TORONTO, Aug. 30, 2018 /CNW/ - A softening real estate market creates challenges for agents who have grown accustomed to abundant opportunities. They need to be smarter at business and marketing to adjust successfully, says Larry Weltman of Weltman Consulting.
Larry Weltman works with realtors and brokerages on sales, marketing and business planning. He also helps them secure affordable commission advances as a customer service representative of AccessEasyFunds Limited.
Homes sales data shows the market slowing in Toronto proper and the Greater Toronto Area on a yearly and month-to-month basis. Even if the market picks up, Larry Weltman says now is the time for realtors to sharpen their business skills.
"In a hot real estate market, it's easy to react to opportunities," says Weltman. "Now, there's some breathing room to get strategic about your business."
It's a good time to work on or update your business plan, Weltman says. A business plan helps you solidify your direction and articulate your goals and the milestones you've set for achieving them. Aside from its value as a road map, it gets you thinking about what you should be doing – your strengths, weaknesses, threats and opportunities, he adds.
Now can also be a good time to re-evaluate your marketing plan, according to Larry Weltman, noting the difficulty of differentiating oneself in a crowded and competitive market.
"Relationships matter, so there's truth to the marketing adage that 'your next best customer is the one you already have,'" Weltman says. "Consider marketing initiatives to tighten existing relationships and increase referrals. It could be a quarterly newsletter on market conditions. Or a referral 'reward' program. And the power of social media should also be leveraged."
Put thought into your sphere of influence, he adds, making sure you've covered all the bases – not just your parents' and spouse's friends, but your PTA friends and your accountant. And think creatively about new opportunities, says Weltman. For example, the "for sale by owner" market is worth monitoring as many ultimately list with a broker.
"It's not necessarily a bad thing to see the market softening somewhat," Larry Weltman adds. "It's a strategic time to take a deep breath and evaluate and address your business' strengths and weaknesses."
About Weltman Consulting
Weltman Consulting offers comprehensive business solutions to real estate agents, brokers and brokerages so they can deal effectively with a transitioning market.
SOURCE Weltman Consulting