How to Be a Successful Real Estate Agent in 2023: Adapting to the 2023 Housing Market
The current real estate market is starting to level out from the pandemic chaos of a year or two ago. In many housing markets, prices have decreased, mortgage rates have increased, and the number of homes on the market has dropped. The spring 2023 housing market continues to cool off, but for agents and brokers, the competition is just starting to heat up. To be successful in the 2023 housing market, many agents and brokers need to adjust their business plans and update their sales tactics. If you don’t, you could get left in the dust.
Secrets to Being a Successful Real Estate Agent in 2023
With fierce competition for real estate agents and brokers, you can no longer sit back and watch houses fly off the market while barely having to lift a finger. Your tactics from a year or two ago will not work as well as they were, and your business could suffer. If you want to learn how to be a successful real estate agent in 2023, you need to get to work and adapt to the current market conditions.
Do More Marketing
Being a real estate agent in 2023 means you can no longer stand by as houses mostly sell themselves. While housing inventory is low, high mortgage rates and home prices are keeping buyers at bay. Real estate agents need to step up their marketing game and increase their efforts. Focus on leveraging the power of digital marketing with email campaigns, social media posts, and more. Make sure you are also targeting the right audience or the house will likely not sell. Our real estate agent marketing toolkit may also be able to help you get started.
Manage Client Expectations
Gone are the days of cash offers well over asking prices or homes on the market for less than a week. Unfortunately, many sellers or buyers may still think this is still the norm. As their real estate agent, it is important that you help them understand the current state of the market and manage their expectations.
Be sure to inform sellers that they may need to lower their asking price if it is too high. They may also need to give some concessions at the closing table or complete some home inspection repairs in order to close the deal. Make sure buyers understand that with limited houses available, finding their dream home in their dream location could be a challenge. They may have to settle for a home that isn’t quite move-in ready. They could also find themselves in a bidding war for the top listings.
Push for Market-Ready Homes
Another important aspect of being a successful real estate agent in 2023 is making sure your listings are appealing to today’s buyers. In our 2022 survey, 77% of buyers said they won’t consider purchasing a home that isn’t move-in ready. If your listings are old and outdated properties, they will sit on the market much to the chagrin of your sellers. Instead of having both potential buyers and your sellers unhappy, recommending some quick updates or repairs could help substantially.
Seven out of ten buyers said they would purchase a home if it had a gorgeous kitchen. This means that a kitchen refresh before selling could single-handedly help bring in buyers as well as boost the sale price of the home. Of course, every home is different. Some houses may need bigger renovations to start getting offers, but often some quick updates and cosmetic changes will do the trick.
Make Yourself Stand Out
With a record-low number of houses on the market, the competition to win listings is tough. If you want to know how to be successful in real estate in 2023 and beat out the competition, you need to know how to set yourself apart. Our concierge service can help you stand out from other agents or brokerages vying for the same limited listings.
In a recent Curbio survey, 72% of homeowners said they chose agents who came to listing presentations with options and white-glove solutions. 77% also said they would choose an agent who offered a pay-at-closing solution to home updates. At Curbio, we offer exactly that. With no money due until the home sale is complete and a turnkey approach to pre-sale updates, we help agents, brokers, and homeowners alike.
If you are ready to learn more about how to become a top real estate agent in 2023 and take your business to the next level, we are here. Contact us today to get more information about our services or get started with our home improvement app.