The real estate market is constantly changing, and those who can keep up with the times will likely be rewarded. This is especially true when it comes to the impact of inflation, rising mortgage rates, immigration policies and supply.
To stay ahead of the competition, REALTORS® need to be able to identify problems and quickly develop a problem-solving mindset.
Here are a few tips from my experience working in real estate on how you can do just that:
Pay attention to market updates and industry news
Keeping up with current market updates and industry-related news will help you identify which problems you need to solve. For example, if there’s a new regulation that buyers or sellers need to comply with, you can be the first to develop a solution that helps them do so.
Be aware of your surroundings
If you notice people are having trouble selling their homes or buyers are getting priced out of the market, you can develop a solution that makes it easier for them. This could mean advising clients on lending options for renovations to make their homes more appealing. On the other hand, this could mean educating yourself on different buying models, like co-ops or co-investing, to help your buyer clients achieve their dream of homeownership.
Open communication
Talking to people is a great way to receive feedback on your services and to find out what problems they’re potentially facing. This is an act of after-service care and empathy. You can then use this information to improve your offerings and make them more refreshed for future business or referrals.
Staying in contact with past clients and maintaining relationships is great for keeping a client for life.
Keep learning
To stay ahead of the competition, you need to continuously learn new things. Technology has become an integral part of our business and a force that can take your business to the next level.
However, one of the best ways to learn in real estate is through real-life experiences. It’s one of the best ways to gain confidence in the advice you give.
By expanding your knowledge, you can be better equipped to identify problems and develop solutions for them.
Set yourself up for success with CREA’s Learning Hub. The Hub offers more than just courses, it provides access to all learning and development opportunities offered by CREA to its members.
Be creative
When it comes to problem-solving, there’s no one-size-fits-all solution. You need to be creative to come up with innovative solutions that meet the needs of your target market and give maximum client satisfaction. Embrace other professionals in the field who are at the top of their game: mortgage brokers, lawyers, financial planners, contractors, home stagers, inspectors, developers, and wholesalers—the list goes on. They can give you a different perspective that can help your clients and your business.
Be persistent
Nothing worth doing is ever easy, and problem-solving is no exception. If at first, you don’t succeed, try and try again until you find a solution that works best for your business and your clients. The real estate business is very competitive, but preparation and persistence can help.
Turn your focus to a problem-solving mindset, and you might just start seeing problems as opportunities.
From the day-to-day grind, to lessons learned and experiences gained, our members have a lot to share. Content in our REALTORS® Corner section is submitted by REALTORS® for REALTORS®. This is an opportunity to share expertise and weigh in on important matters concerning real estate in Canada. Email crea-comms@CREA.ca for more information.
