Real Estate Strategies | What are You Doing to Turn Your Real Estate Business Around?

In real estate there is always tremendous resistance to change, yet change is inevitable as the changing tides. Some will survive,and some will not. Charles Darwin is pretty much accepted today for his theories on the subject of survival of a species.  So how will we adapt to change personally?  Change occurs every day, and moves us away from a comfort zone into an uncharted territory.  It is perplexing to find that what we employed so successfully yesterday, is not yielding any results today. The newness of our surroundings makes it difficult to come up with new ideas and try different things.  The landscape has changed, and the new surroundings do not bring us any peace of mind. We are more set in our ways than we know, and the thought of confronting hurts us!  We make new resolutions to get up earlier, go to the office more often, we realize that networking may not change your current streams of income...if you and your associates are unable to to adapt to the new market.  New ideas and a fresh approach is needed.  It takes more the discussing the book "Who Moved My Cheese" because it has already moved, and the answer lies in what have you implemented since you've read the book last!  Has it yielded any results, if not, what is your next strategy?  Do you have one?

Stock markets and industry bobble heads will be coming out saying things are not that bad, because that is their job, but your income tells a different story.  Paying your own bills, and preserving your own home are more important than the trends taking place in real estate.  We must begin wiht a total review of persona finances and budgets.  To survive softer times, a new focus for our livelihood has to be made.  A new beginning has to be broached! Choices may have to be made, but only when all the information is at hand.  Think about it as an assessment.

The assessment may be based on trends in our own market place, our personal experience, our own sales history, and local sales increases, units sold, and prices ranges that are moving need to be examined.  We must be able to answer the question, "What is selling and why?"   Are sales hot in single family homes?  Where do more sales occur in your market?  What price ranges?  Is the number of bedrooms a factor?  Why are some units selling when others do not?  What is driving the sales in those areas?  Is it a school district. access to public transportation, price?  Do not be blinded by the national news and headlines.  Things may be better or worse.  Every market is different, but you must know your market!  Be proactive looking for hot spots that are bucking the trend,   Knowledge is always the key to survival.  When you obtain enough information, you are able to move beyond the diagnosis stage and make a prognosis,  Where will you be when this all straightens out, and how well off will you be?  Then you will be able to see where you fit into the scheme of things and develop a new plan to adapt and succeed in the next phase of the market.

Taking more listings, waiting for the phone to ring, desk duty, holding open houses may have been productive in the past, but are not really a plan.  Watching your budget, making modifications of spending, turning away bad business may be a very smart idea.  We have enough on our plates without adding to the stress.  So a signed buyers agency with a pre-approved buyer is a must.  Working with motivated sellers is critical!  What changes are you making in your business?  Here are a few of my own:

Budget and Expenses:

1. Not renewing unproductive marketing tools
2. Cancelling unneeded domain names
3. Cutting Expenses
4. Cutting Marketing Expenses
5. No new expenditures or systems
6. Pre-determined targeted marketing
7. Using a more gas efficient car for daily runs and errands.

For Sellers:

• No listing agreements less than 6 months
• No open homes (glutted market)
• No overpriced listings - list prices must be within last 4 months comps or less
• No Discounts (more effort, more time, increase marketing expenses, more stress to sell)
• No overpriced listings
• All listings must be clean, immaculate and without odors
• Neutral decor, turn key condition
• No Appointment only listings
• No homes on the market until they are show ready!

For Buyers:

• Signed buyers agency agreement
• Working with Pre-Approved Buyers Only
• Not working any Contingent upon Sales Buyers (too many buyers cannot sell homes!)
• Not showing any buyers just thinking of moving to area.
• Buyers need to have a job.
• Not opening doors for non-clients (will show single home with signed buyer agency only)
• Meet buyers only at office.
• No addresses, or detailed free information on websites.
• No free information over the phone for non clients.
• Buyers must ride in my car when showing homes!

Copyright September 25 2007 Jim Crawford All Rights Reserved