Latest / The Real Estate Agent Playbook / Winning in 2024: Strategic Insights for Agents in an Evolving Market

Transcript

Winning in 2024: Strategic Insights for Agents in an Evolving Market · The Real Estate Agent Playbook

• 0:00
  Well, whether you like it or not, 2024 is here and I am going to
• 0:04
  tell you my market predictions as it pertains to real estate agents.
• 0:08
  Talk a little bit about where we've been and where we're going.
• 0:11
  Excited to dive into this one and get this new year started off with a bang.
• 0:15
  So stay tuned.
• 0:21
  What's up guys.
• 0:21
  Jeremy Kane, real estate agent playbook, eXp Realty here.
• 0:24
  Helping you win every single day at the game of real estate.
• 0:28
  I am super excited for 2024 I have some predictions take them for what
• 0:33
  you will I do follow the market pretty intensely here in the denver metro area
• 0:37
  and across the country However, I am an agent and a normal person, but i'm
• 0:41
  going to give you my market predictions So I hope that you have an amazing 2024.
• 0:47
  I hope you have your goals all set and ready to roll.
• 0:49
  And I hope that these market predictions, we'll find you.
• 0:52
  Well, so let's get right into it and talk first and foremost about 2023.
• 0:58
  Everybody give me a thumbs up if they are excited, that 2023 is over.
• 1:03
  Right there in the corner.
• 1:04
  You can hit that thumbs up.
• 1:05
  Give me a like on the video just to say goodbye 2023 and i'm going to
• 1:09
  tell you that 2023 was a little bit of a different market than i've had
• 1:13
  in my 10 year real estate career But overall it was a very good year for me.
• 1:17
  I was able to sit down and focus spend a ton of quality time with my family Not
• 1:23
  because I just I didn't have business, but that was one of my focuses is
• 1:26
  really to dive into that but also had a very good year sold I think 32 homes,
• 1:32
  which is a little bit down for me.
• 1:34
  My volume was 18 million.
• 1:35
  So that went pretty well but I also was able to add several agents to my downline
• 1:40
  and now at the time of this recording I'm at 70 agents, which is pretty amazing They
• 1:44
  made a little coach and help and train and all all of that with those agents
• 1:48
  Walk through this ever changing market.
• 1:51
  So a little bit of a shift in my business focus.
• 1:54
  I still look to sell about 30 to 40 homes a year.
• 1:57
  So I was right on with that.
• 1:58
  But 2023 was different, right?
• 2:01
  We had obviously the high interest rates for a long time.
• 2:04
  That was affecting some of our market.
• 2:05
  We had the bank failures.
• 2:07
  We had, you know, the promise of lowered interest rates, you know,
• 2:10
  in quarter two and then quarter three, and then not at all.
• 2:14
  And then in December, we kind of.
• 2:16
  Basically landed the plane right where we started as far as interest rates
• 2:20
  And so it was kind of an up and down year obviously and mix in the the
• 2:23
  q4, commission lawsuits and as agents We've had a lot of noise going on.
• 2:28
  And so I think in 2024 a lot of that noise kind of chills out I'm hoping that our
• 2:34
  market stabilizes a little bit, which will help us as agents, stabilize our business.
• 2:39
  So some of the key factors from 2023 to consider is, you know, transactions
• 2:45
  down 30 to 40 percent in most markets.
• 2:48
  Obviously the higher interest rates than we were used to during the COVID years.
• 2:52
  And so let's, let's kind of launch from there, right?
• 2:55
  I want to, I want to see.
• 2:56
  You know, this year, I want to say that we'll probably see transactions increase
• 3:00
  probably 10 to 15%, I think from, from this low point, which down 30 to 40
• 3:05
  and up 10 to 15, we'll get us right, probably into that sweet spot where we
• 3:10
  kind of hung out, in the 2013 to 2019 segment that everybody likes to call,
• 3:16
  you know, the norm as we relate and kind of remove those pandemic years.
• 3:20
  So that's the first thing.
• 3:22
  I think that prices will.
• 3:25
  Get a jump out of the gate as we've seen, you know, lower than we're
• 3:29
  used to interest rates, after last year come out of the gate.
