Take this Critical Step to Prepare for the 2023 Real Estate Market
Those brake lights you see up ahead? Some are from home prices, while others are from buyers and sellers, confused as all get out about what’s in store for the housing market.
What we do know is that home prices are decreasing, homes are remaining on the market longer than we’re used to, and mortgage rates are rising.
As of this writing, the average rate for a 30-year fixed mortgage is 7.24%. We’re looking at 5.62% for a 5/1 ARM, which many buyers are pursuing right now. The current inflation rate is 7.75% (the long-term average is 3.27%).
So, what is in store for next year? As we all know, no economist has a crystal ball, and most are all over the place when it comes to predicting the 2023 economy and, specifically, the housing market.
If things have slowed down a bit in the days ticking down to the start of 2023, use this time to prepare your business as if the ‘busy season’ promises to be gangbusters.
In other words, “Hope for the best, prepare for the worst.”
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Clean up your CRM
Even the most robust CRM is ineffectual if it’s brimming with bad information. While fixing the problem is time-consuming, the importance of doing so can’t be overstated. Here are a few steps to consider:
- Get rid of any duplicate entries. There’s nothing more unprofessional and impersonal than sending duplicate information to the same recipient.
- Now go through the database and rid it of entries for which there is no contact information.
- Pull up all contacts with whom you have a personal relationship, be it friends, family, former coworkers, etc. Have any of them had a change of address? A divorce? Automated emails to couples when they are no longer couples not only make you look out of touch but also insensitive. If you’re unsure of any contact information, reach out to them.
- Get rid of the wild-goose chases. This isn’t easy to do, we know. Take your time with this part of the process, studying each entry to determine how much time and effort you’ve expended and what you honestly think you’ll get out of it in the end. Any that seem like a waste of time should either be placed in a “barely breathing” category or deleted.
- Think about marketing campaigns for the leads in your CRM. This one, too, sounds easier than it truly is, especially if you haven’t yet completed your 2023 business plan, but it’s still doable. Remember, your SOI and ‘hot leads’ require a different approach than those folks you don’t know and/or are still on the fence about buying or selling. Once you’ve settled on the campaigns, get them scheduled so that touches are delivered consistently throughout 2023.
Nothing you do now is set in stone, so relax. Your CRM requires input all year, but now you will have a plan to nurture new contacts.
Happy 2023!
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