Being an agent in 2008

A recent email from Claudia Ollestad, Account Manager of Chicago Title in Seattle WA suggested several ways to survive in the market slowdown of 2008. Some of the ideas are more traditional and some are "new thinking." For those of you who are not on her email list here is a quick review of what was said. 

The first thing suggested is to find a niche and become very knowledgeable in that niche. This idea is not new although it is a proven part of developing our real estate business. This niche may be first time buyers, vacation homes, relocation, or luxury homes. It can even be a geographic area that you know very well - everything that happens in this area you know about - be the expert.

The next suggestion was to not rely exclusively on referral strategies. Yes, referrals should be an important part of our business. To keep our business growing we need to utilize many tools and strategies including web based tools. According to the Broker of Brio Realty, Ardell DellaLoggi, one of these tools is the "blog." Another is the podcast although few real estate agents are using this technology. 

The next suggestion (at least to me something that should always be done) is to respond to inquiries immediately. Many of us do not get our email via our cell phones - if you do -  respond as soon as possible. If you do not - your response should be the same day if at all possible. If you get a phone call respond immediately. If someone calls about listing their house or someone calls wanting to see a house set an appointment with them immediately - "We can get together at 4 p.m. tomorrow, would that work for you?"

One of the last suggestions fall in line with what Ardell has been telling her agents - you need to blog. It is said that blogging is probably the best thing to do with the least competition at this time. Only 2 percent of real estate agents are blogging at this time. Not surprising - it is reported that the younger the agents the more likely they are to blog. 

Podcasting is one of the hottest new technology trends. Only about 1 percent of real estate agents are podcasting at this time. Podcasting requires more specialized equipment and a basic knowledge of working with sound and/or video files attached to web sites and email. This technology may take longer to catch on that blogging. 

We all know that the consumer of today is a lot more technical friendly - computer and internet friendly. They may even know more about what the market is like and what's available on the market than the agents do. Therefore, todays agents that are going to survive will have to be as technically proficient and as knowledgeable about the market as their clients. 

I think the key to surviving 2008 is to be hard working, honest, and client centered. We need to stay on top of the changing market and the ever changing technology that affects not only the real estate industry and business in general.