A 170m Producer’s Predictions For 2023 • Monday Market Minute • Carrie McCormick

In our November episode of Monday Market Minute, Carrie McCormick from @properties talks about the slowdown as we near the end of the year. Carrie also talks about the decreases in the market regarding listings and under contract single family and attached homes in Chicago. Next, Carrie emphasizes why now is a great time to start drafting your business plan for next year and shares tips on how to draft your business plan. Carrie also shares 7 tips for marketing strategy for 2023. D.J. shares his marketing tip of the month. Last, Carrie and D.J the importance of building relationships with realtors in other markets.

If you’d prefer to watch this interview, click here to view on YouTube!

Carrie can be reached at carrie@atproperties.com or by phone at 312.961.4612.

Please follow Carrie on Instagram by clicking here.

This episode is brought to you by Real Geeks and FollowUpBoss.

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Transcript

D.J. Paris 0:00
Are you worried about 2023? Well, let’s talk to a top producer and see what she’s thinking for the next year. Stay tuned. This episode of Keeping it real is brought to you by real geeks. How many homes are you going to sell this year? Do you have the right tools? Is your website turning soft leads and interested buyers? Are you spending money on leads that aren’t converting? Well real geeks is your solution. Find out why agents across the country choose real geeks as their technology partner. Real geeks was created by an agent for agents. They pride themselves on delivering a sales and marketing solution so that you can easily generate more business. Their agent websites are fast and built for lead conversion with a smooth search experience for your visitors. Real geeks also includes an easy to use agent CRM. So once a lead signs up on your website, you can track their interest and have great follow up conversations. Real geeks is loaded with a ton of marketing tools to nurture your leads and increase brand awareness visit real geeks.com forward slash keeping it real pod and find out why Realtors come to real geeks to generate more business again, visit real geeks.com forward slash keeping it real pod and now on to our show.

Welcome to keeping it real, the largest podcast made for real estate agents and by real estate agents. My name is DJ Parris. I’m your guide and host through the show, and today on the show is our monthly series called The Monday market minute with Carrie McCormick from the Carey McCormick Real Estate Group with at properties here in Chicago. Now Carrie is a top 1% producer in Chicago with over 20 years of experience helping buyers sellers and investors. In fact, in the last 12 months out of 46,000 real estate agents here in the Chicagoland area Carrie is in the top 15 producers on out of 46,000. That’s incredible. She’s in the top like 1/10 or 1/100 of 1% of all the agents here. She’s a true superstar and an expert in everything from first time homebuyers, veteran investors and luxury properties. And she also works with a lot of developers who have to choose her to represent their high end developments. Please visit Carrie at our website, which is Carrie McCormick, r e.com. And also definitely follow her on Instagram, I believe she has the very best Instagram account I’ve ever seen for a real estate agent, which you can find her on Instagram at Kerry McCormick real estate and by the way, those links to her website and Instagram will be in the show notes. So you can find her there. Carrie, welcome once again to the show.

Carrie McCormick 2:52
Thank you, you always have such a nice intro. It makes me so happy. So thanks.

D.J. Paris 2:56
Well, well, I’ll tell you, I’m always happy to talk to you because and I just it’s gonna sound like a like a humble brag. And maybe I guess it is but it’s not really my intention. We’re prefacing this by saying please forgive, please, audience and carry forgive me for the brag, but we just crossed over. Maybe we didn’t. But we’re right on the cusp of crossing over 2 million downloads in the lifetime of the show. And I bring that up because you’ve been with us almost since the very beginning. So part of the reason why we’re now doing even higher numbers than ever before is because of because of you. So thank you for helping us get to

Carrie McCormick 3:30
know amazing, yes, yeah. Awesome podcast, and you’ve got great followers and, you know, continues to grow. So I’m happy to be part of it. So thank you.

D.J. Paris 3:40
Thank you. So what’s what’s going on this month?

