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Are you "hulking" up your business plan?

Hi folks. As most of you know, my market Poinciana Fl is in the middle of a major decline in property values and REALTORS® working this market are really struggling to make ends meet. It's brutal and getting worse. But what can you do? I've been selling real estate in Poinciana for 13 years and have no intention of changing my market area. Homeowners in Poinciana are going through a difficult time and they need me. It's my market and I will ride it out and help as many people as I can until it changes around. Might take a couple of years but "it is what it is".

One thing is for sure, the strong will survive and I am as strong as they get. Not bragging....just fact. This difficult market will make me better at what I do. It will force me to reevaluate the way I do things and help me to improve on my techniques and marketing. To me that's a very good thing. There's nothing worse, when you own a business, than to get stagnant and too comfortable. Change is good. Challenges are even better.

So, over the last few months I have been redirecting my business plan. Here are some of the things I have been doing.

Increased my advertising dollars.

Started directing more of my marketing towards generating Buyers.

Hired a Buyer's agent to handle these Buyers for me.

I'm working diligently to increase listing inventory.

Spending time, daily, educating my Sellers on current market conditions and getting price reductions.

Increased exposure for my listings on Craigslist, Postlets, Trulia, etc....

Aligned myself with a property management company that will pay me referral fees for management contracts.

I have a couple of new websites in the works including a point2agent site to help with getting Buyers.

I'm brokering a new company, starting in September, for family members who are in the Timeshare business(Disney Vacation Club). Stay tuned for more info on this.

Working on getting my data base of Investors excited, about getting back into the game, now that prices are coming down.

Reorganizing our own rental properties to free up equity.

All of these things are designed to increase my market share and provide additional income streams. Will these things work? Well, in the worse market EVER in Poinciana I did over 1.5 million worth of business in July between new listings, closings and pending sales. Folks, when things get difficult it's time to take action. This is the perfect time to gain market share. When the market does change, I'll own it and be ready for the next boom. Will you?

***Picture compliments of Robert Schwabe. Thanks Robert! I LOVE it!

Posted by Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc on 08/03/2007 06:54 AM

Comments (93)

marketing, educational

93 Comments on Are you "hulking" up your business plan?

AUG

2007

Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Blog Boy...

Yup. It's time to make changes. If professionals in our market resist adapting they will become extinct.

Or...

"Two all beef patties...Special Sauce...Lettuce...Cheese...Pickles...Onions...On a Sesame Seed Bun"

La. La. La. La.

Sorry. In my mind ... This was teed up for the McDonald's song :)

TLW...ROAR!

LOL!!!!! This pic is hilarious! I can't stop laughing. Thanks. :)

Yes, Bryan, I will be ready for the next boom! I can, and I will! Thanks for the reminder that we have to continually make smart, well thought out adjustments to our business plans. The market continues to change. I don't want to just keep up with it, I want to be in front!

Good business re-evaluation too. What about commercial and multi family properties...do you dabble in them?

Okay Blog Boy...

I gave you a link to 'our' song :)

Click La La La and SVW :)

TLW...ROAR!

Bryan, I like your attitude... Always positive and looking for the silver lining! Great stuff.

Are you recruiting? Where's Ponciana? ;)

Good post, BB, and good for you for adjusting the sails to ride out the storm for your clients and your business.

I love the pic...is this a lead-in to tomorrow night's video? ((-:

Hey.....I'll sing right along with this post....gear up, keep steady and plan for the next boom while keeping up with the changing market. (good you got a buyer's agent.....)

Dad, you are looking BUUUUUUFFFFF!!!! I'm impressed!

I'm also impressed with the way you don't just sit back and let stuff happen, you go out and MAKE things happen. And then you tell us about it so we can do better, too. Thanks!

You'll be O.K.

I just added a market area and a new wonderful referral agent. I am also revising all of my web sites offering buyer rebates. Believe it or not, some agents didn't agree. Not a problem, they are off my referral list. The buyer rebates are necessary here to compete with the discount companies here that offer HUGE rebates. We're going to offer a small one. It's cheaper than advertising.

I have 4 new homes under contract myself and the commission to me will be $75,000. The rebates will be $25,000. I'll be happy with the $50,000 left. The advertising is costing nothing because it's all through my web sites. The new home rebate is 1%. The existing home rebate will be MUCH smaller.

Bottom line is, we have to adjust to the market. If I can bring in a few more buyers each month by offering small rebates, it should get some more business to the agents that sell my referrals.

