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In a Seller's Market, listing is the name of the game. In a Buyer's Market, selling is the name of the game. It's as simple as that. 
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25 Comments on Knowing WHO and WHEN are just as important as knowing HOW
Brian - Smart guy! You have to know how to work both, and you have to work both. And you have to know where to focus when.
Lisa - If you only have so much time and money, bet on the winners! Now that doesn't mean to stop your farming - but maybe you want to change your focus (for now) from "list with me" to encouraging people in your farm to take advantage of the market to buy their first real estate investment property.
Karen - Of course, opinions are like belly buttons... Generally speaking, listings do attract buyers. In this market, however, with such a glut of listings, it just makes sense to give an extra "push" for those non-contingent buyers. Now that doesn't mean you don't also want well-priced listings in good condition as much as you ever did!
Bill - I love a good dialogue! Bring it on! I know what they say... You gotta list to last. In order for listings to sell, though, somebody has dig buyers out of their armchairs.
James - You're right, of course. You gotta be consistent with marketing to your normal farm area. But you might shake up the focus to reflect today's market. 'Bet people in your farm know folks who rent, so tell them about your listings or others in the area and ask for their buyer-referrals. Or encourage them to buy a rental property. Potential listers will recognize that you are trying to sell homes, not just list them, and that might just inspire them to list with you instead of another agent who is still shouting "List with Me!"
David - This IS the balance! You gotta know HOW to do it all. The successful agent who will last in this business (speaking as one of those, after 40 years of watching agents come and go) also knows WHO and WHEN.
Margaret : Good post and I believe that it will produce a good dialogue. I do disagree with you though. Yes it is important to work where the money is. However if everyone gave up on listings there would be no listings to show your Buyer's. In addition to that you would encourage the FSBO market and validate those feelings by others that Realtor's (R) are just in it for the money.
When I started to sell real estate in 1988 the average days on the market was 211 days. I was a listing agent first and carried about 35 listings. My average market time was 90 days with no expireds. I did it by doing what I am supposed to do. I priced them right and marketed them hard. I also sold 66% of my own listings.
Margaret- I must agree with Bill. For new agents this is great advice because they are not on solid ground. My very first mentor years ago when it was a buyers market told me " The power is in the listings, for no matter the market, if you have listings priced right the buyers will come." And then you have buyers to work with. The buyers we get to work with are those that come to our listings and do not buy that listing and therefore buy another listing through us. But it is still the listing that brought them to us. In our market, it is neither a buyer or a seller market, it is actually a market being controlled by the lenders at this point. We have lots of buyers who CAN not BUY.
We work the expired market because it is the best market to work with right now, all the overpriced homes are expiring, the sellers are getting a clue, and we are listing their homes at the right price this time around. Now, we do not usually work with buyers but now we are. So therein you are on target that listing agents should not be turning down buyers right now if they need the money that the buyers will bring. But do not throw out what is working. Being strong listing agents has worked for me in all markets. Our market is like it was in 2001 and in 2001 we were top listers at the local ReMax office and that resulted in being top sellers because of our listings.
Now this will not work if you only have one or two or three listings but we carry 20-40 listings in every market and thus the buyers will come. Thanks for giving us something to think about! I still love you! :) Katerina
Bob, you are right on! I just got a listing call (from consumers who found me on ActiveRain, no less) and I'm looking forward to meeting them. If anyone can sell their home, I can. But I didn't invest my limited financial resources to generate this lead. I suspect those sellers may appreciate the fact that I'm actively working to generate buyers for them and other home sellers. (What a novel listing approach!)
Deb, I agree. Buyers can be very time-consuming. But a non-contingent buyer is like money in the bank. What seller wouldn't be grateful to have more real estate agents wking hard in this market to find more buyers?
Herb - I never meant to imply that anyone give up on listing! But this is a business, after all. Think of yourself as a retailer with lots of items on the shelves, nothing selling, and a storage room full of unpacked boxes of more inventory. Do you invest your resources in acquiring more inventory, or do you invest them in selling the inventory you have available. It's a business call that each of us has to make for ourselves.
Katerina - You are the King and Queen of expireds! No one would suggest you change directions. But marketing is a moving target, as Bob said, and there are a lot of struggling agents out there are more than willing to work hard, and just need a little well-founded guidance to help them chart a course towards the level of success you enjoy. (I still love you, too!)
David - It really is a matter of allocating your resources. Folks like Katerina and Nestor already have a plan and they're following it, but most other agents could benefit if they "follow the money." As a manager and broker, I learned to help struggling agents find the fastest route to a closed transaction because nothing motivates more than a little success. The market truly does determine what that fastest route is likely to be.
OH GOSH! A kindred spirit! And it so goes against the grain of conventional wisdom.
Unfortunately, the last time the market changed, I was so into buyer mode that I had to do a massive gear shift. So this time, I'm trying to keep a toe in the listing waters, but I'm being very selective - you know, no fleas, bad smells or Realtor eating dogs.
Margaret, what perfect timing on your post. I just completed my first year and feel that it was a successful one. I'm dedicated and very passionate about our profession. The change in the market is allowing me to re-evaluate my business plan and goals that I set and look at my plans for 2008. I've had a lot of "floating fish" recently, belly up and no revival. Yes that's discouraging, but it's time to change what I've been doing and set myself up to accommodate the market. My focus is on listings $250,000 and under, apartment complex leads, buyers, buyers, buyers and my SOI. It has worked out so well with my condo listings especially. The pricing and area are very prominent. 3-4 offers on each one. From advertising on the internet, I've picked up a buyer from each listing as well. So being that I'm not well seasoned in the business, I'm trying to make this all work and I'm not about to give up. Thanks for your great information.
Also, would you be opposed to me asking how you marketed to apartment complexes? Did you send out postcards, letters, or something else?
Patricia, 'sounds like you got it down!
Katerina, so true!
Julie, that's great - 'sounds like you have a great roadmap and you're prepared for the detours. As to marketing to apartment complexes, I don't do that anymore because our apartments have such a high turnover rate. If you want to talk about this, call or email me sometime, and we can brainstorm together.
Margaret, Before this year, i was predominantly a listing agent. Today, I actively seek buyers. I still love listings, but buyers rule right now and sellers are still a bit too optimistic about the value of their home.
Funny, though, my buyers have paid almost full price and a few did pay full price, when the property is priced well in the beginning.
Sally, your posts are wonderful! Keep them coming and don't change a thing.
Paula, smart lady!
Candy, i don't think we've met before. Thanks for commenting, and I'll check out your blogs today.
Don, Good luck! List 'em AND sell 'em.
I am a expired listing specialist and I have had great experiences and a decent flow of closings with them.
In my opinion I think that specializing in expired listings in this market is a great niche. I feel it all has to do with the marketing and pricing of the home!!
Maureen - Expireds IS a great way to go. Plenty of those out there now. And expireds are usually willing to list to reason when it comes to following your recommendations. I have never diligently focused on expireds, but I'm sure I oculd learn a lot from you and Katerina Gasset. Thanks for the reminder.