team leader and worried about the coming real estate shift, then check out our Leadership & Management Coaching program. We help you focus on ramping up the accountability, organization, and communication of all aspects of your business, as well as crafting and executing an effective plan for dominating your market.

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How to Be Successful in a Shifting Real Estate Market

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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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