There’s a lot of focus on the Houston real estate market right now. As energy demand and prices have been on the decline, job growth in the area has slowed, and it has people in the real estate industry watching cautiously to see what happens next.
While there has been concern, so far home sales have remained steady throughout much of Houston, but many of the city’s top realtors are still planning for a possible chill in the market.
The question becomes, how can Houston real estate agents continue to grow their business, even if the overall housing market weakens amidst energy industry slowdowns?
Start Preparing Now
Many of the real estate agents who seem to navigate downturns in the market with ease tend to be the same professionals who spotted the signs early on and began preparing. As an agent, spotting these signs as well as continuing to make an effort to gain and keep clients is a never-ending process. Rather than assuming the market will always remain strong, it’s a good idea to always be on the lookout for potential red flags that could spell an impending slowdown. Have a plan in place in the event of a market chill or complete downturn, and even if you never have to use it, at least you won’t be blindsided.
Become a Resource
If you want to grow your business even when it seems almost impossible, you may want to position yourself not just as an agent, but as an authority and a trusted, valuable community resource. Begin doing this by hosting free seminars and events, or giving talks wherever possible. You can advise potential clients in any number of ways, and you’ll be growing your business even if sales slow down.
Connect with Title Companies
When a real estate downturn happens, it can be valuable to find the right connections, which might not necessarily be the connections you sought out when the market was at a high point. A good connection to make when you’re working to grow your business in challenging conditions is a title company. Title companies often have the inside track on deals that didn’t go through, and many of them may not have worked because of technicalities or because the involved parties tried to do it without a real estate agent. That list can be a great source of leads when you’re otherwise struggling to find motivated buyers or sellers.
Focus on Different Areas
What many top real estate agents see right now in Houston is that some parts of the city and the metro are starting to slow in terms of home sales, while others are holding steady. This may often be the case during a downturn, so if you’re a Houston realtor, and you specialize in communities that serve the needs of energy company employees, you may want to start expanding your specialty area now. You may find that even when the areas that slowed pick back up that you still have built a stronger business for the future.
These are just a few ways relators can not just hold on during a market slowdown but really thrive. A market downturn is challenging, to say the least, but it doesn’t mean the end for real estate agents who are prepared and proactive.