• 3:33
  So I think that that's going to spur some buyer activity.
• 3:36
  I think loan applications will be up.
• 3:38
  I think January, February, March will be pretty hot in the market.
• 3:41
  But I think ultimately 4% Price appreciation which is
• 3:46
  below average for Denver.
• 3:48
  I'm not buying the 5 percent realtor.
• 3:51
  com You know prediction for the Denver March market Because I said we'd be down
• 3:57
  5 percent in pricing I think that I think ultimately though across the country will
• 4:02
  probably see some seasonality come back some real flow And Denver our seasonality.
• 4:08
  We usually have kind of an early spring Come the time when schools out
• 4:12
  and things like that people are going to the mountains camping and doing
• 4:15
  all the Things, and we kind of slow down and level off in the summer.
• 4:18
  And then once the kids go back to school, we, you know, a little bit before
• 4:22
  the kids go back to school, we see a little spike and then kind of level
• 4:25
  off as we, we kind of land the plane.
• 4:27
  So to speak at a little bit lower than breakneck speed in our market.
• 4:32
  So I think that that's going to be seasonal across the board.
• 4:35
  I think that other markets will start to dive into their own seasonalities.
• 4:40
  Which obviously I, I can't speak to, but you should probably know
• 4:43
  those if you're in those markets.
• 4:44
  So that's kind of my ultimate prediction, you know, for what's going on.
• 4:48
  There's a lot of things that we need to kind of keep the pulse of what's going on.
• 4:53
  Obviously the commission lawsuits, the ever changing, you know, piece of
• 4:57
  our industry, what's going to happen to these buyer agent commissions.
• 5:00
  I'm not saying that because I want you to focus on it and be scared, but
• 5:04
  ultimately let's plan as if they're going to go away and then once they,
• 5:10
  they don't or something different happens, then you're ready to go with an
• 5:14
  extreme amount of value offered, right?
• 5:16
  I think it's the year of the value stack.
• 5:18
  As we see a lot of agents get out of the industry due to the decline in the
• 5:22
  market, in 2023, or, you know, fear from this lawsuit and that kind of stuff.
• 5:28
  As agents exit the market, all that says to me is there's market share available.
• 5:33
  And so I think that dialing in your value stack as we kind of You know, get
• 5:38
  this, get this 2024 campaign started is absolutely what I see as something
• 5:44
  that agents will absolutely look back and be like, that's a game changer in my
• 5:47
  career, but really dialed in the value.
• 5:50
  What am I actually worth?
• 5:51
  What am I actually doing for my clients in order to be compensated
• 5:55
  and all of those things?
• 5:55
  And don't just focus on the buyers do this for the sellers too, and elevate
• 6:00
  your game on that side so that if you know, in fact, the buyer agent
• 6:03
  commission does change and more.
• 6:06
  Agents kind of flood into that listing market.
• 6:08
  You're well ahead of them because your value stack is so far advanced that
• 6:13
  you're able to provide more value.
• 6:14
  And it's a no brainer for a seller when they're, they're choosing
• 6:17
  between agent a and agent B.
• 6:19
  The next thing I see as a prediction, kind of, so to speak as agents are
• 6:23
  concerned is, you know, obviously the use of technology and lead sources,
• 6:27
  AI is going to be something that we.
• 6:30
  Need to pay attention, open your eyes, get the base knowledge because you're
• 6:35
  already a little bit behind, but if you wait until, you know, December of this
• 6:39
  year, maybe next year to embrace the AI technology, you're going to be way
• 6:43
  behind as AI is changing so frequently.
• 6:47
  So just make sure you have your.
• 6:48
  Your head around it.
• 6:49
  You don't have to use it extensively in your business, but I think
• 6:53
  understanding what it is, I think that there are ways that everyone
• 6:56
  can incorporate AI that's more than just, you know, writing, listening,
• 7:00
  descriptions and things like that.
• 7:02
  And so there was a huge push towards virtual assistants, in the past years.
• 7:06
  And I think that.
