As a real estate agent, you’ve likely experienced the hustle and bustle of peak season, where there is no shortage of properties to sell and clients to meet with. But if you’re in off-peak season or business has slowed, you may feel unsure of how to best make use of your time.
The members of Forbes Real Estate Council have learned how to take advantage of downtime to help set themselves up for success later on. Below are their top tips for real estate agencies looking to make the most of their time during slow periods. Here is what they advise:
Members discuss a few ways you can best use your time during slower market periods.
Photos courtesy of the individual members
1. Revamp Your Marketing And Branding
Slower periods in real estate should not be viewed as a curse but as a blessing. They provide you with the time and breathing space to plan, strategize and act. Slower periods are the perfect time to create marketing plans, revamp your branding, recruit new team members and implement advertising campaigns. Slower periods, utilized smartly, can lead to serious business. – Chadwick Ciocci, Chilton & Chadwick
2. Review And Revise Your Current Procedures
When the selling season has cooled and you find yourself with some free time in the office, this is a great time to take stock of your current procedures, policies and give them a good once over. Look at what worked, what didn’t and make the changes to your handbook, including policies and procedures, so that you are set for when the selling season picks up! – Nancy Wallace-Laabs, KBN Homes, LLC
3. Update Your Customer Relationship Management Database
While it’s easy to consider a slow period a time to take care of personal needs, using the time to update your CRM by reconnecting with people in your database can bring more business your way. Those you haven’t spoken with in a while may have had changes that necessitate a change in their real estate needs. Use the slow time to call past clients or prospects and touch base with them. – Stephanie Wilson-Evans, Three Oaks Realty
4. Tackle Your Backburner Projects
This is the best time to work on projects you’ve been meaning to get to. Plan your marketing calendar for the following year, update your email campaigns, create scheduled future posts on Facebook, attend more training—the list goes on. Even when business isn’t slow, you should take time to slow down and tighten up your systems. If not, six months or even a year goes by before you know it! – Mackenzie Record, Record Real Estate
5. Catch Up On Writing And Planning
Downtimes are my favorite time to catch up, whether it’s on writing—specifically, a cache of blog posts I can pepper over the year—or planning. When planning, be sure to let the numbers be your guide. Whether it’s open rates for an email campaign, hits for digital advertising, or traffic to listings, using data and facts will help you avoid investing in things that don’t work in the future. – Stephanie Anton, Luxury Portfolio International
6. Send Great Deals To Former Clients
The best thing to do during downturns or slow market periods is to reach out to existing and previous clients with good deals that come on the market. Usually, retirees have cash and are more than happy to snap up good properties below market price. – Russ Krivor, Sovereign Properties
7. Get Back To The Basics
When the real estate market is “good,” agents become lazy. The business is coming in and they forget about all of the hard work needed to keep the pipeline full. Get personal. Write five handwritten notes a day. Make five phone calls a day. Set five appointments, even if it’s just taking a top client out for a cup of coffee. These are daily habits that should not be forgotten when things are good. – Mark Brace, Brace Homes | Berkshire Hathaway HomeServices
8. Be Aggressive
Real estate agencies can make the most of their time during slower periods by getting more aggressive. During these periods, sellers may be more willing to make deals and accept lower prices. This presents opportunities to bring more buyers in or market the properties to a different set of clients. This environment will favor agencies that are being proactive. – Ari Rastegar, Rastegar Property
9. Reflect On Your Numbers
Slow periods are the perfect time for reflection and planning. What worked? What didn’t work? Why? Agents should track every number in their business and adjust during slower periods. What were your top lead sources? How many leads from each source? How can you improve? All of these are questions that should be asked during every slow season. – Stephanie Arnett, Tom Ferry
10. Review, Recharge And Reset
The slow season is the ideal time to review your achievements and compare them against your goals. Evaluate your marketing plan and make adjustments where you fell short but reward yourself for the successes. Acknowledge that your most valuable asset is you. Use some time to update your professional profiles or take a seminar to hone your skills. Take some time to connect with family and friends. – Joe Houghton, RE/MAX Results/The Minnesota Property Group Team
11. Build Solutions For Current And Former Customers
Slower periods in the real estate world are the perfect opportunity to build upon your business. It’s the perfect time to prospect and build solutions for your current and future customers. Build new campaigns, strategize your marketing, connect and forge new relationships in the community—the opportunities are endless. – Don Wenner, DLP Real Estate Capital
12. Prospect, Cold Call And Take A Break
When things slow down you ramp up your prospecting and social media. Call clients just to touch base. Call some folks you don’t know also. Spend some time catching up on and expanding your social media. Try creating a podcast and video channel. Read, read, read. Lastly, take a break—you deserve it. – Michael J. Polk, Polk Properties / Matrix Properties