The temperatures are dropping and the home sales market is slowing down. For many agents, lead flow might be light, and weekends that, two months ago, might have been packed with showings, are suddenly looking a little empty. New agents—don’t worry, this happens every winter! The home sales market goes through natural fluctuations, and, in the winter, agents can expect fewer movers and lower inventory. For most real estate agents, this means a little bit of extra time on their hands. But, how can you take advantage of all this extra time and stay productive this slow season? Scroll down to see 9 great ways to stay productive this slow season.
1. Get used to working with rentals!
Rental occupancy reached 96.3% in the third-quarter 2019, up from the prior years 95.9%, and close to the all-time high of 96.4% reached in late 2000. There are peak renting seasons. They vary from city to city, but, like the housing market typically there are fewer renters. However, unlike the home sales market, the rental market is more stable, and doesn’t go through the types of dramatic fluctuations that the sales market does. You can rely on making renters a part of your business at all periods of the year, including the winter.
2. Brush up your outreach schemes; let current renters know the benefit of moving right now
Because of lower inventory, many landlords and property owners will price their units accordingly to appeal to renters. Do have you have any renter clients who are nearing termination of their leases? Send them an email asking them how satisfied they are with their current living situation, and letting them know that, if they’re looking to move, they might be able to secure an apartment for a lower price.
3. Show your appreciation for your clients (and get referrals)
With holiday season right around the corner, spread some cheer (and get referrals at the same time!) Buy a pack of Christmas cards and send them to clients in your sphere of influence. Looking for a cheap alternative? Send e-cards. Looking to add a personal touch? Write out a happy holidays message that includes a personal detail (“How’s Mr. Whiskers?” “I hope your children are loving the park nearby.”) Make sure to include a sentence about how, if they’re planning to make a move to a new house soon, you’d be happy to assist them.
Related: 6 Ways to Add a Personal Touch
4. Take some extra real estate classes
As students of an ever-changing, dynamic industry, continuing your education is always a good idea. Try taking a couple of courses or online seminars in an area you feel you could get a better handle on (social media prowess, email marketing) or maybe explore something totally new (military housing, working with rentals).
In-person seminars are also an excellent way to network while you learn and connect with agent dedicated to making the most of their off-season (just like you!)
If you haven’t do so already, maybe take some time to try out Rental Beast’s online learning center, Rental Beast University! Rental Beast University offers courses for agents of all levels on the ins and outs of rentals, social media skills, and converting renters to buyers.
5. Regroup and analyze your performance
Take the extra time to regroup and think critically and carefully about your strategy. What’s working? What’s not working? What type of clients have you been working with recently, and how you you service them even better. Here’s a couple of things you can think about:
- Think (and rethink) your marketing plan. How is your lead flow? Are you taking advantage of everything you can? Is there one channel that doesn’t seem to generating the leads you need?
- Did you make your monthly goals? Yearly goals? 5-year goals? Take this time to see how you are doing achieving them.
- Go to the macro-level. Ask yourself why you do real estate, and reflect on how close you are to achieving your goals.
Check in with yourself and use this time to contemplate how you can meet your goals.
6. There’s nothing wrong with getting some supplemental income
Being a real estate agent can be brutal. If you’re strapped for cash, remember that there’s nothing wrong with finding some ways to make supplemental income. If you have a side business that you’re already working on, now’s a good time to devote more time to its operations. Or, if you’re looking to to keep things focused on real estate, try writing your own real estate blog. Share your knowledge with your clients, establish yourself as a thought leader, and make a little bit of cash on the side–you can monetize your real estate blog with things like affiliate links and advertisements.
7. Engage with your community
Winters months can be tough for folks struggling with homelessness or disadvantaged communities. There’ll be no shortage of events and volunteer opportunities to support those dealing with hardships. Take some time to give back to your community. As you volunteer, you’ll meet the clients you’ll be servicing, and can let everyone know that you’re ready to help them with their next move.
8. Power through! The slow season won’t last forever
It might be frustrating when your client base seems to dwindle, and your weekends are suddenly empty of showings. If you’re a new agent, don’t wonder if you’ve done anything wrong! The housing market naturally goes through cycles. This is going to be an important part of being a real estate agent. Make sure that you take advantage of all the extra time by following our tips above!
9. Give yourself a break. Enjoy the holidays.
It’s important to stay productive this slow season, but the holidays are just around the corner! In between analyzing your performance, rethinking your marketing performance, and taking some extra real estate classes, don’t forget to take time to unwind, kick your feet up, spend quality time with your loved ones, and enjoy the holidays! You deserve it.
To learn more about the Rental Beast platform or to request a no-obligation demo visit Rental Beast for Real Estate Agents.