Carrie McCormick 3:43
All right, November. And I know we’ve got listeners, not only here in Chicago, but we have listeners all over the United States. So I just wanted to kind of talk about a broad United States market. Data and I know everyone knows this. But as we move into fall, our market continues to slow down. And we know that consumer prices and higher mortgage interest rates are squeezing our buyers and it’s just an affordability challenge and even hearing people talk about not only from homeownership, but you know auto loans and grocery everything, everything seems to be going up and people are getting squeezed. So right now mortgage rates are at 55% higher than they were a year ago. It’s just in I was saying it’s we were going 150 miles an hour last year. And now we’ve come to this I feel like it’s like 50 miles an hour. It’s like this screeching halt. We’re still, you know, driving at the limit or you know, our speeding limit, but it just feels like it’s just so quiet. So it’s it’s tough. And just here in Chicago, for those that are here in Chicago are new listings in the city of Chicago for single family homes. was down 2.7%. And it was down almost 30% For attached homes, which is our condo and townhome market, which that’s a big number are under contract. So that’s was new listings were down or under contracts for single family homes is down 22%. And down 28%, almost 30%, also for attached homes. So these are big decreases in our market. And I know that Chicago acts like a market within a market, each neighborhood is very independent. And again, those stats are just over the city of Chicago as a whole. So we’re down, you know, so it’s a message that we have to give to our sellers, all the stats, all the data, the information, we’ve got to communicate that to our sellers, so that’s important. But every November, I’ve been doing this for 22 years and been a broker here in Chicago for 22 years, every November, I look back at the year and figure out what I did, right, I figure out what I did wrong. And I tried to create a business plan for the next year into 2023. Because with the holidays coming, it’s going to go quickly, now’s a great time to to start your business plan. And it can be a daunting task for a lot of people if you’ve never done one. And I’m going to give you just a few quick tips. And anyone that wants more information or to have a quick phone call, I’m always available to talk to people about it, not to say that what I do is 100% Correct. But what I do for me, at least it works. So let me give you some quick tips on a business plan. Gather your numbers. And when you look at them, figure out what worked and what did not work. That is the important part of it. So think about the number of listing appointments you’ve taken for 2023 I’m sorry, 2020. To look at your calendar, look at the number of listing appointments that you took, look at how many deals that you closed this year, number of buyer appointments, number of days and hours that you worked each week, that’s a hard one. But for me, it’s I don’t know if I can even calculate it. But just look at your calendar of the time that you’ve taken off and look at the days that you’ve worked. Look at your number of conversations you had each day a big one is look at your marketing budget, how much money have you spent, and then look at where you spent the money. And the lead sources that came from what worked, what didn’t work. And again, just look at your GCI and then look at your volume. These are all data numbers. And hopefully through the year, if you were organized with a calendar, or writing things down, this will be easy to calculate. And you’re going to quickly see where you spent money and it didn’t have a good return or you’re quickly going to see oh my gosh, I had you know these 10 listing appointments and they were all came from this one ad that I ran or came from the one postcard that I sent out. And then you know going into 2023 Those are the things that you should double down your marketing money on and focus on so you can get more business.

D.J. Paris 8:16
I’m curious when as you’re reviewing what I would love to ask you what did you think you didn’t do a good that you have room for improvement for next year? Do you have anything as you’re reviewing the year? What you what you wish you would have done different?

Carrie McCormick 8:30
Yeah, I think, you know, I spent, I spent a lot of money online, which, through 2022, I’ve, I’m very focused on what is working with it and what is not working, and I’m constantly changing it. So I think monitoring it, and not waiting six months, you know, but monitoring your online spend monthly is important because you’re gonna those are, you know, quick stat. So you’re going to really see what’s working and what’s not working through engagement through responses on it. So I think that’s something that you do have to focus on, I would say I do a lot of print advertising as well. That’s a little bit harder to gauge the ROI. So to answer your question, I think what I need to focus on is my postcard mailings and just mailings in general of it’s a lot of money to do that. And I’m not getting as good of return. So either I’m gonna cut back on it, or I need to perfect it. And I think I’m gonna perfect it.

