Thriving as a New Real Estate Agent in a Challenging Market

Are you considering a career in real estate but wondering whether it’s a good idea given the current state of the Georgia housing market? We get it and we’re here to help! This article will give you a good idea of the current housing market and what seasoned agents are saying about thriving in any market.

Current Trends in Georgia’s Housing Market

So, how is the housing market in Georgia? Well, data from Redfin, shows there’s good news and bad news.

Let’s talk about the good news first!

• In June 2023, home prices in Georgia were up 1.2% compared to last year, selling for a median price of $375,000.

• The Emerging Trends in Real Estate report from the Urban Land Institute (ULI) and PwC shows a continuing trend toward migration to Sunbelt cities, such as Atlanta.

Here’s the not so good news:

• On average, the number of homes sold was down 17.5% this year compared to last year with 12,776 homes sold in June this year, compared to 15,488 homes sold in June last year.

• In June, properties were on the market for a median of 28 days, which is 9 days longer than June 2022.

What Does This Mean for New Agents?

As a new real estate agent, it's natural to feel anxious when entering the real estate market during a period of economic uncertainty. However, it's important to remember that even in a less-than-ideal market, there are still plenty of business opportunities waiting to be seized.

Even though the market is not quite as frothy as it was a few years ago, people are still going to need to purchase and sell real estate. There may even be ways to use a down market to your advantage. Keep reading to learn what seasoned Georgia agents are saying about the housing market.

What Agents Are Saying

In a recent study we asked Georgia real estate agents how they were feeling about their career in the current market. What we learned may surprise you!

• 90% of agents are satisfied/very satisfied with their career in real estate.

• 30% of the agents we talked to said the market was getting better, while 60% said it is about the same as the last few years.

• 90% of the agents we surveyed said they can still create opportunities to make money in a declining market.

• 50% are confident that the market will improve within the next 6 months.

• 80% of the agents we surveyed agree that, overall, real estate is still a promising career path.

• 90% Agree that pursuing a career in real estate was the correct choice for them.

So how do you thrive in a challenging market? We have some good advice for you!

1. Embrace the Power of Adaptability

In a changing market, adaptability is key. As a new agent, be open to exploring different niches and areas of expertise. Consider diversifying your services to cater to various client needs, such as rentals, property management, or commercial real estate. By being flexible and willing to adapt, you can tap into new opportunities that may arise during market fluctuations. You can use continuing education to learn a new area of expertise. Seventy percent of the agents we talked to said they planned to invest in continuing education and training in 2023.

2. Stay Current with Market News

Sixty percent of the Georgia agents we surveyed said that in 2023 they were planning to stay up to date with market trends by reading industry news.

Clients look to their real estate agent to be an expert in how to get the best deal in this financial climate. The agents we surveyed agree:

• 100% said it is important to stay informed and be able to communicate effectively with clients about the impact of interest rates on their transactions.

• 80% feel it’s critical to provide creative financing options to clients in order to help them overcome the challenges posed by volatile interest rates

• 80% said that having knowledge of market fluctuations is necessary to navigate the current real estate landscape successfully.

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2. Leverage Technology and Digital Marketing.

Fifty percent of agents we surveyed said that they planned to focus on developing their digital marketing skills to take advantage of online platforms in 2023. Embrace new technology, online platforms, social media, and digital marketing strategies to reach a wider audience. Create a professional website, optimize your online listings, and engage with potential clients through social media channels. By establishing a strong online presence, you can attract leads and build your brand, even in a challenging market.

3. Focus on Niche Markets:

While the overall market may be slow, certain niche markets may still be thriving. Eighty percent of the agents we surveyed said that being able to identify emerging trends is key to successfully navigating the current real estate market. You can set yourself apart by identifying underserved markets within your area and positioning yourself as an expert in those areas. Whether it's luxury properties, vacation rentals, or investment properties, becoming a specialist in a specific niche can help you stand out and attract clients who are actively seeking those types of properties.

4. Build Relationships and Network:

Ninety percent of the agents we surveyed said it is important to be proactive in seeking out new leads and clients to maintain a healthy business. Networking is a fundamental aspect of success in the real estate industry. Attend industry events, join local business organizations, and connect with other professionals in related fields. Building strong relationships with mortgage brokers, home inspectors, and contractors can lead to referrals and collaborative opportunities. Remember, even in a challenging market, people still need to buy, sell, and invest in real estate, and personal connections can be a powerful source of business.

5. Provide Exceptional Customer Service:

In any market condition, exceptional customer service is always important. Focus on building trust and rapport with your clients by providing personalized attention, timely communication, and expert guidance. Going the extra mile to exceed client expectations can lead to referrals and repeat business, regardless of market conditions.

While a challenging real estate market may present obstacles, it also offers unique opportunities for new agents to shine. By embracing adaptability, leveraging technology, focusing on niche markets, building relationships, and providing exceptional customer service, new agents can carve out their own path to success. Remember, the real estate market is cyclical, and by establishing a strong foundation during challenging times, you'll be well-positioned to thrive when the market rebounds. So, seize the opportunities, embrace the challenges, and let your passion for real estate drive you towards a successful career.

Are you ready to launch a brand new career in real estate? Start you pre-licensing course today!