The best way to avoid an offseason in real estate is to be proactive. The most difficult part of any business, including the real estate industry, is staying ahead of the curve. If you’re not prepared for a slowdown, it will come as an unpleasant surprise and then become a major setback.
This article discusses how to spot declines and do everything within your power to ensure that you avoid them.
Discover Your Go-To Tools
To avoid the offseason, you need to know your go-to tools for when things start slowing down. The best way to spot a slowdown coming is by tracking certain metrics such as occupancy rates and days on the market.
Suppose these numbers begin to show declines in any one of those areas over time. In that case, the chances are that there will soon be more opportunities than usual for sellers if it’s an overall decline or buyers if it’s an overall increase (but also watch out because supply may exceed demand).
Suppose you’ve seen this happening with either metric. In that case, we recommend scoping out other properties within your vicinity so that you can take advantage of newly found listings or pick up deals from owners who want their property off the market quickly before it goes down in value.
This will set you up for an easier transition into a new season, rather than waiting and watching your business go by the wayside during a long offseason.
Use Social Media Platforms and Be Consistent
We recommend using social media platforms like Facebook or Instagram to attract more potential clients and buyers.
We also suggest the following steps:
- Stay consistent with your posts
- Post pictures of property listings on these sites every day if possible
- Include profiles on all websites with real estate information, such as Zillow, Trulia, etc.
- Maintain a website where people can find out about what’s going on in their area
Think Outside the Box
There are a lot of ways you can market yourself for an upcoming season before it even begins, such as:
- Encourage tenants who might want to renew leases early before rates go up during the season
- Encourage brokers who might want to list their full properties during the offseason, such as a home with an office space that is available
Realtors must never stop marketing themselves even when there is no business happening; winter may come quicker than expected! Ensure your website has updated information on what property listings are still open today so people know where else they can find something.