Are you wondering how you’ll achieve real estate success in 2024? You’re not alone.
The last couple of years have been a wild ride for Realtors. From the disruptions of 2020 to the market frenzy of 2021 and 2022, each year has held new surprises.
In 2024, markets seem like they’re being pulled in multiple directions. To be successful, it’s important to stay focused.
Here are 8 things Realtors should keep in mind in 2024.
Get Back to the Fundamentals
It’s easy to get carried away with the latest trends when sales are plentiful. When the market gets more challenging, it’s good to get back to the fundamentals of real estate.
Things like having a routine, developing and following a business plan, having a solid lead strategy and a marketing plan and making time for networking and professional development are all key.
These are the fundamentals all successful real estate businesses are built on, and they’re especially important in a market like 2024.
Know Who’s in the Market
You already know who’s typically in the market to buy or sell a home in your area. Or do you? As the real estate market shifts, demographics for buyers and sellers is also shifting.
The share of first-time buyers is at a record low of 26%. The age of becoming a homeowner for the first time is at a record high of 36, while repeat buyers average 59 years old.
Buyers are moving an average of 50 miles these days, and small town (29%) and rural buyers (19%) are making up record-sized pieces of the pie.
Success definitely requires keeping up with the times, so take a hard look at your market and prospects and make sure your message is dialed into the folks looking for your expertise.
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Know It’s Still a Seller’s Market
Despite recent dips in buyer demand and selling prices, it’s still a seller’s market out there. Buyer and seller education should help drive home this point.
Buyers want to buy and sellers want to sell, but these two market segments aren’t exactly seeing eye to eye right now.
Buyers tend to think prices are down more than they are, while sellers assume they’re going to get last year’s price.
Realtors can help set the right expectations so these two sides can come together to make a deal.
Work Your Best Leads Well
Buying or selling a home is always a big decision. In 2024, there’s even more to consider, with higher interest rates, larger monthly payments, record home equity and bigger economic questions all a factor.
Real estate leads need quality, up-to-date information about what’s going on in the local market and advice on how that impacts their own unique situation.
A strong lead generation game will help Realtors be successful in this environment. These real estate email templates will get you started.
Work on Increasing Your Visibility
Increasing your visibility is going to be especially important for real estate success in 2024. If they can’t see you, they won’t know you’re available to help them.
Think about it: it’s not easy being a home buyer or seller who’s been out of the game for a while. Many don’t know where to look to find a good agent.
Zillow, Trulia and Realtor.com are a must for advertising. Social media on your preferred platform can be a big help. Referrals, open houses, educational seminars and online marketing are also key.
Being where potential leads can easily spot you will open up more doors, despite a less than ideal market.
Find Programs to Help Your Buyers
A real estate agent wears many hats in a market like this one. One of the most valuable hats you can wear in 2024 is being your buyer’s go-to expert for government assistance programs.
Governments everywhere realize the value of homeownership, so it’s no surprise there are federal, state and local home buyer assistance programs in most parts of the country.
From specialized VA and rural loans, to down payment grants, home repair funds and other programs, there are a lot of options.
Being the expert on the programs in your market could help with your buyer education efforts and land you more sales.
Realize That Life Keeps Going
Despite all the chatter and charts about an uncertain housing market, the economy and everything else, it’s important to remember that life goes on.
A suitable home is a necessity. People all over the country are finishing school, starting new jobs, moving to new cities and making room for a growing family.
Looking for those opportunities to connect with people searching for a new home is the key to success in 2024. It may be a little harder to find them right now, but they’re out there.
Stay Focused on the Positive
Successful people have a lot to say about the secrets to success. Organization, time management and communication are all important. But so is a positive attitude.
There’s no doubt 2024 is going to be another wild ride for real estate agents. There will definitely be challenges here and there.
A can-do attitude will not only help you stay focused on success, it will also help your clients stay focused on their ultimate goal — buying or selling a home.
More Tips for Real Estate Success in 2024
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