What To Prioritize as the Market Changes

Three actions to prioritize so you can thrive as the market shifts.

As a real estate professional, I’m sure you’ve noticed that the market is changing. This is the time to make sure you’re doing things correctly so you thrive instead of flounder. That is why I have narrowed down three priorities that are the most important actions an agent should be taking right now: 1. Check on your systems. Do you have systems, and are they in order? You should have an ideal system for all your processes that does the same thing every time. These systems will give you consistency in this shifting market.

“Who you align yourself with matters.”

2. Update your tools. My advice as someone who has been through downturns in the market before is you should be more careful to make sure you're spending wisely. For example, your marketing pieces — are they giving you a return on your investment? Also, are they reflecting the market? This all has to do with making sure your tools are updated to reflect the current climate. 3. Align yourself with a leader. Who you align yourself with matters, and you should be getting coaching from someone who has experience. If you don’t have anyone like that in your life, I would love to have a conversation with you. If you would like to know more about our experienced team and how we work well during change, send me an email. I hope to hear from you soon!

4 Metrics You Need To Track in Your Business

Four aspects of your real estate business you should be tracking.

We’re in the middle of a changing market, so there’s a lot to manage! Then the question is, which systems are vital to focus on? In my opinion, the most important thing you can do is keep up with tracking your business’ metrics. Here are a few things you should keep track of, especially in a tough market:

1. Expenses. Do you have a system to track how much you spend on advertising, staff, marketing, etc.? You need something to help you track your expenses in this market.

2. Lead sources. Where are your leads coming from? This will change, so you need to look at your lead sources and the money you’ve spent on them to see if you’re getting a good return on your investment. 

“You can’t improve what you aren’t tracking.”

3. The ratio of buyers to sellers. A good business has half buyers and half

sellers. If you’re skewed one way or the other, I have a solution on my team

that I’d love to share with you.

4. Lead-to-appointment ratio. How many leads does it take to get one

appointment?

You can always improve these things, but you don’t know what to improve if you

aren’t tracking it. On the Charlotte Mabry Team, we have an automatic system to

track it all.

If you want to build a team around you or grow in a down market, I would love to

help you put some tracking systems in place. Just email me. I look forward to hearing

from you!

The Truth About Our Changing Market

Why the Chattanooga real estate market is not falling apart.

Is the real estate market falling apart? There has been a lot of bad news about real estate lately, but it’s like they say: There’s no news like bad news. Since I got my license in July 1986, I’ve been through lots of cycles like this. The market will always go up and down, and you need to keep that in mind as we discuss its future.

There is good news: The average home in Tennessee and Georgia has appreciated between $60,000 and $65,000 over the last year. I think this change is a return to normal. We typically see 2% to 4% appreciation every year, and that is what we should expect going forward.

Higher interest rates are here to stay, and they will make it a little harder to afford a home. If you’re thinking of buying, experts predict interest rates to climb further this year, so it might be better to buy now rather than later. 

“There are no bad headlines for the Chattanooga market.”

We still have incredibly low inventory. We used to carry 4,000 to 6,000 homes

per month, but at the beginning of this year, we only had 400 homes for sale. Right

now, we have around 1,600 homes available, so we are seeing more inventory,

but it will take us a long time to catch up.

I don’t think prices will go down, and I don’t think the market will fall. We

still have a long way to go before everyone who wants a house gets one. If we

head into a recession, that might mean something different for our market.

However, the real estate market doesn’t create a recession; it just reacts to

inflation.

Bad headlines make people look at the news, but there are no bad headlines for

the Chattanooga market. If you’re thinking of buying or selling, there couldn’t be

a better time. Just call us at (423) 593-5588 or send us an email. We’d love to

help.