You mindset impacts your real estate success and successful agents are looking toward the future, no wallowing in the uncertain market. Before you know it, 2024 will be upon us. The time is now to understand the market and some of the trends. We spoke with Tom Ferry, the Founder of Tom Ferry International, before his event in Dallas. Ferry sheds light on the top real estate issues impacting professionals today and gives a preview of some trends covered at the event.
Market perception: “Smart agents have stopped complaining about the market,” Tom notes. “They see it for what it is, recognizing the vast commission opportunities, especially in the combined U.S. and Canada market.”
Proximity in marketing: Tom emphasizes the evolution of the market. “The heart has changed. The key to success in marketing is proximity. Whoever gets closest to the customer wins.” He also points out that with 68% of sellers choosing based on relationships, agents need to be more proactive and not just rely on traditional methods like email newsletters.
Post-pandemic real estate landscape: “After the rush of transactions during the pandemic, the market is stabilizing. However, many agents haven’t adjusted to the new normal,” Tom observes. He adds, “There’s no drastic rate drop in sight, and inventory struggles persist. Agents need to be self-reliant and proactive.”
The rise of artificial intelligence (AI): “AI is the second greatest technological revolution,” Tom states, second to the internet. He believes every real estate professional, from agents to brokers, needs a strategy for AI. “It’s essential for improving operations, cutting costs, and enhancing marketing,” he notes.
Branding: “Successful agents and teams have an established brand that resonates in the market,” Tom points out. “In contrast, agents struggling often lack a clear brand promise.” He sees a trend indicating a gravitation towards proven brands, especially post-pandemic.
Team dynamics: Discussing the dynamics of teams in real estate, Tom mentions, “It’s either go big or stay small. The middle ground is becoming less viable.” He believes teams need to control costs while maintaining profitability, always focusing on productivity and recruitment.
The real estate industry is at a pivotal juncture. With challenges come opportunities. As Tom highlights, the key lies in understanding the trends, adapting to them, and leveraging technology, especially AI, to stay ahead. As the landscape evolves, professionals equipped with the right insights and tools will undoubtedly thrive.
