By: Jennifer Weinberg

I think I speak for most of us when I say “Don’t let the door kick ya on the way out, 2023!”  After a whirlwind few years of pandemic migration, buyer frenzy and super low interest rates, things got real in 2023. If you entered into the business in the last few years, 2023 probably felt like whiplash.

Each year is an opportunity! Let’s take a look at some lessons from 2023, and how you can apply them to your business in 2024.

You Must Know Your Value and How to Communicate It

2023: It’s the elephant in the room. The commission lawsuits were in the news and public conversation and will continue into 2024. As a real estate professional, we know our value and remind ourselves of the work, time and legwork we put into a transaction. But how much of that value is being conveyed to our clients? Consistency and truthfulness are the only ways to communicate, and this applies when communicating what you’re worth. The amount of work put into the transaction, from the open houses to the marketing and the negotiating to the consulting need to be communicated

2024: Don’t gloss over any of the sections of the listing agreement. Be willing to talk about all of the facts and figures openly, and always make sure your clients understand the need for buyer representation contracts. Don’t just send the contract to the client to read on their own. Make it a point to explain it and show your value to your client. Feeling a little uncertain about doing this? Practice! Work with a colleague or ask your friend to role play with you. If you have already been presenting this information consistently with clients, review your verbiage and assess for needed changes.

Collaboration and Networking

2023: There was a lot of transactional business. And then it got quiet. Did anyone notice a lot retreating in the last half of 2023? Less time in the office, less networking events, and less attendance at CE classes.

Building a relationship with your clients is important, but you also need relationships with your professional peers!

2024: Be in the industry, not just part of it. Don’t stick with your usual crowd at events. Go to networking events outside of your brokerage. Get to know real estate practitioners in other areas of town. Join a committee or volunteer at an association event.

You Are More Than Your Year-End Numbers

2023: Who set a goal at the beginning of 2023 to grow their business? Yep, me too. And when you got to the end of the year, did you achieve it? Nope, me neither.

In the book Feeling Good, author Dr. David Burns states: “Your value is independent of your accomplishments”. This is important to remember equally in prosperous times and in lean times.

2024: Looking at our goals for this year, my partners and I focused on the “A” and “R” in the SMART framework: Achievable and Relevant. Be realistic when setting your goals – you know where interest rates are, you see the numbers for new home starts, and you know the economy in your local market. What is an achievable and relevant goal for your business within that context? It’s good to make yourself stretch but don’t overdo it and set a goal that is unattainable. Also consider making a goal that isn’t related to work at all. I set a running goal for myself (number of miles per week and number of races in the year). Not only is it refreshing to shift my focus from work but I get so much motivation from completing the personal goal.

What is your biggest takeaway from 2023 and how are you applying that to your real estate business in 2024?

Jennifer Weinberg is a licensed real estate professional. REALTOR® and partner in Living True Home Group at MW Real Estate Co in Nashville, TN. Living True Home Group empowers homeowners by offering real estate information and services in an approachable, compassionate and fun way. Their motto: No egos here. This women-led partnership makes sure all their clients feel listened to and cared for and well-informed.