Everyone – from real estate professionals in Florida to history teachers in Fairbanks, Alaska – looks at the New Year as a fresh start, a blank page, a new opportunity to succeed. Sadly, however, most of us won’t take the steps needed to capitalize on that fresh start.
According to Forbes contributor Tracy Brower, “Despite their big plans though, only 8% of people will achieve their New Year’s resolutions.”
So, what can real estate agents and Realtors do to help ensure that they follow through on their resolve to capitalize on the record activity in the housing market as the New Year unfolds?
6 Tips to Help Realtors Succeed in 2022
- Do you have a business plan? Wade Webb says that one of his mentors once told him that, “Agents aim for nothing and hit it with amazing success.” To ensure that isn’t your fate, Webb says, “You should approach the new year as if you are going to battle and for that you should develop a strategic plan.” In addition to factoring in current market conditions and the current state of your business, he recommends including activity plans and a budget as well as outlining your goals for the year.
- Forbes contributor Ryan Serhant is another big believer in preparation and planning. “Every day actually begins the night before,” he says. “That’s when you get ready to hit the ground running. If you wait until you wake up each day to think about what you need to do that day, you’re already wasting time!” His advice for real estate agents: “Think about the mom who sets her kid’s outfit out the night before for picture day, or the bodybuilder who meal preps for the week ahead to avoid eating bad things—those people are planning ahead for success.”
- As you gear up for a New Year, Bright MLS recommends that you consider your marketing efforts. “Keep yourself top of mind with past clients by updating existing auto emails or creating new ones that highlight market activity where their home is located,” for long term loyalty. “Customize a message letting these past clients know that you value your connection with them and are never too busy to act as their real estate expert and welcome their referrals and leads. Schedule this email to be sent monthly – just frequently enough to stay in touch, but not be seen as SPAM.”
- “Keep up with zoning changes,” is the advice from com. “As zoning laws evolve in response to climate change and housing market shortages, agents must be well-versed in any local zoning laws that apply to the properties they’re listing or purchasing. Having this knowledge helps you stand out from the crowd and ensures you can answer any question clients throw at you.”
- The real estate education pros at Real Estate Express recommend that agents, particularly those just starting their real estate careers, “Attend every home inspection when performing a transaction. Many agents mistakenly skip this part,” they say. “But your job here is to negotiate for the client. What the inspector finds on the property will affect the closing terms, whether the damage is significant or small. Put these damages into perspective, so buyers know what’s normal for a home and what’s not.” Being proactive means you’ll have a better chance of ensuring that, when you call a Florida real estate lawyer, it’s to handle a closing not to help a client get out of a contract.
- The 2022 National Housing Forecast from Reator.com predicts that home sales will grow 6.6 percent on the national level. That could translate into 16-year high sales. What is driving the growth? “With more than 45 million millennialsin the prime first-time home buying ages of 26 to 35 in 2022, demand for housing is expected to remain strong. A growing economy and declining unemployment, as discussed in our economic outlook, also propels income growth of 3.3% by the end of the year, keeping sales levels high despite climbing mortgage interest rates,” they say.
Keep your focus on the suburbs, is their recommendation. “The unexpected and unprecedented demands that the pandemic placed on home shifted shopper preferences toward space and versatility and drove a boom in homebuyers and renters shifting to suburban areas and less-dense metros,” their report says. “This means that while urban areas continue to be pricier and fast-paced, the advantage of shifting to the suburbs to get a better bang for the buck and face a less competitive market has eroded. Nevertheless with affordability likely to be even more top of mind for buyers in the face of rising home prices and rising mortgage rates, the suburbs are likely to maintain their recent cachet.”
Looking Ahead in 2022
Additionally, Danielle Hale, Chief Economist at Realtor.com predicts, “Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth. Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise.”
At Rabideau Klein, the Real Estate Attorneys have the local expertise and experience you can depend on to support swift and effective closings in the Town of Palm Beach and throughout The Palm Beaches. Contact Rabideau Klein today to discuss your real estate legal needs.