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How to Take Advantage of This Real Estate Market

November 22 2022

winter hand houseAgents, how are you viewing this market shift? Rather than seeing it as a slow-down period, you should be thinking about it as your chance to gain the upper hand and boost your business for years to come.

Now that you can come up for air, it's time to focus on your business, budgeting, and best practices. With the new year right around the corner, now is the perfect time to be planning out your action plans for 2023 and beyond.

Here's how you can take advantage of the market conditions to get ahead in your business.

1. Talk to Your Team

With the market slowing down, this gives you a fantastic opportunity to resync with your team. As a first step to making the market work for you, you want to check in with all of the people who power the business and get their feedback on:

  • What's working
  • What's not working
  • What they need help with
  • What ideas they've come up with for improvements
  • What their goals are for the next year

This can help you get a real-time status update on your team's collaboration, productivity, and process. Opening the line of communication can also boost team morale and empower every individual to step up and share their unique insights.

Pro Tip: To make this process as efficient as possible, we recommend that you give your team time to think about what they'd like to say.

Set a formal meeting time and explain to them what you'd like to speak about so they can gather their thoughts in advance, rather than bringing it up unannounced — which may catch your introverted team members off-guard, preventing them from sharing their point of view.

2. Think About Connecting Your Front and Back Office

Is your front and back office humming together in perfect harmony? If not, you should be thinking about how you can create seamless collaboration between your client-facing and team-facing tasks.

The deeper integration between these two types of software gives your business the bandwidth it needs to create pristine client experiences and more efficient team workflows. Think seamless syncing of systems, instant data access, and a user-friendly transaction management portal that keeps everyone in the loop — helping you work better together.

3. Revisit Your Budget

As we're arriving at the end of the year, it's the perfect time to revisit your budget. Take a long, hard look at your finances for the 2022 year. Pay attention to where you were overspending, where you underspent, and where you can cut back on waste.

An important thing to think about when looking at your budget is that you want to be investing in tools that will generate solid returns for your business. You don't necessarily want to cut back on the tools and infrastructure that keep your business running strong.

Otherwise, you could be cutting back your spending — at the expense of reducing your profitability.

A strategic budget puts your dollars to the best use in order to generate more financial gains in the future.

4. Refine Your Tech Toolkit

How did your tech toolkit perform for you this year? With the market slowing, it's a fantastic time for you to audit your technology.

We're moving into a digital-first world, and the best agents are relying on their technology to empower their business models in the new year.

Even if you don't make any changes to your tech, you might want to reach out to support teams to find out if there are any updates that you weren't aware of. You may also want to inquire about any additional training you can get to help lock in your team's expertise with their toolkit.

5. Clean Up Your Database

Finally, you should take the time to clean up your database — getting it ready to do its best work in the new year.

5 To-Do's to Improve Your Database

  • Make sure all information is current and accurate
  • Fix any typos or mistakes in your contacts
  • Incorporate any new information you may have gathered into your contacts
  • Segment your contacts into categories
  • Tag your contacts based on where they are in the transaction timeline

To view the original article, visit the BoomTown blog.