41% of Americans are in fear of a housing recession, according to a recent article from the National Association of REALTORS (NAR). Real Estate in 2023 is triggering uncertainty for many homeowners. Is selling in a down market the right move? What about waiting for mortgage interest rates to decrease? Are there enough buyers interested in purchasing homes this year? Home selling jitters can make your job as a Real Estate Agent difficult. But when you approach the subject with confidence and armed with a solid marketing plan, you can win more listings.
Records are meant to be broken
Real Estate in 2023 will continue, although record sales and prices set in 2021 and 2022 will be a thing of the past. Consumers always have a reason to move. Whether for a change in employment, retirement goals, or an economic decision, demand in the housing market never stops. Sellers need buyers, and buyers need sellers. It sounds simple enough, but your task is to bring them together to form a harmonious outcome.
Real Estate Marketing 101 – make your listings attractive to potential buyers with 3D tours
Not only do virtual tours with interactive floor plans grab the attention of the consumer, but they eliminate a lot of stress for the seller as well. Selling in a down market means you need to focus your marketing efforts on the eyes of the consumer.
Forget about the headlines
Plummeting sales, the housing crisis, rising interest rates and other headline grabbers get everyone’s attention. You already know that Real Estate in 2023 will be challenging. Economists are forecasting housing prices to stabilize or decline. Core Logic’s chief economist, Selma Hepp, states,
“price deceleration will likely persist into the spring of 2023”
Increase your listing’s exposure by hosting online 3D tours and virtual open houses. Use the technology the consumer has become accustomed to. Regardless of price, interest rates, or inventory, buyers are interested in the fit and flow of a floor plan. Interacting with a property creates an intimate connection. The ability to virtually walk through hallways and get up close and personal with every space can lead to a potential sale.
Top approaches to marketing
Selling in a down market means ramping up your Real Estate marketing plan. Professionalism and Real Estate go hand in hand. Consumers trust that you are presenting accurate depictions of every listing. iGUIDE 3D virtual tours and floor plans with advanced measurements are marketing tools you can rely on.
NAR’s 2022 report ranks virtual tours and floor plans in the top 5 “very useful” website features for homebuyers.
Selling in a down market doesn’t mean skimping on the information. It means providing useful data for every listing. Start with an accurate calculation of square footage. Price per square foot is one of the best ways to compare value. For your seller, it helps them understand the comparative market value of their home with recent sales. For the buyer, floor plans drive engagement whether they are calculating the costs of renovations or deciding where their furniture fits.
The business of branding
You are your brand. Building consumer confidence requires a carefully planned approach to marketing. Real Estate in 2023 is all about transparency. What better way to have your listings seen than to offer sellers and buyers what they are looking for? Technology provides everyone with the ability to compare value. Assessing properties is easy with accurate square footage, high-definition photos, and 3D tours. You are selling more than a room with a view. You are marketing the entire view of every house. NAR’s recent report on technology notes that 47% of Real Estate Agents state that virtual tours have a positive impact on business. Showcase your brand across multiple social channels when selling in a down market. Virtual tours are useful in Facebook ads, Instagram posts, and embedded into your website.
While a housing market crash is unlikely for Real Estate in 2023, it certainly is headed in a different direction. There is no point holding your breath and waiting for the next boom, it could take another pandemic to trigger it. There are ways to increase your Real Estate leads and improve your sales. Give sellers a reason to choose you. Start with an iGUIDE and finish with a quick sale.