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Let me start by saying that I love the end of the year and the natural slow down that occurs in the real estate industry starting around the middle of December and lasts straight through the first week of January.
Many REALTORS® are taking it easy - enjoying the family and holiday festivities, rightfully so, I may add. However, there are many who do absolutely nothing for their business during this period and just come back to work doing what they were doing the year before. (Although I am afraid in 2008, many will not be renewing thier annual dues to NAR and their State Associations.)
While I cherish every moment I have with Sherri, my wife, I am working harder now than ever. Not only do I have my day-to-day business to take care of, but I am also very busy analyzing every aspect of my business and trying to figure out what to do differently next year and what to do more of the same of.
Once again, I find myself bucking traditional wisdom.
Since the market has definitely turned 180 degrees in the past 12 months from a solid sellers market to a very depressed buyers market it seems everywhere I turn I am being advised - even lectured that I need to spend my activities on buyers. It is funny, because those who are struggling will sneer at me and tell me that anyone can go get 20... even 100 listings right now if they wanted to - but what good are listings if they never sell.
I say that whoever controls the inventory controls the market.
Prevailing wisdom dictates that we need to spend out time and resources on developing buyer leads. I strongly disagree, as the real estate business has always been about controlling the inventory.
Today's buyers are much more difficult to work with. They are never certain if they are getting ‘the best deal' and will often pull out of one escrow as yet a better deal exposes itself on the Internet or elsewhere.
The buyers in this market are much more difficult to qualify. Long gone are the days of readily available 100+% financing for anyone who can fog a mirror.
The buyer today requires much more of the agents time to write a deal that takes longer to close than they have anytime in the past.
Control The Listing
I say if I can control a large pool of well-priced homes that are competitive in today's market, than I will attract the buyers. My Internet marketing is second to none in my market and I can organize one heck of an Open House, when I want to.
So, if I can control the inventory and attract qualified buyers, why not do it through my listings, instead of trying to play in someone else's sandbox. Once I have an interested buyer, I can be much more thorough in screening and approving them for my listings. I can find out about their motivations, I can counsel them to make sure this is the right decision and that they won't be bailing on me in 3 weeks and I can obtain the best financial information available.
Most importantly, if I play my cards right and present myself as the true professional real estate agent that I am, I will not have a problem having them retain me as their exclusive buyer's agent when they sign my Buyer-Broker Agreement.
So to all of my competitors, keep looking under all of those rocks for the next qualified buyer, as for me I'll be at an open house this Saturday with my switch book ready to go!
Author of "What You Need to Know...About Foreclosure and How You Can Stop It!" - If you are a Hemet or San Jacinto Homeowner please call (951-443-6259) for your free copy.
This blog and the contents written here is the intellectual property of John Occhi, Hemet California REALTOR®. The views and opinions expressed are just that - views and opinions of John Occhi and those who comment. Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance.
This blog is part of the ActiveRain Real Estate Network, which is a social network highlighting the best of Web 2.0. Information is provided with the intent of educating and assisting home owners, home sellers, home buyers and real estate investors with information the can be used to make better real estate decisions.
I am proud to be a full time REALTOR® with Mission Grove Realty who is proud to be a contributing member of the ActiveRain community.
This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California. The views and opinions expressed are just that - views and opinions of John Occhi and those who comment. Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance.
I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.