• 7:07
  You know, there's going to be, as the market tightens, people look
• 7:10
  to kind of cut spending and things, that's going to be an expense that
• 7:13
  may be able to be cut because of the AI and what AI capabilities are.
• 7:22
  So, make sure that you're staying on the bandwagon of that, make sure
• 7:25
  you're, you know, on the cutting edge.
• 7:27
  You don't have to be, you know, all in on it or use it every day, but I think
• 7:31
  paying attention to AI is something that we can absolutely do as agents and
• 7:35
  utilize it to your advantage, right?
• 7:38
  When you're building your value stack, when you're, you know, coming up with
• 7:40
  marketing ideas, all of that, there are things that AI can help with that'll
• 7:45
  take some of the work off of your plate.
• 7:49
  And absolutely level your game up.
• 7:51
  And so the next thing I want to say, obviously, as we have, you know,
• 7:56
  navigated through 2022, 2023, the pandemic years, if you are an agent
• 8:01
  and you are not focused on your market and being the absolute knowledge of
• 8:06
  your market and being able to take that information back to your clients,
• 8:10
  back to the people you serve, you are.
• 8:12
  Doing a disservice because so much information travels so quickly that
• 8:18
  you're able to, you know, take that.
• 8:20
  But with that said, it's not like all the information that we gather in and take in
• 8:25
  and our clients are taking in is accurate information or pertains to their specific
• 8:30
  hyperlocal situation based on their home value or, you know, their home purchase.
• 8:36
  And so.
• 8:36
  I think it's important that you as an agent are focused on all
• 8:40
  of that information, taking it all in, kind of digesting it for,
• 8:44
  for your specific audience and putting that out there, right?
• 8:48
  The use of social media, we've, it's all, it's been out there forever, right?
• 8:52
  You have to be on social media, you have to do this, you have to be on video,
• 8:55
  but I think knowing your market and bringing that to the table is absolutely
• 8:59
  key to your success moving forward, especially in this evolving market.
• 9:04
  I was talking to a lender, last month and he was talking about how he
• 9:07
  would go six weeks sometimes without talking about interest rates because
• 9:11
  they just weren't as dynamic and they may be changed here and there,
• 9:15
  but it wasn't a headline news every time they moved an eighth of a point.
• 9:19
  And so.
• 9:20
  I think that that's important to understand.
• 9:23
  Make sure that you're soaking all that knowledge in and you're bringing it to
• 9:27
  the, the consumer in a way that makes sense to them, that they can digest and is
• 9:33
  also relevant to them because, you know, when you take in these big numbers and
• 9:36
  Denver's home prices are going to fall 5%.
• 9:40
  Well, it might happen in one market, you know, maybe over the, the 5 million
• 9:45
  market will happen, but it's probably not going to happen in the first time.
• 9:48
  Homebuyer market as our economy is, you know, speeding up and
• 9:52
  we're constantly creating new jobs and people are constantly moving
• 9:55
  here, all of those things that come into fruition at that, that price,
• 9:59
  certain price point, maybe this.
• 10:01
  You know negates your buyer or seller from selling or buying But the actual
• 10:06
  information in their price point is completely counter to what the headline
• 10:10
  says because that's such a general Statement that may not pertain to them
• 10:14
  So you knowing that stuff and being able to step in and be the voice of
• 10:17
  reason is absolutely the case Obviously, there's no secret that being on social
• 10:22
  and being on video is the key however, some people have kind of stalled out
• 10:27
  with their content creation because They just don't have anything else, right?
• 10:31
  They've gone through the contract.
• 10:32
  They've gone through the inspection pitfalls.
• 10:34
  They've gone through all of the things that are general, but
• 10:37
  we can always provide market insights and opinions, right?
• 10:41
  It's it's opinions as you go.
• 10:42
  And certainly, you know, people love spreading their opinions around
• 10:47
  the internet and social media.
• 10:48
  So if you're able to educate yourself and give solid opinions, people really respect
• 10:52
  that in my production business on this.
• 10:55
  You know, outside of this channel, people constantly are telling me about how much
• 11:00
  they can tell that I know the market.
