The Irony of a Slowed Economy Especially for the Real Estate Industry

The irony of the present economy is now that things are slowing down, you HAVE to spend money on marketing.

Take the real estate industry for example. 

2 years ago, the interest rate was so low, sellers had the pick of numerous offers, inspections were being waived… Heck, I sold and moved out of my house in less than a month, and my house wasn’t even on the market.

To some extent in 2020, realtors expressed to me that while gaining new clients took effort, it was relatively EASY.  Everyone wanted to sell, and everyone wanted to buy.  You didn’t have to advertise yourself as much as you had to network in your community. 

The realtors I worked with wanted an extra edge, so we developed plans and strategies for their marketing to do just that.

But now, the landscape has changed, but that doesn’t mean that the industry has ground to a halt.

Far from it.

What it means is that while the housing marketing has slowed, your marketing must pick up.

Everyone has options when it comes to the realtor they choose.  They won’t choose you unless they know you and know you well.  That requires marketing.

And this is true for almost every industry.  During times of inflation, most everyone takes their time to choose from among their options. 

You must become one of the options, and that is only possible if they know you are an option...marketing.

The realtor (as well as the baker, and the candle stick maker) are all going to have to develop marketing plans that increase their awareness and persuade potential clients that they are the one option that can best serve their needs.

The irony of inflation is that most businesses, especially realtors, are going to have to spend money on marketing to keep up. 

The ones who do will probably do more than keep up…they might just thrive.