Do you ever consider what would happen if the international property market dipped and customers were harder to come by? How much would this affect your business? What impact would it have on your bottom line?
We all know a market crash is a possibility; it has happened before. The most important lesson learned by estate agents who went through the last crash was that it pays to be prepared. There are things you can do to future-proof your business and protect yourself against market fluctuations, putting you in the best possible position to survive another economic downturn.
Select a portfolio with a varied price range
Do your research, understand which properties are selling well at the moment, and which are likely to continue to sell in a less stable economic climate. Make sure you have a range of different properties to offer. If there is less money around people may be unwilling to spend on luxury villas and may instead chose more affordable and potentially safer investments. By diversifying your portfolio in this way, you can be sure that you will continue to offer viable choice, no matter what the economic outlook.
Offer a range of property types
When the economic climate is struggling, it may be that certain types of people are affected more than others by the downturn. With this in mind, it’s worth making sure you have a variety of different properties on your books, so they will appeal to different types of buyers. It may be that apartments continue to sell well, or that family homes are thought to be a less risky purchase. Either way, you want to have the right properties available to keep the sales coming even when times are tough.
Keep an eye on current trends
Here at Kyero we’ve seen how buying trends have changed over time. The locations people are seeking, the types of properties they want, the countries they are moving from. By keeping an eye on current trends and being alert to changes, you can make sure you fill your property portfolio with exactly the properties that buyers will be looking for right now. We publish regular reports and summary articles to help you stay up to date and allow you to plan a property acquisition strategy that is right for the current climate.
Diversify your service offerings
Give yourself the best chance of survival in a volatile market by increasing the types of services you offer to customers. That way if one area suffers, another may be able to tide you over until the uncertainty has passed. Consider focusing efforts on a rental property or managed service offering to capture valuable Euros from the rental sector. If people are feeling unsure about buying, they may be happier to take a rental property while they see how things pan out.
Streamline your costs
As well as focusing your efforts on boosting sales, don’t forget to look at your outgoings to see if there is anywhere you can reduce costs. By taking your marketing online to a property portal such as Kyero you will find you can streamline your processes, ultimately saving yourself time and money while reaching a much larger audience than you would be able to reach alone.
Volatility is a fact of the modern housing market, but by doing your research, thoughtfully diversifying your portfolio and services, and aiming to reduce your costs, there is no reason that you won’t come out on the other side of the next economic downturn unscathed.