With the new year finally here, real estate professionals may be wise to take the quieter winter months to assess their plans for when the spring buying season starts to heat up. With this in mind, considering the ways the 2017 real estate market will differ from the one seen in recent years is vital, and any steps taken to better handle those changes will likely result in a number of benefits for agents, buyers, and sellers alike.
Plan for the 2017 market
The first thing to remember is that in many ways, the national housing market is now back to pre-recession norms, but many buyers and sellers may still be lingering in recovery mode, according to analysis of 2017 market from PricewaterhouseCoopers. This is particularly true when it comes to housing affordability, because the twin factors of mortgage rates and home prices are on the rise.
Get it down on paper
Those who tend to experience the most success over the course of a year are those who put in the most preparation, often before it even begins, according to business strategist Gord Collins. The fact is that most of the year follows somewhat predictable patterns in local markets, and as a result, carefully crafting a business plan isn’t hard to do. Making sure to carefully record the steps that seem most prudent can be a good guide for the rest of the year because whenever questions arise about what needs to be done – whether it’s revamping a website or boosting social media presence – an annual business plan is something an agent can always return to.
Figuring out your budget
A big part of any successful attempt to set a sales strategy at this time of year is figuring out how to properly budget for the year. Sitting down and devoting a few hours to such an effort will likely pay off over the course of 2017, but there are a few basic things to keep in mind when doing so, according to Agent Edu. The first and most important is to look at local trends and determine the best way in which each ad dollar can be spent, based on anecdotal and more tangible data from a number of sources. After that, it’s important to determine how much is going to be spent on advertising for the whole year, and how each month’s budget plays into that.
Finally, it’s important to get down to the nitty-gritty of ad streams. Some agents might find it useful to put money into search engine or social media ads, while others could get a greater benefit from real-world signage. This depends heavily on demographics in their area, how established they may already be in their markets, and a number of other factors. And as always, these efforts should typically be undertaken in addition to the time they’re devoting to the free marketing social media platforms provide.
There are many ways to give your 2017 sales and marketing strategy a boost – with a clear focus on one or two new tactics, you may find yourself tracking a new course of success in the coming year.
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