Realtor 101: How to Increase Revenue in the Winter Months
If you really want to succeed as a realtor, then you must acknowledge there is no so-called “off-season” in the real estate market. The winter months are just as good a time as any to increase revenues and expand your network. Although you may not garner two to three commission checks per month in the colder markets, you can certainly continue to build your brand and establish yourself as a real estate expert in your community. Many novices do not understand that the so-called “off-season” does not suggest that it is time to stop working. Remember, there are sellers and buyers in every season, whether it is 10 degrees in Chicago or 70 degrees in Phoenix.
Here are four tips to help increase revenues during the winter months:
1. Knowledge is Power in any Industry
Many successful realtors have learned to tweak their marketing and lead generation strategies during slower months. The idea is to adjust those strategies based on what you learned during prior winter months. Compare it to current market conditions in the busier seasons, and analyze the two markets so you can identify possible revenue producing avenues and apply them to your upcoming winter strategy. Additionally, successful realtors enhance revenues during the winter by staying proactive, while other realtors “hibernate” during the winter months. If you plan it out carefully, the winter months can produce lucrative revenues.
2. Overlooking Rental Properties During the Winter
Realtors may be missing out on lucrative commissions during the winter months by overlooking rental opportunities. Although commissions on rental properties may appear paltry, if you apply your craft in high-traffic winter locales such as Jackson Hole, Wyoming or the Rockies, you are missing out on earning strong commissions and important revenues during the winter months. Even better, warm weather climates such as Phoenix, Arizona offer large commission opportunities during the winter months based on the amount of winter visitors the city and state receives.
3. Serious Buyers Emerge During the Winter Holidays
In the hopes of providing their families with nice homes during the winter holidays, serious buyers appear during the holiday season. Since competition for prime listings and fewer real estate transactions occur over the winter holiday months, serious buyers hit the market looking for leverage. Savvy realtors recognize this underestimated phenomenon, and they know it is the best time to make strategic marketing moves to enhance the bottom line during the so-called “off-season.”
4. Sellers Offer Flexibility During Winter Months
Many times sellers must offer concessions or adjust their prices downward during the winter months. If you possess a list of buyers who aggressively want to buy, then this only bodes well for your bottom line. Again, you are looking at leverage for both you and the buyer since real estate transactions tend to decrease during the winter months. Seller concessions represent one thing for you and your business, higher commissions.
Bottom-line revenues during the winter months do not reflect your business as a whole. However, how you approach the winter months does affect your revenues over the course of the next year as business picks up. You must stay in touch with your current network, and you must follow-up with any potential lead that comes your way during the “off-season.”