Real Estate Blog - Should I Market In This Declining Real Estate Market?

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Should I Market In This Declining Real Estate Market?

I've been asked this question quite frequently from Realtors during this past year.

My answer is "Absolutely you should market in this type of real estate market, as well as any other real estate market conditions...you just change your style for each condition".

We should all remember the basics of marketing...You Need To Get Yourself & Your Message Out There In Order To Reach Your Audience! If you are running ads, promotions and sending marketing messages of "Now is a great time to buy or sell" you are wasting of your money in this type of market.

So, do you change your marketing approach during a declining real estate market? Yes! Your marketing needs to be specific in order to be appealing. In a soft market, you can't get away with not having a niche marketing style. You need your audience to perceive you as the specialist...the one to call...the one to get the job done for them.

So, how do you get a niche marketing style? You contact me for help! We'll discuss your areas of expertise and what your goals are for 2008 in order to achieve them. My job is to help your business grow and to keep your costs low while helping you succeed in reaching your goals.

As others are pulling back on their marketing, you need to expand yours. Let's focus in 2008 on increasing your market shares! Don't get caught up in the same fear that consumers are facing!

Contact me to get the New Year started in the right direction for you!

Posted by Sherri Fowler on 12/28/2007 11:34 AM

Comments (4)

virtual assistance, farming, marketing, administrative assistance

4 Comments on Should I Market In This Declining Real Estate Market?

DEC

2007

That's such a silly question, really---when is it MORE necessary to market? The real question should probably be, "How do I PAY for marketing in a declining real estate market"? By the way, I don't believe we are in a declining market...for many home-buyers it couldn't be a better market!

DEC

2007

Hi Faith!

Thank you for your response!! Some areas of the US seem to be a little worse off in the real estate market than others - and some areas have not seen a slow down at all. Even with that in mind, our reality is that the real estate market is adjusting to a normal range throughout most of the US. That's a fact that most of us can accept and agree on. However, those agents that got into the real estate field during the "boom" a few years ago are having a hard time adjusting it seems....at least those that I've spoken with are having a hard time adjusting.

One of the suggestions that I have for Realtors who are wanting to cut back on their marketing is this: Never cut back on your marketing. You will need to adjust your marketing style and target market during leaner times however. And to do that and still keep your marketing plan active each month is this...ask for help. Ask someone that you trust to do business with to help pay for a portion of the costs of monthly marketing. Suggestions would be; mortgage broker, bank, real estate attorney, title company, closing company...even your favorite appraiser or home inspection company.

Remember they are in the same boat that you are in & they also still need to market. What better way to share the expense...than to team up with someone that you work with and trust.

Thanks again for your comment. I wish you a beautiful & prosperous New Year!!

JAN

2008

I agree with Faith--when the market is down is when the marketing should be revved up! We really should borrow a page from the retail industry--when inventory is bloated, that's when there is more advertising & discounts.