Business Planning Tips for Agents in 2024
It’s Fall, and that means if you’re like me you’re pulling market stats, prepping expenses and tax numbers, and starting business planning for 2024. In addition to the usual assessment of the previous year followed by goal setting, budgeting, and marketing planning for the coming year that’s become pretty standard, I have a few pieces of extra advice I’m applying for myself.
Yesterday while I was filming videos for my website MovetoTacoma.com, I took a minute to share some of my thoughts in this video. Here are the tips I shared:
1. Add a Revenue Stream of Referrals
This advice will come as a surprise to absolutely NO ONE who knows me. An often neglected aspect of an individual agent’s real estate practice is finding and vetting agents for our friends and clients that want to engage in transactions out of our geographic area or outside our are of expertise. Over the past 7 years I have been working exclusively connecting friends and clients with expert agents, so I’m sure that this is an area that we all could be doing better at. Who better than a professional to help select the best agent for the job?
If you’re not quite sure what I mean by referrals check out this interview on Spotify I did with my friend and collaborator Alyssa Christensen from HomeScribe Creative a while back.
So often just letting our friends and clients know that finding and vetting them an excellent agent is a service we are happy to provide is enough to get started. Once your circle knows that you are happy to do this they will reach out to you when real estate questions outside your area come up. The biggest piece of advice I have for vetting agents is to take the time to find a realtor that actually specializes in the type of transaction the client we are referring is actually doing. This may seem obvious, but often agents will handoff a client to the only agent they know in a city, someone who is a friend of a friend or a fellow attendee at a real estate conference. This is why so many agent referrals are not a match. I have a whole class I teach for offices “How to Get and Give More Referrals” where we get into how to get better info from our clients about what kind of deal they’re doing and what kind of agent they’re looking for. We also talk about how to ensure that the agent we’re referring to is actually a specialist in what that client is doing, or at the very least excited to work with them. Every client deserves to work with an expert- and the match is more likely to be successful.
2. Develop Expertise and Focus on Clients Who Can Transact in 2024
In order to stand out you must resist the urge to be a generalist. Of course, in any market it is important for agents to have a niche of clients that they have expertise in. While most real estate agents conduct a wide variety of business, when the sales volume in the market drops as much as it did over 2022 and 2023 it’s essential that you develop your expertise in a niche that has a volume of clients transacting that you can happily serve with skill. Being the best at something specific is the key to pulling ahead of the pack in 2024. It also makes for more fulfilling work and happier clients.
This is important because when there are fewer deals you need to STAND OUT to your ideal clients, not blend in with everyone else. The best way to stand out is always to know more and have deeper expertise than your competiton. Whether it’s condo purchases or estate sales, clients want to work with someone who is the BEST at what it is they are trying to do. Make sure it’s you. Look at the market, figure out who is transacting that you would like to serve, become the best, and get in front of them.
For more info on how to develop your niche (and expertly refer out clients outside your niche) check out an interview I did a while back on Erin Bradley’s Podcast Pursuing Freedom. I also teach a classes about Identifying and Attracting Your Ideal Client that you can learn more about here.
3. Get Your Mindset Right and Find Your People
It is challenging to be in our business right now. Sales volumes are down, client needs and expectations have also shifted. We need to make sure we’re showing up for our clients prepared and with a great attitude. This is more easily achieved by setting ourselves up with an environment and a peer group that encourages, challenges, and uplifts us. The stakes are too high to spend too much time standing around complaining about clients or market conditions. As we head into the new year, take a look at your colleagues and your office. Are you surrounded by professionals who are encouraging you to be your best each day? If not, Fall is the time to think about making that adjustment.
I have an amazing group of agent friends I’ve cultivated over the years who help keep me be better. If you don’t have that yet, I’d recommend networking with agents in real life in your town and across the country. I met some of the best people I know at local orgs like Women’s Council of Realtors or the National Association of Real Estate Brokers, Traveling to conferences like Inman New York or Genuine Hustle are great ways to both stay informed about business practices- but also to meet fellow agents who will uplift and encourage you.
Marguerite Martin is a different kind of Tacoma real estate agent. After creating MovetoTacoma.com Marguerite focusses on connecting people relocating to Tacoma with a local real estate agent who specializes in the neighborhoods they want to live in. She also does one on one calls and webinars & in person classes for fellow agents. Click here to contact Marguerite.
