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There’s Finally Some Good News for Real Estate Agents
If you’re a real estate agent, I’ve got some very encouraging news for you. This past week, there were 11% more new sellers than there were at the same time last year. And all year we’ve seen 10-20-30% fewer sellers, so it seems the tide is finally starting to turn.
These new sellers are being matched by an increase in buyers too. There were 10% more immediate sales last week compared to 2021. This uptick is especially remarkable given that we’re currently in the middle of winter – generally regarded as the slowest season for real estate.
So if we’re seeing this type of growth during the slow months, spring should bring even more momentum. And there’s another factor that makes this even better news: there are 100,000 fewer agents than there were at this time last year. That means the inventory per agent is up 10%. And on top of that, the smaller pool of agents translates to a 10% increase in business simply by showing up to work.
In short, you can expect to see your business grow by around 20% just by maintaining your current workload. And if you actually increase your output, your growth could be even higher.
As an agent, you should see this as motivation to be more proactive. Go on a listing expedition. With rates continuing to drop, more and more sellers who locked in low rates in recent years will start feeling pressure to list their homes and sacrifice those rates in order to move. We’re already starting to see the early signs of this.
And again – this is all happening before the typical spring rush. Last week there were 7.7% more new contracts initiated compared to 2021. While we certainly aren’t in a “boom” market, this reversal of the contracting market we saw for most of 2022 is very encouraging. Housing starts are also up 18% over last year.
So what should you do? Call that list broker and ask for contacts who have lived in their below 2,000 square foot homes for 7-9 years. The smaller the home, the better. Reach out to these folks and make your pitch…
The opportunity is there for the taking for motivated agents willing to put in the work.
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