You're smart and not letting the market control your business.

It's "5"d and flagged.

Everyone should read this. Stop whining and do what BB is doing. Work harder and adjust to the market.

Gret pic and listings are still the name of the game. Hiring a Buyers broker was a good move as there are buyers out there. Not as many as before but people are still buying. Best of luxck to you.

Lenn, Let em keep wining, they just may not want to work for their money after being 'spoiled' the last few years. I think the ones who get in this for a living need to tighten the chin strap and get into the game- 100% or get out..harsh but my opinion. You have a plan as well as BB..it is more than talk- it is action. That is the key factor that will protect your business.

Thanks, BB- although we've had a reasonable start up here, we are also "wooing" a buyer broker. I don't like that side as much, so perhaps with a great split, our agent will. Having done the down market thing, it's not at all intimidating- it is, as you so clearly write, "CHALLENGING." I hope that agents that don't own the brokerage hang in there, or go to someone forward thinking...in Poinciana, perhaps? Yup- another "5".

Whacha Gonna Due When Broker Bryant Runs Wild on You!!??!?!.. Sorry Had to do.. You look good in tights.

Whew ok now that I said that. I really enjoy your post it makes sense don't run and hide.

Bryant -

I appreciate you sharing what you are doing to survive your market. I do believe you will make it. You have many great ideas, an established place in your market and 13-14 years under your belt. And hopefully you have the support of TLW to do the things you need to do to get business. (Oh, and the big one, making money or were smart enough to save and invest for the just-in-case situations.)

Indianapolis, IN is also having its problems. It has become very overwhelming. It's very hard getting a share of the market place. It's also tough when finances start to run out. I believe that there's many agents suffering right now.

BB, I usually revisit my business plan quarterly and have made some adjustments already this year. It's time to start planning for 2008 (usually do that around September). THanks for your list. I can always use new ideas.

BB,

I agree although it's painful now...it will toughen us up and we will see who can run with the big boys.

or girls :-) of course !

Okay Folks...

Blog Boy asked me to man this post. Only problem is I don't feel like it.

Not to mention the fact that this is waaaay too much like work :)

How about if you all respond to each other's comments? LOL.

TLW...ROAR!

Well hey everyone. I apologize for not returning comments tonight. I'm a little brain dead tonight and I'm shutting down until tomorrow. BUT as always I appreciate each and every one of you that the takes the time to read and comment on my posts. You guys are GREAT!!!

Just remember....keep moving forward and MAKE things happen. Make changes where necessary. Listen to what your market is telling you. If you listen real carefully it will tell you where your next paycheck is. If you don't go get it someone else will. Be a success NOT a statistic.

BTW I hear through the grapevine that Blogging Bertha will be making an appearance early tomorrow afternoon. I think you are going to like it. So stay tuned!!!

LOVE LOVE LOVE the picture.... (ooooops, I used caps, slapping my own hands!)

I will be sending you an email about the other portion of your post.

Sounds like your plan is aggressive and sensible at the same time.... good for you.

BB,

Your too cool!! your giving away all of your secrets, everyone better say thank you, or else :0)

Very nice though, I am considering some of your options for myself, even as a mortgage broker,

Tom Weiss

You are so smart to be taking control of your market.. when the market comes back you will own the place and the rest of them will be wondering how you did it..

Sage advice for all of us in markets that are struggling. You're a winner, BB. Thanks for sharing your wisdom and your strategy. I have no doubt you will succeed.

BTW we are ALL looking forward to Bertha's appearance.

Jeff

BB,

Sounds like you have a winning plan, you are on top of your game! BTW, love the photo! ;)

We lost 100 agents in Ann Arbor last year. We planned our budget yesterday at our Board of Directors and had to borrow 89,000 from our reserve fund. The good agents, will find a way to make it work, or can succeed in any market. You have such a great attitude, growing your business in a down market.

Is TLW, catching allegators or kniting in this market ??

Photo is great! BB, I am a big fan of pro-activity and you're got that market sewn up!!!

BB- With reevaluating the way you do things should be good. There could be some things that you missed when you were real busy. Right I'm reevaluating everything I'm doing so I can become a better agent. I keep reminding myself that positive people make positive things happen. I'm looking forward to Bertha's appearance tomorrow. Thanks for adding the pic to your blog.

BB - When the going gets tough, the tough get going.......It's as simple as that. We have to adjust or or be left in the dust. thanks for sharing your point of view and your insight!

