Jan 20, 2023
2023 will be a year of opportunity. In today’s episode of The Real Estate podcast, Jimmy goes over 5 different predictions he has for 2023, and how YOU can take advantage of these predictions for maximum profits and business growth.
Less Transactions
- In the last half of 2022, for multiple different reasons, the market has slowed down. There’s a disconnect between prices that sellers are willing to sell at, and that buyers are willing to buy at. Jimmy predicts that for the first half of 2023, this stagnation will continue.
- Since there are going to be less transactions, whatever transactions you do have, you have to MAKE SURE they don’t fall through the cracks. Make a list of the clients who are most likely to either buy with you, sell with you, or send you leads. FOCUS on these clients.
- You also have to prioritize relationships. ADD VALUE to your clients. Transactions may be slow going into 2023, but by adding value to clients you make it more likely they’ll do business with you, whether now or in the future.
More Inventory
- All throughout 2022, there was a rise in inventory. Especially in the springtime, as homeowners are looking to move or make a change for the new year. Even though there’s more inventory however, there’s also been less demand.
- Be VERY selective on your listings. If a seller is setting an unrealistic price, then don’t take that listing. Don’t be afraid to say no! With less demand and less transactions, it’s CRUCIAL that you only take the listings most likely to sell.
- In particular, look for EXPIRED listings. Why? Expired listings put you in a position to tell the seller what they need to hear instead of what they want to hear. Listings expire for a reason, and you can tell the seller why their listing expired, and how to prevent it from expiring again.
Look For Sellers Who Have To Sell
- Over his 30+ years in the business, Jimmy has noticed that whenever a client has some major life event, they’re more likely to sell. In particular, even if it sounds morbid, death can be a trigger for a sale.
- After major life events, people are emotional. You can take advantage of this by being a helper for the client. Provide them with a list of services, whether that be moving companies or clean-up crews.
- Death isn’t the only event to look out for. Divorce, job transfers, retirement, and children are all things that can prompt someone to sell their house.
A Lot of Agents Leaving Real Estate
- When the market is good, a lot of people get into real estate because they believe it’s easy and quick money. When the market slows down, however, agents tend to leave.
- For the people looking to get out of real estate, you can help them park their real estate license. You can also offer to pay these agents a referral fee. This lets them continue to monetize all of the work they’ve done, and will make YOU seem like a better real estate agent.
Superstar Agents Will Emerge
- The real estate business has a natural rotation of agents. Just as agents are going to step away from the business, new top-tier agents will emerge. The top 5% of agents now probably won’t be in the top 5% in the next few years as they naturally rotate out.
- Don’t treat real estate as a hobby. If you want to be one of these emerging superstars, you HAVE to put in the effort and the work. Go all in NOW so you can have a solid foundation once the market picks back up.
As the market continues to slow down going into 2023, RECOGNIZE these trends. Once you’ve recognized them, you can then take advantage of them. Put in the effort and focus on what matters and you WILL keep seeing profits going into the new year.
Do you have a video or content idea perfect for your business? Share it with Jimmy! Connect with Jimmy Burgess on LinkedIn and Facebook, and his YouTube channel. If you like what you heard today, we’d love it if you’d share a rating or review and then subscribe to the podcast and tell others about it. You can find The Real Estate Sales Podcast on Apple Podcasts, Google Podcasts, Spotify, Audible, and our website, The Real Estate Sales Podcast.