In the panel Solo Agent Greatness Happens in Down Markets during Friday’s eXp Shareholder Summit, eXp agents Stacey Wyatt, Tom Truong, and Beth Silverman shared their insights on why the current market presents the best opportunity to build a thriving real estate business.
With a focus on embracing adversity, the panelists explored strategies for standing out among a sea of agents and capitalizing on the unique advantages of challenging market conditions.
Power of differentiation — One important theme emphasized during the session was the power of differentiation. The panelists emphasized the crucial role authenticity plays in building trust with clients. By showcasing their genuine selves, real estate professionals can establish meaningful connections and position themselves as trustworthy advisors in a competitive landscape.
Be go-to experts in their market — Furthermore, the experts stressed the importance of capturing market share within their local communities. By becoming the go-to expert in their own backyards, agents can cultivate a loyal client base and solidify their presence in the market.
Be curious and stay informed — In a rapidly evolving market, the ability to anticipate trends and adapt quickly is essential. The panelists underscored the importance of curiosity and staying informed about news and market developments. By proactively identifying patterns and emerging opportunities, real estate professionals can pivot swiftly, staying ahead of the curve and capitalizing on favorable circumstances.
Adapt a long-term mindset and don’t give up — The session also acknowledged the reality that working in a tough market requires perseverance and a focus on the bigger picture. While short-term wins can be enticing, the panelists emphasized the importance of maintaining a long-term mindset.
Get a coach to help you through — Rather than getting discouraged by immediate challenges, real estate professionals should remain steadfast in their goals and keep their eyes on the ultimate vision of building a successful business. During difficult times, seeking guidance and support can be immensely beneficial. The panelists suggested considering the assistance of a coach or mentor who can provide guidance, accountability, and fresh perspectives.
Strategies for Building a Thriving Business Right Now
During this breakout session, eXp agents Jemimah Chuks, Shon Kokoszka, Jacqui Bowman and Shashank Chauhan shared invaluable insights on building a thriving real estate business amidst the challenges of the present market landscape. Their collective expertise shed light on various approaches to success in the industry.
Prove your value, gain clients’ trust — The panelists began by addressing the vital question of how to provide value to clients. Proving one’s value and gaining clients’ trust were identified as crucial steps in establishing long-lasting relationships. To accomplish this, agents were encouraged to define their unique value proposition and identify their core strengths.
By clearly articulating what they bring to the table, real estate professionals can effectively communicate their expertise and demonstrate their worth to clients. Leveraging the power of social media was also emphasized as a valuable tool for sharing information and showcasing industry knowledge.
Focus on your strengths — While the panelists acknowledged that there are numerous paths to success, they emphasized the importance of hard work, identifying local market opportunities, and devising a solid plan. Rather than attempting to excel in all areas, attendees were encouraged to focus on their strengths and excel in their chosen path. By honing in on what they do best and committing to excellence, real estate professionals can carve out their niche and achieve remarkable results.
Host events and seminars — One standout idea proposed by Shon Kokoszka was hosting a real estate investment seminar. By assembling a panel of experts including a real estate attorney, mortgage loan originator (MLO), 1031 exchange specialist, financial planner, and property manager, agents can provide valuable educational content to their audience.
Moreover, inviting these professionals to invite their networks can expand the reach of the seminar and potentially generate leads. Shon shared his success story, revealing that this approach resulted in eight leads who either purchased or sold properties within a single month.
Necessity Breeds Innovation: Think Differently to Succeed
In this thought-provoking session, a panel comprising eXp agents Duston Brohm, Thao Nguyen, Chad Hedrick, and Alex Howland, Co-Founder and President of Virbela, shed light on their extraordinary journeys to success, each offering their unique story.
Thao Nguyen captivated the audience by recounting how she built her thriving business on the foundation of genuine connections and lively conversations. Her secret? Going to parties! Thao emphasized the importance of authenticity and the power of sharing market insights.
Chad Hedrick, on the other hand, has shifted to the strategy of giving back. Instead of solely investing in lead generation, Chad redirected his resources towards investing in the people who had entrusted him with their business. By prioritizing their needs, he fostered lasting relationships and achieved remarkable success.
Alex Howland, the visionary behind Virbela, unveiled the remarkable growth of his enterprise metaverse platform during the pandemic. While the unprecedented surge in interest initially caught his team off guard, Alex and his team’s resilience shone through as he shared their journey of pivoting, innovating, and persevering through challenging times.
AI tools have revolutionized workflow — During the session, the panelists also highlighted the transformative power of AI in their professional lives. They discussed how AI tools, such as automated listing descriptions, video scripts, and even crafting responses to tricky emails and social media posts, have revolutionized their workflow, saving valuable time and enhancing productivity.
Differentiate, find your niche — Panelists also stressed the significance of differentiation and finding one’s niche as pivotal factors in their success stories. By carving out unique identities within their respective industries, they managed to distinguish themselves and unlock new opportunities.
Missed the eXp Shareholder Summit this year? Be sure to register for EXPCON, being held Oct. 2-5 in Las Vegas, where you can attend valuable panels and talks like this one.