Let’s just get down to the gritty question…. Are we in a housing correction?
If you’ve been keeping up with This Week in Housing, you’ll already know the answer to this one. It’s NO! No, we are not in a housing correction!
That last sentence right up there ^ is what today’s blog is all about. I’m not going to go over all the data points in detail – you can check those out here.
What I want to do instead is hammer home this reality – your No. 1 responsibility in a shifting market is to inform! Many people in your market are likely thinking the worst right now, and it’s up to you to correct those thoughts with factual information. Keep reading so I can give you some ideas on how to communicate your message more efficiently – and keep your transactions moving.
What’s on Everyone’s Mind
The hot word on everyone’s mind right now is “recession.” What does “recession” remind the average homeowner of? Exactly… that nasty period of 2008. That’s what people are thinking right now and that’s why the fear is so high.
Of course, we know that a recession DOES NOT EQUAL A HOUSING CRISIS. As a matter of fact, in four of the last six recessions we’ve seen since the 80s, home prices actually appreciated.
…Just Because You Know the Truth…
…doesn’t mean your clients do. You stay up to date with Keeping Current Matters, This Week in Housing, and all the other reputable real estate news sources, but remember that your clients probably don’t – it’d be pretty embarrassing if it was the other way around. They are seeing articles with headlines like, “Is the Housing Boom Over?”
When people hear all kinds of conflicting information without anyone to explain it to them, it creates uncertainty, and no one likes to make moves when they are uncertain.
The only way you are going to continue to grow your transactions going forward is to alleviate the fear in your marketplace. People need reassurance and if you’re the one who provides that, you’ll be the one they choose to work with.
There are two ways we need to tackle this:
- On a broad scale
- On a personal level
Let’s start with…
(Before I go into any of these, the preliminary step which I hope you’ve already done is to download these slides from This Week in Housing and use them.)
There are four things I recommend:
YouTube Market Update Videos and News Commentary
Tackle the issue head on by signaling out the news articles directly. Jeremy Knight does his news commentary in front of a green screen with the front page of the article imposed behind him. You should be doing something similar.
Weekly Email Newsletters with Links to Your Videos
I’m just curious, how did you get to this blog? Was it through an email we sent out with a direct link? Do the same – email your database to drive them to your market updates.
Direct Mailers to Your Geofarm
Imagine getting a piece of mail that inspires hope and optimism instead of fear and urgency… So many of our clients have seen success by including QR codes which bring people to their home value estimates.
Social Media Quick Facts
Want to see how educating through Instagram is done right? Check out Jeffrey Sabel from Las Vegas, who is getting important data out to a huge following through 15 to 20 second clips. A fantastic strategy here is Jeffrey’s Linktree in his bio, which brings you directly to several of his most important longform videos. It’s a great way to leverage your short content for views on your longer pieces.
The Personal Level
Your broad scale marketing will open the door for you, but this is where you need to invite them inside.
Make Your CALLS
Don’t forget, even though we’re not in a housing crisis, no one said this was going to be an easy market for you – which means you MUST be making your calls, now more than ever.
Follow our proven strategy. Create a CMA for a past client, send them a video text message before you send it, then email the CMA and follow up in a day or two with a phone call to discuss the value of their home.
Repeat this process with a different past client daily and watch your listing opportunities skyrocket!
This is a great way to touch base with your past clients every year and possibly get some referrals, but it’s also one of the best strategies for getting your message out. Doing an annual equity review puts you face-to-face with your clients in person, which is where real connection happens. John Ely prefers to call these “real estate reviews” because he covers so much more than just equity, from the state of the market to possible investment options.
Ask that People Share Your Content
You are here to educate, serve, and help people build wealth. If you care of your clients and give them reassurance, they’ll want you to do the same for their family and friends.
Keep the Conversation Going
Above all, keep in mind that just because you’ve said the same thing a thousand times, doesn’t mean that everyone has heard it. Just because you posted a video several weeks ago that details the state of the housing market doesn’t mean that everyone has seen it. Say it again. Post another video. Get the word out there!
Now is still a great time to buy or sell, and when you help people to realize that, you’re improving their lives. Keep up the good work.