D.J. Paris 9:27
You know, what’s funny is the development that that I bought that that you represent, represented as as, as the seller, your group represented, I was just realizing I’ve been there a year and a half and I have I have not received one postcard not from you, because I wouldn’t expect to receive it from you, of course, but from any realtor or anywhere now under understanding that this is a new development that people just moved into. Are we looking to move anytime soon? No, obviously not. Or least we just don’t know. I hope nobody’s thinking of moving. So everything’s going great. We all love the place. But I would think now would be a great time for another agent to sort of swoop in and be like, hey, hope you’re loving your place. I know, you’re probably not going to make a shift anytime soon. But I just wanted to start a relationship because we know that a lot of realtors who represent buyers end up the person buys the home, and they don’t hear from the realtor ever again. Now, my realtor was my boss, so he doesn’t know why he and I did it together. But the point is, is I wouldn’t expect him to send me anything but no, not other one other realtor. And again, it would take just a little creativity for someone to think about that. But I don’t know, it seems like a good idea.

Carrie McCormick 10:37
It does. And you know, that’s another thing is Think outside the box a little bit, I think doing postcards or mailings, templates all over the place, there’s companies that do it, they all start to look the same. So you have to be a little bit creative think outside the box. Because you know, like, if you received something a little bit different than mail, maybe you would open it or it would stand out to you because it was a little bit different than just, you know, a glossy postcard. So again, think out of the box a little bit if you’re going to spend some money on postcards. Another thing is, think about where you’re spending your time and your energy. And this again, sounds very easy. It took me years to start kind of time blocking and looking at things that got me distracted and figuring out where do I need to spend most of my time and what do I like a time audit you know, what, what’s effective of my time what is not effective of my time and and figure that out? And you know, make a daily routine of what works for you and what doesn’t work for you. It’s different for everybody. There is a saying by Tony Robbins and it’s it’s sometimes it’s not what what what you’re willing to do that makes the difference. It’s what you’re no longer willing to stand. So there’s things that are time sucks in our day, right? And I’m just trying to think what it is but there’s there’s definitely things that you know are not productive. And you really have to realize that when it when you’re doing it and avoid it or give that task to somebody else. So they can focus on that and you can do income generating activities.

