As the housing sector appears to have fully made the transition into fall, investors of every level are preparing for the winter months that have become synonymous with “down time.” Cyclical trends typically dictate that summer and spring reign supreme in the real estate industry, as prospective homeowners are more inclined to participate in the market. Conversely, the months that follow are what many consider to be a slow period. Investors often take this time to indulge in holiday festivities. However, those intent on furthering their careers are advised to take advantage of the holiday season. Use this time to prepare yourself for a prosperous 2014.
While there are still ample opportunities to contribute to your bottom line in 2013, it is never too early to consider the prospects of next year. In fact, beginning preparations for 2014 right now may facilitate your most prosperous year as an investor. If you want to start off next year with a bang, treat the holiday season as a time of preparation. In doing so, you may be awarded an advantage over your peers for the foreseeable future. Treat November 1st as the first day of the year.
All too often, investors use the holidays as an excuse to let their foot off the pedal. Most agents work less during these months, and the result is that they have a substantial dip in their closings in January and February. While a period of reflection and relaxation is critical, it is equally important to continually further your career. Investors that work through the holidays will be rewarded accordingly.
While there are definitely fewer clients to entertain during the closing months, those who are actively participating in the market are highly motivated. Of particular importance, however, is the looming discontinuation of the qualified residential mortgage (QRM) program. As perhaps the most important reason to work through the holiday season; QRM requirements may make it much more difficult for low down payment buyers to obtain financing. Investors who use this to their advantage will reap the benefits of a profitable season. The threat of a market slowdown will increase incentive to both buy and sell. Make sure you take advantage of it.
The following tips will help you take advantage of the holiday season as 2013 starts winding down:
List Closed Transactions of 2013
Providing clientele with a comprehensive list of properties that you have already closed on is a power move. Identifying past successes will alert the public to what you are capable of achieving while simultaneously promoting your individual strengths.
Identify Your Most Active Price Ranges and Locations
Identify the top one or two locations and price ranges where you did the most business in 2013. Plan on making this area/price range a primary niche for your business. Concentrate your prospecting efforts on this particular area and you will likely receive more leads.
It is important to understand where your leads are coming from. Tracking this data allows you to spot which activities generate the most closed business. It also lets you identify where you are spending money that is not producing results. The secret is to shift your marketing money from these unproductive categories and to allocate it to where you are having the greatest success.
Know Your Clients
Similar to that of tracking your leads, it is equally important to delineate the type of clients you are receiving inquirers from. Most investors will realize that their particular marketing strategies catch the attention of a certain age group. Understanding the situation that your leads are in is critical to the progression of your marketing campaign. With enough data, you will be able to target the specific needs of this group.
Getting to know your leads requires you to find out as much as you can about them in as little time as possible. Not only do you want information pertaining to individual properties, but you want to gauge their motivation as well. This will reveal their intentions and whether or not they are a hot lead worth pursuing.
Those who take the time to follow these simple steps will give themselves a huge advantage. While others are relaxing during the holidays, busy investors are more likely to set their new year up for a successful start.