Home : Blogs : Ray Perry; Realtor, CRS, GRI, e-PRO : Ray's Ramblings

How Do You Make It In A Slow Market?

think I don't know about you but its getting tough hanging on in real estate. I'm used to doing seven to eight million in business per year, this year I'm lucky if I'm going to do four million. I have cut back on just about everything I can by streamlining my marketing and not doing any more print adds. I publish a newsletter that goes out to over five thousand and it has generated most of my listings. This is self supporting, in fact I make a little on it because of the advertising.

I have 49 listings at this time. I am constantly working with them to keep lowering prices and as a result I am doing about 25 percent of the business in my area. Still my expenses are way over my income. I'm debating lying off my assistant who maintains all the listings which means that I will be doing all her work as well as mine.

We are going into the slow season, NAR and California Association of Realtors (CAR) both say that it's going to get worse before it gets better. I have never seen a real slow down in real estate as I started in 98. The question is, how long can this go on?

I know some of you have been at this for a long time. What did you do to survive the down times?

Posted by Ray Perry; Realtor, CRS, GRI, e-PRO on 10/20/2007 11:21 PM

Comments (15)

slow market

15 Comments on How Do You Make It In A Slow Market?

OCT

2007

I started doing rentals this year.... It gave me some extra cash to do the marketing. Also some of the rentals turned into great clients. I am also more particular about the listings I take, since the overpriced ones take up too much time, aggravation, and marketing dollars.

Judy: Rentals are a great idea however I can't compete with my broker who has a rental department.

OCT

2007

Read the book and watch the video "The Secret". Also, order and read books from www.simpletruths.com.

Don't tell yourself it is slow. There is opportunity for those that look for it.

I also enjoy books from Geoffrey Gitomer "The little red book of selling".

"Buyers are buying...Sellers are selling...Nothing else matters"

Simplistic...but works.

Wishing you "The Best of Success"

Check out my blogs on how to stay busy.

Mike

Mike: Thanks, I'll look those up. I'll keep on and I know I will last it out.

Hi Ray. I feel exactly as you do. I have never had a month where I did not close anything until this year, more notably the last six months. I don't do the volume you do - more like $3 million a year but I have always been consistent. I'm on track to only do about $2 million this year and I've had to cut back on some business expenses too.

I have been focusing on prayer and the benefits of positive thinking. Like Mike said, watch "The Secret" video and watch it more than once. Everytime you catch yourself saying something negative or even thinking something negative, say something positive outloud so that you and your subconscious can hear it. Speak IT into existence. IT is abundance and blessings.

Rhonda: I will definitely check it out. Where can I get it? Sorry I sound a bit down. I just got my taxes back and it was quite a shock to see the real numbers. It seems I have to pay more taxes than I made in profit. Something to do with being self employed and social security.

Ray, here is a link I found to it on myspace: http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoID=1086530522 Check it out. I'm going to watch it again myself for the 20,000th time probably.

I know exactly how you feel. I opened my own firm in February and I've been in the red all year. As of this very moment, I have no closings lined up for November. I've got an ever-increasing stack of bills with November due dates on them too. The old me would be tied up in knots inside, worrying, not eating, not sleeping, just upset. But I have an inner peace about the situation. It always works out. Not the way I think it should or sometimes even want it to but God makes a way out of no way. Start with being grateful/thankful for what you do have. They talk about that in The Secret too. When you look back and see how far you've come and how blessed you are, it makes today's worries and tribulations pale in comparison to what you've been thru and where you started from.

Let me know what you think of the video.

Ray, Having been in business for 23 years, I have experienced a similar condition once before. I now feel like we are back in the late 80's. I truly feel that as the business cycle occurs it occasionally seems to balance our industry (with the help of the Feds). As it happens in this market it will "clean house." I believe in order to survive and flourish, one must keep a positive mental attitude and see the glass as half full! I once blew off a whole year (1989) because of my negative attitude...don't let that happen to you. I agree with Rhonda, that somehow it always works out. Keep plugging away and you will survive this market as those of us who are passionate about our profession. Good luck!

Rhonda: I had no idea how long it was, I have to see it again. I think i dozed off in the middle of it. I subscribe to most of what I heard, I'm not too convinced on some of it (like the vibes being sent off to the universe). I do know if you expect good things to happen and are looking for them, you will not miss them when they come. The same works for the other side. If you expect bad stuff to happen, it will.

I need to talk to someone who understands my business to give me some advice on how far I should cut expenses.

Maybe your broker can run the numbers with you and together you can come up with a plan of action.

This market is going to be an endurance test for some. Cutting back on unnecessary expenses is a huge help!

Rhonda: He's got enough problems of his own. He has seven offices and he just laid off or cut back the hours of his paid staff, stopped subsidizing agents in advertising and is considering a desk fee. He has closed two offices and consolidated property management, administration and sales at the home office. It was in three previously. He has used up all of his lines of credit and is on a cash only bases. He had an all county newsletter that he pulled the plug on, it is now up to the agents if they want to continue it.

Just by talking about it has been encouraging. I have a general idea what I have to do. I can only live on savings just so long.

Dorothy: Thanks for helping put things in to perspective. I am definitely counting my blessings. I have to re-evaluate my business and listings to see what needs to be done to trim costs without cutting service.

One thing that I am trying here in Panama City, I am writing the local News Stations and giving them the positive reasons that someone should buy a home right now. It is the best time to buy interest rates are low, inventory is high. The Secret has kept me in the game, but turn off the news unless they are going to change what they are reporting on! The media is killing us! They need to start reporting on the positive not the negative!!!

Hang in there, do part time work at night, sleep less, It has to turn around, just hang in there!!

Scott and Jennifer: The news media won't always cooperate so I published my own paper. http://www.lakecommunitynews.com/docs/3_2007_10.pdf It actually makes a small profit.

Now if I can just get my wife to get a job......

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?