Top 3 Ideas to Ramp Up Your Real Estate Business in a Stagnant Market!

How to Ramp Up Your Real Estate Business in a Slow Market:

Insights from Mike Ferrante and Tony Geraci

The real estate market is in a state of flux, especially in Northeast Ohio, where inventory shortages, higher mortgage interest rates, and the seasonal slowdown are affecting sales. As real estate professionals, it is essential to adjust strategies to keep business strong. Mike Ferrante, Team Leader of the 21 Mike Team at Century 21 HomeStar and Tony Geraci, Broker/Owner of Century 21 HomeStar, are here to share actionable tips to help Realtors thrive in today’s market.

The Current Real Estate Landscape

Before diving into strategies, let’s understand the challenges we are facing. Inventory remains low, mortgage rates are still higher than what we have been used to in the past, and the usual fall and winter slowdown is here. However, these conditions present an opportunity for proactive agents who are willing to adapt and implement effective business strategies.

Top Strategies to Ramp Up Your Real Estate Business

1. Engage Your Sphere of Influence

Your sphere of influence is the most significant source of real estate business. According to Mike Ferrante, 87% of his team’s transactions come from past clients, referrals, and people they already know. Here are some actionable ideas:

Double Down on Sphere Engagement: Make calls, send personalized emails, and even set up face-to-face meetings or virtual coffee chats. Let them know about the recent drop in mortgage rates. For example, mortgage rates recently hit the lowest level in two years. Buyers who were on the sidelines may be ready to get back into the market. Likewise, sellers who were hesitant due to higher interest rates may now be reconsidering.
Educational Outreach: Keep your sphere informed about market trends. Explain how the current conditions, like a potential decline in rates, can impact their buying or selling decisions. Be the expert they trust.

2. Target Expired Listings and For Sale By Owners (FSBOs)

When the market is slow, expired listings and FSBOs become even more viable opportunities. These homeowners have already expressed a desire to sell. Mike emphasizes the importance of consistent follow-up and coming from a place of service.

Overcome Fear of Rejection: Tony Geraci points out that fear of rejection is often the biggest hurdle for agents. The truth is, many sellers who let their listings expire are looking for a proactive agent who can actually sell their home.
Scripts and Consistency: Use scripts tailored for expired and FSBO listings and make consistent contact. Be prepared to offer solutions, not just a sales pitch.

3. Double Down on Open Houses and Events

Now is an excellent time to host open houses. With market time increasing, more buyers are attending open houses. Use them as an opportunity to generate leads, both for that specific listing and for future business.

Maximize Open House Exposure: Do not just put a sign in the yard. Advertise on social media, run Facebook ads targeting a 15-mile radius, and invite neighbors personally. Consider a “Neighbors Only” preview hour to build buzz.
Host Community Events: Organize seminars for first-time homebuyers or educational events about how to move up in the market. People appreciate learning opportunities, and it positions you as a local expert.

4. Invest in Video Marketing

Video content is king. It is the most efficient way to reach your audience, and it is highly engaging. Mike Ferrante emphasizes the importance of consistent video marketing.

Educational and Listing Videos: Create videos about market updates, home-buying tips, and property listings. Post these on your social media platforms and YouTube.
Personal Touch: Personalized video messages to clients can make a significant impact. Use tools like BombBomb to track views and engagement. When people say, “I see you everywhere” or “I feel like I know you,” you know your video strategy is working.

5. Build Relationships with Investors

Investors are less affected by higher interest rates because they often buy with cash or have access to alternative financing. Mike mentions that investors are a significant part of his team’s business.

Identify Investment Opportunities: Research areas where there are high concentrations of investment properties. Reach out to property owners who may be looking to buy or sell.
Network with Financial Planners and CPAs: These professionals often have clients looking for investment opportunities. Establish relationships and offer to be a resource for them.

Additional Tips from Tony Geraci

Tony reminds agents that there is always business to be had, even in a slow market. He suggests taking a look at your own database: “Unless you have a specific list of clients waiting for spring, you cannot use the market slowdown as an excuse for not having business.”

Stay Organized: Use the slower season to set up systems and organize your database. Make sure all your listings expire on the last day of the month to streamline your follow-ups.
Plan for Next Year: Begin your business planning for 2025 now. If you wait until January, you will already be behind. The real estate market typically rebounds the year after an election, so prepare to hit the ground running.

Final Thoughts

The key to succeeding in a stagnant market is to take proactive measures. Engage your sphere, pursue FSBOs and expired listings, host open houses, leverage video marketing, and tap into the investor market. With the right strategies, you can close out the year strong and be well-positioned for success in 2025.

Remember, real estate is a relationship-based business. Stay visible, provide value, and always be ready to serve your clients and prospects. For more training and resources, visit 21mike.com or reach out to Mike Ferrante or Tony Geraci for personalized advice.

Let’s make this a strong finish to the year and set the stage for a successful 2025!

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