How will the quieter property market affect your finance business this year?
A chat with several Perth brokers last year led me to believe most brokers (not all of course) didn’t have much fun writing loans for the majority of the year.
If you read the 2018 property outlook from Tim Lawless (CoreLogic) in January you will be correct in thinking that it could be time to take a more serious look at how you will maintain and improve YOUR market share this year.
“Overall, 2018 is set to be a quieter year for the property market. Previous downturns have seen the annual number of sales fall by around 20–25 per cent from peak to trough.
“Industries reliant on housing turnover, such as real estate agencies, valuers, brokers and peripheral services (such as pest and building inspectors and conveyancers), could be in for a leaner year in some markets.
“Businesses seeking to maintain their revenue uplift will need to work smarter and look for new ways to improve their overall market share.”
Tim Lawless – CoreLogic – Jan 2018
The YCM advice to businesses looking at a potential down turn is:
- Build the largest client list you can at all times
When times get tough you need twice as many people to talk with to achieve your previous targets. And don’t judge your audience. Just because they are not using you NOW, doesn’t mean they won’t in the future. So they need to be ON your list.
- Keep your marketing in place
The biggest mistake when times get tough is to stop your marketing investment. Although your client base may not be using your services now, if you stop communicating with them you won’t be there when the tide turns (and it always does). They will be picked up by other clever brokers who have stayed in touch with their clients and have great referral attraction strategies. Do not lose your clients during quiet times.Reducing your marketing spend could be the biggest COST to your business in the longer term.
- Use your time wisely
When your diary is not full and business is having a holiday, this is time for consolidation and business improvement.
- Clean up your client list. Give them a call – you now have the time
- Improve your systems for better efficiency
- Upskill yourself and your team
- Learn new marketing and referral skills
- Learn about Facebook and social media
- Fix your LinkedIn profile
- Take a sales training course
- Learn about the technology and resources you already have available to you
- Get that new mobile friendly website you’ve been waiting for
- Upgrade your technology
- Establish new referral partners
- Re-engage with old referral partners
- Read CoreLogic updates each month
- Watch webinars
- Attend industry events
- Network and mix with successful business owners
- Chat with your marketing or business coach
- Talk to a marketing and lead generation specialist for your industry
- Or simply just…
- take that well deserved holiday
There is enough here to keep you busy for the whole year!
While household debt is at record highs, there will be refinancing opportunities.
While housing affordability decreases, there will be more tenants – so who would not want to be a landlord?
Just make sure you have the investment locations and property types well researched through reputable sources. Work with property buyers’ agents who research for a living.
Have you ever heard the phrase ‘action breeds results?’
Join us at the next Partner only Q&A for ideas
so you can take action today!