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Trends That Transcend 2014 Market Forecasts
\’Tis the season … of seeing what 2014 will bring. Interesting stuff; and I\’ll summarize my two cents.
But then I want to get to the root of real estate and look at some things you need to do no matter what\’s floating around those crystal balls. I think of these items as trends that transcend market forecasts. Because when all is said and done, what truly matters is what you do, how you react and adapt in your real estate business in your neck of the woods.
As for 2014, NAR says to expect a transition year as prices and interest rates continue to rise, along with an increase in home inventory. Forecasters see buyers emboldened by strengthening job growth and potentially more lenient mortgage-qualification standards. Plus, sales of new homes will jump by 18.5 percent because of a projected 25 percent increase in new-home construction starts.
Want more? Google \”2014 real estate forecast.\”
Now, let me hit on some items I think you need to consider for 2014 and beyond:
1. Think generational selling – This is a topic we tackle hard in our boot camps. Why? Because selling real estate is about people. The more you know the people you\’re dealing with, the better off your business will be. For example, I think many Realtors could make a fine living just by focusing on Baby Boomers. They\’re moving out of their suburban McMansions and heading to smaller urban homes near stores, restaurants and social events. Pick a generation — Gen X or Y, Millennials or Boomers — and serve them the way they want to be served.
2. Think social media – If you haven\’t started using social media and you have no plans to, quit reading this article and start updating your resume. Smart marketers are putting their money where the eyeballs are – many eyes are looking at social media. Honestly, it\’s not that difficult to learn, and after a while, it\’s actually kind of fun. Take Facebook for example. One feature folks often overlook is the ability to invite your email contacts to join your page. From your business Facebook page in the top right, just click Build Audience, Invite Email Contacts. You\’re done. See how easy that was! From there, sharing listings, asking for referrals or updating folks on your business is a piece of cake.
3. Think building a larger community – Real estate is a people business (make that \’a lot of people\’ business). If you expand your community, you\’ll grow your business. Here\’s something you can do immediately: think of a hobby or personal interest you\’d really like to spend more time on but haven\’t because you\’re too busy. Now, find a club or organization that shares that same passion and join. Shazam! You just expanded your sphere of influence and met people who share your interest.
4. Think continual improvement – I\’m meeting a lot of new blood coming into real estate – blood with solid business acumen and a hunger to succeed. That means seasoned agents better be improving or moving on to something else. Make a commitment to sharpen key skills and improving the value you offer to clients at every turn. Each day ask yourself this question, \”How can I serve my clients better?\” Then start doing it.
And finally, of course, don\’t forget your goals.
What are you doing to make 2014 better than 2013? Be specific. What hurdles do you see that you need to overcome so that 2014 is one of your best years ever?
The happiest of happy holidays to you and yours!
Bob Corcoran, a nationally recognized speaker and author, is founder of
Corcoran Consulting Inc
. (800-957-8353), an international consulting and
that specializes in performance coaching and the implementation of sound business systems into the residential broker or agent\’s existing practice.