• 11:02
  And sometimes I hear clients say, well, Jeremy, I don't need to really follow
• 11:05
  the market because I can plug into you.
• 11:07
  I know you're doing the work for me.
• 11:09
  And that as an agent is a value piece that I provide.
• 11:12
  So they're not sifting through wasting their valuable time.
• 11:15
  Trying to figure out what pertains to them, what doesn't and so on.
• 11:18
  So I think that that's kind of the big takeaway is just adding value
• 11:24
  to your clients and your consumers.
• 11:27
  And if you're an agent, that involves a ton of education, soaking it all
• 11:31
  in, understanding AI, understanding how to use marketing tools,
• 11:35
  understanding the market, understanding how it pertains to these people.
• 11:38
  And you know, even saying, okay, this is what I think is going to come.
• 11:42
  Certainly.
• 11:43
  You know, don't, don't promise him the world and, and give them nothing.
• 11:46
  But at the end of the day, I think knowing that market and knowing the
• 11:50
  value, especially in our ever changing market, in an election cycle, which
• 11:55
  who knows, things could get crazy.
• 11:57
  But that's kind of ultimately my.
• 12:00
  Best advice to any agent is really dial in that client experience really
• 12:04
  dial in that value and Utilize the tools that are afforded to you by your
• 12:10
  brokerage by AI whatever To do that and with that said I'm going to be doing
• 12:16
  a free webinar at the end of January to help you dive into your sphere of
• 12:21
  influence and how I am expanding that, out to you guys for absolutely free.
• 12:26
  The webinar will go through a lot of my tactics.
• 12:28
  A lot of them I've covered here on YouTube, to package them
• 12:32
  together in a short, webinar, less than an hour so that you have.
• 12:37
  You know, things that you can implement into your business so that you can
• 12:42
  absolutely move your business forward.
• 12:44
  And if that means, you know, here's the deal, as, as the market
• 12:49
  contracts, your friend who may have known seven agents might know two.
• 12:53
  And so if you're leveraging that sphere.
• 12:56
  And maybe, you know, you had so many friends in it and you guys all agreed,
• 12:59
  just, you know, to kind of let it be in the sphere, which I don't think
• 13:02
  anybody has ever said, okay, yeah, you just, we'll just not do anything.
• 13:06
  But if that's the case, there may be opportunity for you to take market
• 13:10
  share within that sphere of influence.
• 13:13
  And that's exactly what I love to do.
• 13:15
  And that's how I built my business, even in the ultra competitive times.
• 13:18
  So I think now as agents exit the business, as people get more and more
• 13:22
  hyper focused on the information that's out there, they're going to be looking for
• 13:28
  the person that's going to provide them as much value as much as, you know, not
• 13:32
  just raising their hand and whoever's, whoever's at happy hour with them gets.
• 13:35
  The gets the job.
• 13:37
  So I think that that's a super important piece.
• 13:39
  That webinar is going to be ultra valuable.
• 13:41
  If you would like access to that, before I release it to the public, please
• 13:46
  comment webinar in the comments, and I will make sure that you get emailed
• 13:50
  that link right when it goes live.
• 13:52
  Before I even push it out to any anything else or the funnels there.
• 13:56
  So, hope to see you there I think that 2024 is going to be a great year.
• 14:00
  I think that if you can out Outwork your competition.
• 14:04
  I think there's big big gains to be made as a real estate agent in
• 14:08
  2024 No matter what your market is.
• 14:10
  And if I, if I can help you in any way, please reach out.
• 14:14
  You can book a call.
• 14:14
  Realtor game plan call.
• 14:15
  Doesn't matter what brokerage, where you're at, what state, anything we
• 14:18
  can talk business, essentially it's just a one on one conversation with
• 14:22
  me and you to help you build that.
• 14:24
  So I hope you guys got something from this one.
• 14:27
  I hope those predictions come true cause they're all fairly positive
• 14:30
  and we'll see you on the next one.
• 14:31
  Like comment, subscribe.
• 14:32
  If you're listening on the podcast, thank you so much.
• 14:34
  And share this with your favorite real estate agent.
• 14:36
  Bye bye.