Spring cleaning isn’t a concept reserved for homeowners. It applies to the real estate professionals who sell their houses, too.
When you own a real estate business, you know you need to change your business planning with the season. Patten Title has created a few spring cleaning tips to help you set the stage for the spring selling rush.
Forecasting the Upcoming Spring Real Estate Season
If the last few years have taught us anything, the only predictable thing in real estate is that it will be unpredictable.
Inventory dropped during the pandemic, leading to a massive spike in demand and huge buyer bidding wars. Last year, this gave way under the mounting pressure of rising interest rates, leaving the market in a no man’s land that is hostile (or at least uncooperative) for buyers and sellers alike. In Texas, in particular, demand cooled, and inventory rose to nearly pre-pandemic levels as 2022 came to a close.
Even with so much in flux, if you dig deep enough, you can find little glimpses of what might be in store this year.
For instance, 2023 looks set to continue the slowing pace of cooling markets. HomeLight’s agent survey for 2023 points to expectations that affordability and economic uncertainty could undermine home-buying potential in the year ahead. The report adds that 79% of agents predict either a balanced or seller’s market (45% and 34%, respectively).
7 Tips to Plan for Spring 2023
When you take it altogether, the real estate market seems caught between a post-pandemic recovery and an interest-rate-driven slump. This means 2023 could be interesting, to say the least.
It also means those who enter the spring season prepared will be the most likely to take advantage of the positives and mitigate the negatives in the months ahead. With that in mind, here are seven helpful tips to help set the stage for your real estate business in 2023.
1. Start Big Picture
Before you get too caught up with the minutiae, take a minute to back up and gain a 10,000-foot view of your current situation. Consider the challenges and possibilities of the year ahead in the context of your own business.
If you filled out Patten Title’s business planning worksheet before the start of 2023, review it to see where you are in your goals process. Then set some SMART goals (specific, measurable, achievable, relevant, time-bound) to inspire you and keep you on track throughout the ups and downs of the selling season ahead. Make adjustments to your plan as needed.
2. Get Organized
It’s easy for things to get scattered and messy throughout a year of selling. Make sure to include space organization and your spring cleaning in your spring business planning, too. Cleaning your office space includes organizing and consolidating your digital files, as well as cleaning and synching your calendars.
3. Get on the Same Page
Communication is key for any healthy business. When you have a team of agents, assistants, or other employees, make sure everyone is on the same page. Review current trends, forecasts, and any new regulations you should be aware of.
Also, take some time to connect with any third-party lenders or other partners that you work with, like Patten Title Company, to ensure you’re all in the same head space to start the new quarter.
4. Refresh Your Tech
Technology drives the real estate world. Just like every other industry, though, it’s always changing. Review everything from your calendar and spreadsheets to social profiles and prospecting tools. If you’re using a dated tool, now’s the time to replace it with a newer version.
This is also the time to install updates or automate activity where you can (like email funnels or auto-responses). Patten Title recommends that its partners use Breakthrough Broker, a platform that allows you to streamline everything from newsletters to social media posts.
5. Consider Regional Trends
Spring isn’t the same in every market — not even for everyone in Texas. Some areas, like San Antonio and the Texas Tropics, are popular destinations for snowbirds (some of whom may be early bird shopping for the upcoming 2023-2024 winter season in the next few months).
The HomeLight report expected lower-priced markets to remain competitive this year. Remote workers could also spark new interest in residential areas with non-commercial advantages, too. Consider the trends that could guide your market this spring.
6. Make Room for Growth
Economic forecasters haven’t ruled out the possibility of a recession, but that doesn’t mean you should batten down the hatches and wait things out. Market pullbacks are a time for savvy business professionals to take action.
Review your marketing materials, including brochures, billboards, PPC ads, and social media accounts. Consider what seasonal marketing you could prepare for this spring. Invest in lead generation in your local market, as well, even if it’s just an email blast.
7. Take a Beat
Once you’ve prepared, take some time to collect yourself. This time could be a 5-minute break in your office or a long weekend. Whatever it is, remember to give yourself a breather before you dive into a busy season ahead.