Whenever I hear talk about a slumping market, I always remember that Warren Buffett bought a lot of stock in 1987. The prices will be the big attraction for buyers as long as the mortgages are available. The important thing is to do as Bryant says, don't panic and change direction some. Remember, real estate is a cyclical business.

Our blogs are the best of all. Next to that, seller management is a real focus these days. Like your list, and it makes sense. What are you going to do about the gators in the backyard?

As usual, you've got me fired up to do even more than I'm already doing. By the way, the expireds letters are working again. Thanks for the tips!

AUG

2007

These are all great ideas and something every agent should be doing no matter what kind of market they are in. I would like to steroid test you though, last week I saw a picture of you and you were not that buff. I am really starting to think you are on the juice. - lol

Way to take the bull by the horns!

Bob Mitchell

ValueList Real Estate Services, Inc.

What a HUNK!!! TLW - you are one LUCKY WOMAN!!!

Awesome Ideas. I really like the body that goes with it.

All of the above and then some! I think your revised plan will work out well. No one knows your market better than you do and what will work or not work. We can survive in the Market with good planning and long term goals. One day at a time, one sale at a time and new ideas all the time!

BB - you're doing great things, things everyone should be taking a look at, especially in the kinds of markets we're reading about. I've been tweaking my systems and various things I do - websites, blogs, tours, mailings, enewsletters, etc. Not only is it good business sense to continually update all these things, but when it's a little shower it's the perfect time take advantage of and put some work into these areas.

Great reminder for all of us!
Ann

Shoot man, I need to hit the gym. "Change is good. Challenges are even better. " Very well put my friend.

Hola B. Reading this confirms that we our company is taking the right steps in this market. Our real estate brokerage side will add our second new agent next week. He specializes in investor buyers. We have also started targeting buyers more and have begun looking for buyers out of state. Also working on new web options.

The thing you didn't mention was if you are continuing to do the old things too. I have a farm of only 500 +/- prospects that have kept us very busy. I continue to hit these folks just like I have been. They provide a steady stream of inventory.

Bryant,

You are one handsome dude---love those muscles! Your post is inspiring to me as we're all in the same position. I'm also thinking about doing the Point 2 Agent website in addition to the one I use.

Dam....If I met a Realtor that looked like that I would be scared not to list with them. Lots of laughs on this one.

Brian,

That was great! I can see you've been taking your vitamins and saying your prayers! What Ca' gonna do when Brian-mania runs wild on you?

TGIF - I couldn't wait to log on this am and ck out your blog. Things are a bit slow I guess if this is my highlight of the week---but I do look forward to it :). I too am making huge changes today. Thank you for sharing some great idea---now is not the time to pull back on advertising dollars (at least this is what all the solicitors are telling me). Have a great day---I vote this to be the best picture yet.

Good morning everyone. I'm going to have to get back to this one later I have to run out and put another house on the market this morning and drop off an escrow check for the deal I negotiated yesterday....Yippee!!!!! It's all about attitude and action.

AN WHEN I GET BACK AROUND 2:00 "BLOGGING BERTHA" WILL BE MAKING HER APPEARANCE. FRIDAY FUNNIES WILL BE IN FULL FORCE!!!

Everyone who wants to succeed in this market need to wrap themselves around the information available on AR. There are clues for the clueless - information for a transformation in this market. Well said, thanks!

BB, I know you got what it takes, and your business plan looks to be right on track!

Daytona seems to have found new life, hopefully that new life will make it south!

Great pic Bryant! Very funny.

Unfortunately, not all agents can spend MORE time and MORE money in a declining market.

Joe, My post on Sunday will be things you CAN do that don't cost money or much time. I'll give you some ideas my friend. Stay tuned.

Very good advice for all agents in all markets all the time.

It is great to see an agent share his tips for free. I am in a declining market, mostly casued by agents that allowed there buyeres to buy without an appraisal, or above appraisal value, (like $10,000) and selling agents that listed a house for $500,000 and 9 months later a similar home 6 doors down for $400,000 with no real decline in that area. How do I over come other agents tactics that bring down the market?

Excellent thoughts & ideas. Doing the same ol' same ol' is going to be a long & winding road for those that choose to follow it.

