As the real estate industry braces for the forthcoming market shift due to the National Association of REALTORS’® settlement, it’s imperative for agents to proactively prepare business marketing strategies. This preparation will enable you to effectively showcase your value and maintain a competitive edge. Leveraging insights from my new book, “You Can’t Scale Chaos: The Veteran Agent’s Guide to Working Smarter and Selling More” — particularly the chapters on comprehensive sales audits, competitor audits, financial audits and brand audits — agents can build a robust marketing strategy. Here’s how you can do it.

Conduct a comprehensive sales audit

A sales audit is the cornerstone of strategic business planning. It involves a thorough analysis of your past transactions to identify where you’ve been most successful. I suggest categorizing your markets into green, yellow and red zones. Green zones are your prime areas, where you should focus most of your efforts. Yellow zones are secondary areas where you can take business opportunistically, and red zones are those you should avoid.

Steps to conduct a sales audit:

1. Gather transaction data: Compile detailed records of all your past transactions. Key data points include client names, transaction types (purchase, sale, lease), property addresses, sale prices, closing dates, repeat clients and referral sources.

2. Analyze your data: Identify patterns in your sales. Which neighborhoods or types of properties are your green zones? Where do you see the highest return on investment?

3. Focus your efforts: Concentrate your marketing and business development activities in your green zones to maximize your returns. This focused approach ensures that every marketing dollar spent enhances your brand and attracts the right clients.

Conduct a competitor audit

Understanding your competition is crucial in a shifting market. A competitor audit helps you identify your real competitors and understand their strengths and weaknesses. I advise focusing on your green zones and analyzing the market share of other agents in these areas.

Steps to conduct a competitor audit:

1. Collect competitor data: Use MLS and other resources to gather data on transactions in your green zones over the past three years.

2. Calculate market shares: Determine the market share of each competitor by dividing its transaction volume by the total transaction volume in the market.

3. Identify real competitors: Most agents will have minimal presence in your key markets. Focus on competing with those who have significant market share, and look for opportunities to collaborate with others.

Conduct a financial audit

A financial audit provides a clear picture of your business’s profitability and helps you make informed decisions about budgeting and spending. I emphasize the importance of knowing exactly how much each transaction contributes to your bottom line.

Steps to conduct a financial audit:

1. Gather financial data: Collect detailed financial records for each transaction, including gross commission income (GCI), brokerage splits, referral fees, transaction-specific expenses and net commission income.

2. Analyze profitability: Determine the net profit for each transaction by subtracting all associated costs from the GCI. This analysis will help you understand the true value of your transactions.

3. Create budgets: Based on your analysis, set budgets for marketing, business development, client services and other expenses. Ensure these budgets align with your business model and financial goals.

Conduct a brand audit

Your brand is your promise to your clients. A consistent and strong brand helps you stand out in a crowded market. I recommend conducting a brand audit to ensure all your marketing materials align with your brand identity.

Steps to conduct a brand audit:

1. Gather marketing materials: Collect all your marketing assets, including your website, social media profiles, business cards, brochures, ads and listing presentations.

2. Identify inconsistencies: Look for discrepancies in logos, color palettes, fonts, imagery styles and messaging across different materials.

3. Align your brand: Develop brand guidelines to ensure consistency in all your marketing materials. This alignment will strengthen your brand recognition and reinforce your value proposition.

Implementing the strategy

With these audits completed, you can implement a strategic marketing plan tailored to the forthcoming market shift. Here are some actionable steps:

1. Enhance your online presence: Optimize your website and social media profiles to reflect your updated brand guidelines. Ensure your online presence communicates your expertise and value.

2. Targeted marketing campaigns: Focus your marketing efforts on your green zones. Use data from your sales audit to create targeted campaigns that highlight your successes and local expertise.

3. Build relationships: Foster strong relationships with key players in your green zones. Networking with local businesses, community leaders and other real estate professionals can lead to valuable referrals and collaborations.

4. Educate your clients: Use your marketing channels to educate clients about the market changes and how your expertise can help them navigate the new landscape. Providing valuable insights builds trust and positions you as a thought leader.

5. Develop a buyer presentation: Just as you have a listing presentation, create a comprehensive buyer presentation. This will help you effectively communicate your value to prospective buyers and demonstrate your expertise in guiding them through the buying process.

6. Create a buyer brochure: Consider adding a buyer brochure to your marketing collateral. This brochure can include important information about the buying process, information on your services, testimonials from past clients and other valuable resources for buyers.

Conclusion

Preparing your business marketing for the impending market shift requires a strategic approach grounded in data and consistency. By conducting thorough sales, competitor, financial and brand audits, you can identify your strengths, focus your efforts and ensure your brand stands out.

Leveraging the concepts from my book, you can create a marketing strategy that not only showcases your value, but also positions you for success in the evolving real estate market. Remember: Strategic planning and execution are key to navigating any market shift effectively.

Jonathan H. Lack is a seasoned executive and strategic planning expert with over 30 years of experience across various industries, and he has advised top real estate agents and teams since 2018. Lack authored “You Can’t Scale Chaos” (2024), co-authored “The Real Estate Team Playbook” (2023) and authored “Plan to Turn Your Company Around in 90 Days” (2013). He holds an MBA from Wharton, an MA from Johns Hopkins SAIS and a BA from UC Berkeley.