“Winterize” your Real Estate Business
As the colder months approach, real estate agents must anticipate and adapt to the seasonal changes that impact their industry. Winter might be an annual occurrence, but it can catch many professionals off guard. To ensure your real estate business thrives during this period, consider implementing these key strategies.
Maintain Momentum
As the holiday season approaches and temperatures drop, it's tempting to slow down and savor the comforts of home, but it's important not to let your business stagnate. Instead of easing off the accelerator, consider stepping on it a bit harder. Make prospecting calls, send follow-up emails, and reconnect with previous leads and clients. I have two tips about marketing during the slow season.
Continue marketing! Too many agents cut out all of their marketing during the winter months. While there are certainly fewer people looking to buy and sell during the slow season, there are still people out there, including those considering buying or selling in the spring.
You may need to cut your budget in the winter months, but there are pros to continuing the effort. In bidding channels like AdWords, Facebook, or Zillow, targeting traffic and leads during these times can be less expensive. That’s because people stop marketing. That makes it easier (and cheaper) to get to the top in your chosen ad space.
Your proactive approach during the late season will not only benefit your current year but will also set the stage for a strong start in the first quarter of the following year. Remember, the actions you take today lay the foundation for future success.
Make a Business Plan
Since the slow season falls around the new year, it’s a great time to review your results from the previous year and update your business plan.
Collect data about homes sold, average price points, conversion rates, and activity-based marketing you did. Look at your email campaigns, website traffic, and social media analytics. Tie your results back to your marketing efforts, allowing you to find the most profitable marketing activities you invested in. Take the time to assess what you should keep, change, or discard.
Keep: Activities moved your business forward, and continue the effort.
Change: Activities that worked somewhat, but modifications should be made.
Discard: Activities had little to no impact on your business over the past year.
Additionally, rejuvenate your CRM to keep track of potential clients, make notes about their preferences and timelines, and remove any obstacles hindering their decision-making process. By laying the groundwork in advance, you will enter the first quarter with a pipeline of business opportunities, allowing you to hit the ground running and build a strong foundation for a successful year ahead.
Invest in your Education
The slow season is a perfect time to invest in educational opportunities. From webinars to books to classes, there is no shortage of options. It’s difficult to find the time to sit down and educate yourself during the busy season. As a professional, it’s our responsibility to maintain, develop, and grow our skills and knowledge. The slow season can be great for brushing up on any changes in the industry or learning more about legal issues affecting real estate. It’s also a great time to complete some of your state-mandated requirements for continuing education.
By proactively implementing these strategies, you can ensure that your real estate business not only weathers the winter season but also thrives throughout the year. Winter doesn't have to be a slow period; it can be a time of preparation and growth that sets you up for long-term success.