Broker Bryant - "Been there done that". In the mid eighties it could not have been in worse in Idaho and I am sure across the country with 17 1/2% mortgage rates and 21 1/2% prime rate. In 1985 I beat the bushes by going after a lot of lender owned REO listings. I worked hard to convince 5 major banks to list their inventory with me. While Realtors were dropping out like flies from the market place I made a very handsome living. Keep up the great work my friend and you will be fine.

Just watched your videos and I laughed and you are doing a great job for "Kalligal". I wish agents out here stood firm on their listing prices, instead of getting their commission ASAP. You rock!!! And I represent mostly buyers. Keep up the good work.

Most people CUT their ad budget when things get tough and you are RIGHT. You should INCREASE IT!!

Bryant,

Love your new look. You do a great job at making lemonade out of lemons. Thanks for the encouragement with this post. Our market isn't too bad, but you're right, only the innovators and scrappy agents will be left standing in tough times. You gave me some good ideas to increase business.

Thanks,

Tough and Scrappy Fran

Bryant,

Thanks,

Tough and Scrappy Fran

Bryant,

Thanks,

Tough and Scrappy Fran

Market is different but it is still a Market! Tons of Investors are coming out and if you are looking for a deal now is the time to buy! Thanks BB! (or is it BULK?)

I swear you must have copied my business plan.

;)

I just went over almost all of these points the other day. Interesting.

I hope I will! This market is tough and I feel (as a newbie) that I am learning a lot about marketing, character and creativity!

Great Body...could be a new career?

Be careful on the advertising, it'll eat you money up fast, Price Price Price always works with Buyers,

We've all been through tough times, pick up the phone and talk to clients, friends and your close Investors, there is always a Buyer for a well priced home,

Good luck, time will correct the market.

Have an awesome weekend!

PS: Can you find a lender to buy a Seller carry back mortgage, this helped me in one of our declining markets here.

thanks for the tip. I will share it with my referral partners in NJ

Here too, the market has been a bit upside down. We've been making do by focusing our efforts on rentals and letting the sales come as they do. Here in Greater Miami and Sunny Isles Beach, in particular; it is not uncommon to reap a hefty commission on a yearly lease- I've had rental commission that far exceeded a sales commission. I too have been investigating and using eFlyer, Postlets, Trulia, and the others... The more the merrier- I've been deleted from the rain, again- so I have been in the shadows, only coming out when the powers that be - give me a moment to share.

I miss you!

Bryant, you are marketing more towards buyers - how so? What are you doing differently now? Just curious...

Bryant, Your comment "about attitude and action" is well said, we would sink in the quicksand otherwise.

I'll be looking for your Sunday Post. Thanks for sharing.

Bertha! Bertha! Bertha!

Marketing will plant the seeds in a slow market. Try zoglist.com

Great action plan! When the market changes, so should your plan.

Okay Woo Hoo Sally ... I will link Blogging Bertha.

Folks it's Friday ... Blogging Bertha just popped into the rain to give all of us a good long laugh.

To visit Blogging Bertha ... Please <CLICK HERE> She's on Blog Boy's (Broker Bryant's) post today.

Presented By TLW "ROAR Productions" :)

OK, I can't keep up with all these comments!!!! There are a LOT of good posts on AR today and have to go do some visiting. BUT thanks for stopping by. I'll do a follow up to this on Sunday with things you can do that are cheap or free to help with your business.

BB,

Always take the "High Road" and attack. Since I`ve known you you`re approach has been strictly geared towards listings, now I see that you`re changing your marketing. Change as we both know is good.

Every 6 months a smart pro knows they have to see what`s working and whats not!

You`re correct "It is what it is".....

Good ideas...However, like Joe mentioned not all agents can spend more...but there are plenty of free or low cost ways to advertise and promote yourself. I like craiglist...it is free and well read in my area. I figure if it is free why not have your listings there? All it takes is my time to do it...I have gotten pretty quick at it and every week or so I delete them and then re post so my ads are at the top.

A down market also weeds out a lot of agents...only the good ones seem to make it...and I know in Florida we could stand to lose a few agents!

We need all the extra exposure we can get! Have you noticed any increase in spam since you registered for the postlets? I was debating whether I should use my regular e-mail address or a spam catcher.

BB... Im absolutly loving the contract "negotiations" videos. TOO FUNNY!! I'll have to try that on some of mine ;)

I think some buyers forget,,,,its a buyers market.........NOT A FREE FOR ALL

Bryant,

Great ideas! We're suffering the same type of slow down here and I'm looking at different income streams as well. I like the idea of getting referral fees from property management companies, cause if the don't sell, hey refer it so the places can be rented.

