We have been living in an oversaturated real estate market for quite some time. With the economic downturn of COVID-19 and a potential recession looming, it is expected that the market will soon be flooded with homes under foreclosure.
- The market is inundated with homes that are for sale. It is projected that in 2020 6.12 million homes will go up on the market in the US.
- There are 2 million active real estate agents in the US.
- Many homeowners are attempting to sell their own homes. “For sale by owner” accounts for about 11% of real estate sales.
So in a market saturated with homes and agents, and homeowners trying to do it themselves, how can you set yourself apart, find your place in the market and become a market leader in real estate?
4 Ways to Become a Market Leader in Real Estate
- Find Your Niche
Be the first-time home buying expert or have your finger on the pulse of the booming condo market. Become your community’s go-to for rural properties, stand out with your farm expertise or work with a local boutique developer. Your niche market is out there, and a good niche helps to even the playing field.
- Solve Problems in the Industry
Do your research to determine what your clients are lacking. Once you have that data, strive to solve those problems and don’t be afraid to network with your community to help.
- Add Value
Offering value-added services or incentives can help you enter an oversaturated real estate market and stand out. This attracts a larger audience and makes customer retention stronger. Sometimes added value is as simple as personalized closing gifts, follow-up thank you notes even when you lose a potential listing to another agent, or a percentage of earnings to organizations and charities that directly benefit your community.
- Stay on Top of Trends
Real estate trends change all the time. Keep on top of trends such as millennial buying habits or tiny home living to set yourself apart.
How Can You Stand Out as a Real Estate Agent?
- Share Information Liberally: Make it easy for people to find the answers to their questions. And make sure that you are hitting a variety of mediums while you do so. Here are some ways to share resources:
- Make Your Website Sparkle: If you are part of a large brokerage, you benefit by being given a website. While this takes the work of a website off your plate, it also means that your website ends up looking like everyone else’s. Create a website that does the following:
There are platforms that help real estate agents build their own unique platform, like Parkbench.
- Become a Helpful Community Member: Everyone knows of a real estate agent. But what really makes a real estate agent unique is when they are a good human being. Position yourself as a caring community expert by doing the following:
- Help your community when things are good, but especially in times of crisis or turmoil.
- Facilitate a connection between the local businesses in your community and the residents you serve.
- Look for a variety of ways to serve, whether it is at a pancake breakfast or by sponsoring your local T-ball team. That level of trust is incredibly hard to build, and very easy to lose.
Do you want to highlight the great qualities in your community for potential buyers, and establish yourself as a community expert? Check out Parkbench – they give you the website and gather the information about your community – and they only work with one agent per area so it will just be you who builds trust with your target audience.
Stand Out From an Oversaturated Market
Find out how to show off your hyper-local expertise and build lasting relationships with local business leaders and influencers that lead to referrals.