This article from Housing Wire looks at the “down cycles” in the US real estate market and the potential that they offer for marketing ingenuity. Despite the uncertainty brought by the current pandemic, there are steps that real estate professionals can take to remain competitive and keep their business healthy.
One key strategy highlighted in the article is to direct marketing resources toward neighborhoods (both physical and virtual) where buyers may not be overly familiar with the local real estate market. By leveraging digital tools and techniques, real estate professionals can expand their reach and establish a presence in these otherwise untapped markets. Additionally, by engaging with new customers in untapped markets, the potential to form lasting relationships is increased.Local real estate pros should also focus their efforts on developing strong relationships with existing clients, as well as nurturing relationships with other professionals in the industry such as mortgage lenders, lenders and brokers. Building trust and fostering communication with clients can help to ensure that buyers have an accurate understanding of the current real estate market and the options available to them.
The article also advises real estate professionals to remain informed with the latest marketing trends. By investing in the latest technologies and staying up-to-date on the latest tactics for engaging with customers, real estate professionals can make sure that their business is prepared for whatever the future may bring. Conducting intensive research can likewise reveal new opportunities for growth and potential revenue streams.
The article emphasizes that real estate professionals should take advantage of the down cycle to better position themselves for future success. Through taking proactive steps to strengthen customer relationships, utilizing new marketing tactics in untapped markets and investing in new technologies, real estate pros can be sure that their business is ready to take advantage of any developments in the market. By embracing change and striving for growth, it is possible to not only survive, but thrive in down cycles.
You can read this full article at: https://www.housingwire.com/articles/down-cycles-are-ripe-for-marketing-ingenuity/(subscription required)
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