D.J. Paris 12:13
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So you’ll get the help that you need when you need it and get this follow up boss is so sure that you’re going to love their CRM that for a limited time, they’re offering keeping it real listeners a 30 day free trial, which is twice as much time as they give everyone else. And oh yeah, no credit card required. So you can try it risk free. But only if you use this special link visit follow up boss.com forward slash real that’s follow up boss.com forward slash real for your free 30 day trial. Follow up like a boss with follow up boss. And now back to our episode. Yeah, I agree. I think that’s it’s, it’s, you’re right, like we can’t control rates, we can’t control buyer sentiment. As much as we can try to influence it. It’s hard to influence sellers and buyers right now with the state of the market. And deals are falling apart at the last minute, we’re seeing a record number of those. So things are outside of our control, and in a lot of ways. And then there are things that are always within our control, which is our activity. And actually, I have a quick little story I thought I’d share with you and the audience because I think this is perfectly apropos to how it may be what agents can do right now. While maybe things are a little slower than normal, and everyone’s stressed. And yes, all of that is true. And there’s things you can still do. So this just happened yesterday. It was my one of my closest friends and his wife’s anniversary. It was their ninth anniversary. Here’s how I knew that I had put it in my calendar or in the contact list form. Or sorry, the contact. You know, I have for each of them. I have their anniversary date because I was there at their wedding and I wrote it down or I asked them later whatever it was because I thought this is what my closest friends I probably should know when his anniversary is so that all I could no I’m not a Producing Realtor. There’s no I’m not looking for anything here. I just want my friend to feel that I care about him. So I sent so I have in my little calendar every day if it’s Sunday. nice birthday, if it’s one of their children’s birthdays, if it’s an anniversary, it’s the only way I would ever remember to do anything is even my own family with stuff is, you know, I write it down because I don’t when it’s my parents anniversary, I think it’s, you know, April, something, but I don’t always remember it perfectly. So I put all of my friends information and so I sent a text to my friend and his wife yesterday. Oh, hey, happy ninth anniversary, it was literally took two seconds. And his wife who I’m not as close with, I don’t know her as well as I know him. She wrote me back and she’s like, You were the only person every year outside of their, like immediate family that knows it’s our anniversary, and or if they know it, nobody else writes us about it. And it was just took two seconds. And I’m like, that is so easy to do. And, and she was like, how do you do that. And I was like, why just put it in a calendar. And you know, but it’s like, there’s no magic to it at all. But the point is, is is now is a great time to think about your communication strategy for staying in touch with everybody over the next year. And now’s a great time to call your all your clients and say, Hey, I’m just updating my, my contact, you know, whatever my marketing system, I just want to make sure that I have all your data correctly in here. But I want to make sure your birthday is on such and such day. Right? Great. Okay, hey, just out of curiosity, what what’s your anniversary date, I’d love to, you know, just know that. So I can, you know, give you guys a quick hello, or something on your anniversary, like people will tell you this stuff, especially if they’re past clients. I mean, that shouldn’t be any problem at all. But certainly the you what I’m trying to the point I’m trying to make is you want to stack the deck with reasons to reach out to somebody. And it doesn’t have to be, Hey, you want to buy or sell a home. It’s like, Hey, I remember your anniversary, like people care very much when you demonstrate, you know that you care for them and that you’ve taken time to build it into your life that their their lives are important. And really simple and easy. So I know I’m talking about this a lot. But guys, this is a great time to just update your database, call all your clients say hey, I’m I’m just getting my you know, getting some things together for 2023. Just wanna make sure I have the right data for you. You know, and you can say, Oh, by the way, you know, I would even ask if you’re, if you’ll feel close enough asking when their kids birthdays are ask them what grades their kids are in. If not birthdays, ask them, hey, you know what grades are they and so you have an idea so that when school rolls around, you maybe have a list of people to you know, give some you know, care packages for kids in grade school or high school or college or I think there’s lots of cool ways you can demonstrate care, that don’t have anything to do with market conditions. And that maybe will pay dividends when people are ready to buy or sell.

Carrie McCormick 17:37
I think that’s so good. And sometimes it’s the little things that matter. And I just wanted to finalize in this, our call by saying the seven tips that I have for marketing for 2023. So I’m gonna say my seven tips will be video video video, you have to do video, you have to do video, I’m I know people don’t like to do it, or they don’t want to be in front of the camera, but it’s just, it’s going to dominate in 2023. So just get used to it and do videos. So that’s number one. Two would be teamed up with a mortgage lender to strategize you know, as we are in this market with these crazy interest rates. We do need a professional on our side to strategize there’s all these different bite down programs and different ways to message it. So definitely team up with a mortgage lender. I’m also going to tell you to create a blog which I don’t have one. So I’m going to try to do that for 2023 newsletters, your website, you know get all of that in, in the right place, refresh your social media profiles. And that’s another thing, these are all good reminders for me to do to you know, make sure that all of your profiles are up to date and refresh your headshots. You know, there’s brokers out there that you know, I’ve looked them up online, so I just know who I’m meeting and I meet them and they look nothing like their head did their picture. So you know, it’s a good time to refresh your headshots, QR codes, use those utilize those in your marketing campaign to capture client information. I don’t know where I’m at with number wise but clean up your CRM, strategize on a system just like you said, to stay in touch with your clients. There’s different tools, you know, you can call people, you can email them, you can send them a survey to get information. And then just I think, finally, a marketing tip for everyone is work on your messaging and what your purpose is. I think when you know, and you can communicate who you are, what you do, what your purpose is, to your clients, they’ll better understand you and what your job is to do for them.

