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Each month AR runs numerous contests as a way for our members to engage in activities
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Our industry experts have put together a list of the top 10 trends to face REALTORS in 2008. Know the challenges and opportunities and get the help you need to succeed in your marketplace.
Trend 1: Foreclosures
It's no surprise, especially due to the subprime lending mess, that foreclosures will continue to be a problem. Agents will have to learn how to sell "overpriced" properties.
Trend 2: Survival of the fittest
Due to the sagging real estate market, many agents will be dropping out of the industry. Those that choose to continue to hang their shingle will be among very good company as the remaining real estate professionals will be the ones that can weather the tough marketplace. Agents will have to be savvier and find ways to distinguish themselves from the fierce competition. Read 7 ways to survive a down market.
Trend 3: Riding the wave of digital media
There is a technology revolution happening right now and REALTORS need to ride the wave or risk being washed up. Digital media is hot and consumers will expect real estate professionals to utilize this medium. Agents who haven't explored things like You Tube, podcasting, blogging, etc., might discover their competitive edge at risk.
Trend 4: Social networking will help sell homes
Social networking is taking off in blistering speed. Agents will need to take advantage of this medium to reach consumers and potential clients.
Trend 5: Brokers will downsize, so agents must be mobile
Again, due to the market conditions, many brokers will decide they must walk away from high lease payments, large overhead and multiple offices. Many agents will be forced to work from their car and/or home office. Sadly, some brokers will simply go out of business if the market continues to decline. That means agents will have to "start over" with a new broker. And that means a new logo, identity, maybe even a new website. Conversely, brokers who are doing well enough to hire the agents that are looking for a new broker will have to know how to attract the best agents.
Trend 6: Going back to the basics
This was heard over and over at the NAR convention in November. Agents will have to go back to the basics, which means: prospecting, contacting their sphere of influence (SOI), calling on FSBOs and expired listings. The market has been very good for many years and selling was easy and often didn't require the basics. Now that the market is more challenging, agents who want to succeed will have to engage in these activities to win business.
Trend 7: The cell phone is golden
Consumers will be using their cellphones/smartphones and PDAs to gain information about properties. New software programs are allowing for this, complete with GPS, videos, etc. This was another hot topic at the NAR convention in Las Vegas in November. Agents will have to become savvy about how to use this technology to their advantage.
Trend 8: Teams will gain popularity
Some agents will be faced with the decision of either leaving the profession because they are having a tough time making sales or joining a "team" from the office. Teams are becoming very popular and can be wildly successful if the agents work well together. Agents will have to adjust from working individually to working as team players.
Trend 9: Bye bye print, hello online
This year will see a shift from newspaper and print advertisting for real estate to more online, cost effective promotional mediums. Many agents will finally learn about pay per click advertising and how to determine their return on investment (ROI) on the dollars they spend to promote their properties.
Trend 10: The effect of discount brokers
More discount brokers will be popping up and offering clients reduced commissions and cafeteria-style services. Most of these discount brokers will operate in smaller, leased office spaces and/or work from the road to save on overhead, preserving their profit margin. Conventional agents will need to understand this competition and how to effectively compete against them. Agents looking to switch to a discount broker will need to understand how their services and business practices will change.
This list was provided by Hewlett-Packard.
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC.
Roy Kelley Roy Kelley & Associates Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008
Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County.
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.