Thanks,

AUG

2007

Bryant,

Thanks for the post. You betcha, I been retooling. The only way to stay viable is to adjust the plan to meet the challenges. In addition to some of the moves your'e making, I have also developed a plan for getting pre-foreclosure and foreclosure listings. My loss mitigation experience wasn't in much demand over the last five years, but it is coming in handy now.

William, I think any movement towards foreclosures, short sales etc.....is a good move in this market. I started out in that direction at the beginning of the year but decided against it since I have more than enough listing already. Getting short sales through is very difficult right now. I may hire someone to handle this side of the market though. There is certainly money to be made for someone with experience and patience. Plus the consumer needs this service right now. It's a good opportunity to help some folks out.

Hi Rick, Thanks for stopping by. I've been getting an awful lot of sellers that need to rent instead I might as well make a phone call for a few hundred bucks.

Hi Liz, Glad you like the videos. They were fun to make!

Lisa, I just started using them this week and haven't had any response yet...spam or otherwise. I do like them and I like how easy it is to place them on craigslist.

Rebecca, try the postlets.com. From there you can place them on craigslist with a just a click or two. Very easy.

Scott, I hired a BA a few months ago so I'm trying to get her some business. Got to go where the money's at.

OMG you guys have so much fun with this. I bet you and TLW laugh non stop.

Yep, we all have to make changes and do what is most effective.

AUG

2007

Yes BB, what doesn't kill us only makes us stronger! I too have been in the industry for 15 years and won't be going anywhere. Fact of the matter is we have roughly 33% less mortgage brokers and real estate agents now, than we did a year ago!

Change and challenges excite me! Thanks for the post, I'm sure it's "right on time" for most!

Bryant: I look at this market (Frisco is quite the same) as an opportunity for growth. I know if I can survive in this market, I can survive anything. So, yes, I am revamping my business plan too. I think we need to change when the times change.

Bryant, I agree, when the market changes, professionals in the industry have to change too.

I liked your thought of teaming up with a management company for referral fees. It reminding me of a builder I recently spoke with. Since the market is more saturated than it used to be, I'm finding people staying in their current home and deciding to remodel. This builder and others now that I have talked to are paying referral fees for remodel jobs as well. Just thought you could ad this to your group of resources.

flawless post. I really mean it. One thing I learned in SF is that as brokers, we can do much more with less!!!!

Seriously

Well thanks Kevin. And my "hulk" pictures makes me look almost as good as you:) I bet SF was a blast. The pic of you and ARDELL meeting is priceless.

Hey someone responded using my name! Great comment though. Being flexible is what being is business is all about.

Loreena, a difficult market is the perfect time for us to hone our skills. If you survive this (and you will) you will be unstoppable.

Katrina, REALTORS(R) and MBs are falling off like flies! And that to me is a very good thing.

Ok Bob and Carolyn...who does the blogging?

Rebecca, TLW and I are old. Fun is all we have left:)

AUG

2007

BB, a friend of mine saw this in a listing in your area and thought you could shed some light on it's meaning:

" Recently upgraded pool home in a popular STR community "

What does STR community mean? The verbiage is from a realtor's listing.

Thanks

Hey Stan, Good to see you my friend. I hope all is well with you.

Stan you got me on that one. Never seen STR before.

AUG

2007

I a changing market the pros like you will get better and the rest will take up a new career.

SEP

2007

Bryant,

Peter Druker a management guru often said "If You Cannot Measure It, You Cannot Manage It." I think the steps you have taken are great, but are you tracking the results of your labor ... not just transactions, but how many activities you do to get an appointment and how many new business appointments you must do to get a sale ... information like this is what drives the best business decisions I use CreateAPlan

Allen, I do agree BUT I'm not that organized. I'm a one man office and I know where my business comes from with out keeping an official log. I know because I ask. I keep things real simple. If I make a listing appointment the listing is mine. I don't do interviews. I ask the seller qualifying questions over the phone and from that I know if it's a property I can sell. If I can then I go over and take the listing. If I list it I sell it. BUT I've been in my market for 13 years so when folks call me they are calling to hire me not to interview me. Then it's my decission on whether or not I want the listing. You are right though it is very important that we know what marketing works and what doesn't.

OCT

2007

Great ideas.

I'm an independent contractor, going it alone right now. I CANNOT WAIT to get enough business to hire a buyer's assistant or two!!

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