2022 has been a tough year for the real estate industry and I have been sharing with all of the agents that I know that investing in themselves and their marketing tools is one of the best uses of time when business has slowed down.
And the most important use of time is talking to as many people as you can:
It is a fact that a record number of real estate agents joined the industry in the last two years and a record number of agents will leave in 2022–2023. Most agents will complete fewer transaction sides in 2022 than in 2021. This is a cyclical industry — there is no way to avoid the ups and downs.
But it’s also a cyclical industry with an upward trend. The US population is growing at roughly 0.5% (half a percent) per year. That’s 1.7 million people added per year. We’ve also got a decade-long boost from millennials hitting typical home buying age. I have zero doubt that we will be back above 5 million existing homes sold in 2024.
The most important thing you can do right now is to invest in yourself, your network and your marketing. Read all those real estate books that you bought but never got around to reading. Support your communities. Spruce up your marketing tools and skills. Get smarter on aspects of the business that you don’t fully understand. Make your 2023 business plan your most thoughtful and ambitious ever. Most importantly: talk to as many people as you can.
As a Marketing Coach and Lender, I have shared this message with every agent that I talk with and I am taking my own advice. If you would like to learn some new skills that have proven track records, let me know. I would be happy to share the knowledge with you to make 2023 one of your best years yet!