How to Remain Competitive When There are Less Real Estate Leads
As interest rates increase and mortgage rules shut some would-be buyers out of the housing market, there are less real estate leads available for business.
But there are still the same number of real estate sales professionals — and perhaps even more.
So, with more people going after less business, how can you stay competitive?
One word: agility.
Agility is the key to keeping your real estate business afloat and finding leads even when the numbers appear to be dwindling. Here’s how to put it into practice:
- Create relationships.
Relationships have always been important in real estate, but that is especially true in a crowded marketplace. You want to make sure that you have people in your corner to send referrals your way.
This might look like the people you know in your neighbourhood — past clients, friends, family, etc. — but it also applies to other people in the real estate industry.
Think about the people who are your allies. For instance, if you are a real estate agent, who else do you work with regularly — mortgage brokers, private lenders, real estate lawyers, investors, etc.
It could help to expand your industry networks. Chances are that the real estate market is getting tighter for everyone, so creating alliances could be a big help to landing good deals.
It can also help if you are on the same page with the tools you are using. For instance, if you source your property data from GeoWarehouse, your partners can access the same data (either through GeoWarehouse or our tool for mortgage professionals, Purview), which can make working together that much smoother.
- Look for motivated sellers and buyers.
When the market is flooded, it can be easy to find motivated clients — they might come right to your door! But as leads are scarcer, you may need to do more legwork to find opportunities.
Think about the demographics of your neighbourhoods. Are there elderly couples who may be looking to downsize? Or younger families who might be looking for more space? If you have a large condo selection you may be able to find renters who are motivated to buy.
Another motivated opportunity — divorce leads. Consider creating relationships with your local courthouses or family attorneys.
- Up your digital real estate marketing.
The last two suggestions can be significantly easier using digital marketing.
Social media, SEO targeting, and the like can all help you identify more real estate leads, but it can also help you create partnerships.
For instance, you might search Facebook or LinkedIn for groups with other mortgage professionals in your area.
You may find the local college or university groups and advertise affordable condo opportunities — or break down the true cost of renting vs. buying.
Or you might look for a support group in your area for divorces or consider creating a pay-per-click campaign centred on divorce leads.
A well-rounded approach is critical to remaining competitive.
- Search for properties that aren’t on the market yet.
If you are only searching for leads based on properties already on the market, or those seeking you out, it will be harder to stay competitive.
In some cases, you need to take lead generation into your own hands and plant the seed in your clients’ heads.
Demographics can be a great way to do this. You can use a demographic report to search for up-and-coming neighbourhoods, niche markets, areas popular with cultural or generational groups, and the like.
You can then use this information in your real estate marketing.
- Consider expanding your listing sources.
If you have traditionally sold one or two dwelling types, it may be time to expand your reach.
Condos, multi-family dwellings, and commercial real estate is rising in popularity even as single-family dwelling sales fall. Assess your portfolio and see whether there is room for you to enter a new market.
- Make use of data for up-to-the-minute information.
To truly stay agile, you need to make sure that you are working with data that supports your cause. If you’re using outdated information, inaccurate numbers, or real estate tools that don’t tell the whole story, then you’re already behind the competition.
That’s where a comprehensive property tool is your best ally.
For instance, our tool, GeoWarehouse, allows you to access demographic reports, comparable sales, advanced property searches, and much more. All of this combined can help you find the most qualified leads and stay ahead of your competitors.
The competition may be heating up, but that’s not necessarily a bad thing — it just means that you need to look for ways to stay even more agile.
GeoWarehouse’s tools put in position to focus your marketing and find the most qualified real estate leads. Learn more today. Call 1-866-237-5937 or visit www.geowarehouse.ca.