Navigating the Economy Pendulum Calls for 7 Strategies for Consistent Lead Generation and Referrals in 2024
The real estate market, especially in the Northeast, despite experiencing a slight dip in existing-home sales from 2023, represents a challenging landscape from what had been an inventory-rich region. It is clear that in the first quarter of 2024, agents, attorneys and loan officers will need to raise their visibility-game and tap deeper into their existing referral networks to fill their revenue pipeline. Industry leader Gary Keller remarked that “The bad thing about a great market is that it makes you lazy on your skills.” The real estate market went through an unprecedented boom market from 2010 to 2022. It is going to require a recalibrated marketing plan and strategy in order to insure sustainability. Here are 7 tactics to consider to refill your referral pipeline in the Northeast market, with a special focus on New Jersey.
You may have to invest some extra cash for the time being in order to raise and keep your visibility elevated. But once you establish your momentum, this will translate into street cred visibility that will compensate for the higher temporary overhead, giving you deeper market penetration.
Pendulum Cycles
Understand that marketing functions within a series of repeatable cycles that I refer to as pendulum cycles. A pendulum cycle is when supply demand shifts, often with severe swings driven by economic, social and even political factors. Prior to the pandemic, supply was abundant, financing was easily available, and the economy was moving along at a seemingly healthy pace. Once the pandemic hit, businesses were shut down, hospitals were inundated, housing demand shifted, buyers erupted, people sought to escape urban areas of high population, and the work-from-home economy (virtual economy) erupted.
Now the market demand remains strong but the increased valuations and the high interest rates have made owning a home more difficult than at any other time in recent memory.
The pendulum is at the far end of the spectrum. How long it will remain in this cycle is not certain. But the law of the pendulum is that no pendulum remains fixed. So do the smart things now, and reap tomorrow.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/