D.J. Paris 19:47
Yeah, I agree on all of those are such such great ideas. So I think you know, great time to take a step back from the craziness of where inventory and rates are and sort of say well, I can’t don’t do much about that right now. But now is maybe a time to invest in some more learning some more skill development, you know, getting the marketing down for next year. And I’ll just give this one final tip for from a marketing perspective. I say it all the time. I’ve said it probably on the show a bunch. So I apologize for the review. But it’s a great fundamental. LinkedIn is really great at a couple of things. And one of those is work anniversaries. So I was talking about romantic anniversaries, you know, wedding anniversaries, dating anniversaries earlier. But work Anniversaries are another thing. So this is something that usually nobody knows it’s their work anniversary. So in a way, if you can find out like, I don’t even know it’s a work anniversary for me until I start getting messages on LinkedIn going, Hey, congrat, right. Like, we never know, most people don’t know, their actual anniversary. So another great reason is you just go to the LinkedIn act activity feed, and you’ll literally can just check it every day. And you’ll probably see when people get promotions, when they get a new job when they have a work anniversary. All of these are things that people would never expect you to, to reach out to except on LinkedIn, when they tell people it’s their work anniversary that you get a lot of messages. But how about a phone call? How about a text message? How about going a little bit beyond and noticing something like that? And again, just demonstrating care. So anyway, I love that, I think, yeah, I think it’s I think it’s a great place to wrap up. We should also mention two quick things. Right now, you know, I think is also a great time to build relationships with realtors and other markets. Right? It’s a wonderful time to really say, okay, my clients tend to move or retire to or have vacation homes in X, Y and Z places. And so for example, if you have if you’re a realtor, and you have people that live or that want to live in Chicago, some time of the year, or maybe a second home here, they’re moving to this area, or you know, down to Florida or Texas or wherever people are moving these days. You know, Charlotte, not Charlotte, but Charleston is a big one Nashville, of course, lots of places are having these big booms. now’s a great time. And so Carrie would love the opportunity to work with you if you have clients that are interested in the Chicagoland area. She’s literally one of the very most successful Realtors here. She does it all herself. It doesn’t get passed over to a team member. It’s literally her so if any and if anyone’s listening who isn’t a realtor, but just a buyer or seller or renter or investor or developer who wants to work with the top realtor here in Chicago, Carrie, we could not more highly recommend her she’s the best. Carrie what’s the best way that someone can reach out to

Carrie McCormick 22:43
always call me 312-961-4612? Or you send me an email at Carey at@properties.com.

D.J. Paris 22:52
Awesome. Well, we will bring this this episode to a close Don’t. Don’t let it bring you down. As the as the song says. This is this is a tough time most brokerages are down. production is down for agents. It’s just kind of where we’re at. We can’t do a whole lot about that except keep moving forward. Again, people want to work with people who demonstrate competence and care. So up lets up your competence level. Ask more from your from your brokerage about skill development, knowledge training, and then ask more from yourself about staying in touch so that next year, you’re like, Alright, everybody in my database, I have five different times throughout the year that I’m calling them for different milestones or reasons to reach out birthdays, anniversaries. Hey, just checking in how’s everything going? You know, school, starting school, ending whatever it might be, come up with five or six reasons to reach out not real estate related to each person in your contact list. And you’re gonna have a great 2023 At least I hope so. So anyway, I’m Carrie and on behalf of Carrie and myself, as always, thank you to the audience we are, this is our Believe it or not our most our highest month ever is this month as far as number of downloads. I don’t get I don’t say that to brag. I’m just so encouraged. And it’s really we don’t spend any money on on marketing. I wish we probably did, but we don’t. And so we’re so grateful to everyone for telling a friend about our show. Please continue to do that. Think of one other real estate agent, maybe even a new agent who wants to hear cash and wonder how somebody gets to the very top of the mountain like Carrie Well, this is how so definitely send them a link to our website, keeping it real pod.com. And also again, if you know anyone who is looking to buy, sell, rent, or develop in Chicago talk to Carrie. So I’d be happy to carry myself we say thank you on behalf of the audience. We say thank you to Carrie. This is it’s so incredible to get somebody of hers have her skill level and her busyness level to be on our show for years and years now we are so internally grateful. We’re so thankful. So anyway, I’m Carrie thank you again and we will see Everybody on the next episode.

Carrie McCormick 25:01
Thank you guys