Moving With The Markets, Do You Look For Open Doors?
While one of the most important steps to success in any business is developing a business plan, that plan must not be cut and dried in concrete. There are 2 things that are often overlooked in business plans. One is your exit strategy and the other is flexibility of movement within your market. 
In Real Estate businesses this is even more true.
- What is your business plan?
- What is your exit strategy?
- Do you watch the horizon to see what is coming down the pipeline?
- Do you look for opportunities within your own markets?
- While laser focus is absolutely a key component to developing income production the ability to foresee the future and the signs that may be leading you into another direction are just as important. Now don't get this confused with wishy washy behavior or changing things at every whim. What it does mean is that while you are following your business plan with laser focus you are also having clear vision to look for those open doors that will be there but for a fleeting moment. That moment of opportunity can be very quick and without speedy action on your part it may just pass you by. It is well known that one of the most important traits of very successful business people is that they make decisions quickly and then slow to change their minds. They do not act in anger or make decisions when depressed or stressed out.
This again is especially true in your real estate business. Real estate contains changing markets and therefore the successful agents will seize upon the opportunities that each market presents. When you do this your potential to generate income within these markets increases. Have you ever wondered why some agents are leaving the business right now and others are thriving? Of course much of it has to do with attitude, but I write a lot of posts about that. This is different. This is about seizing the market. The market is here to serve you and you are here to serve your clients.
This is how we have seized the market and made our claim just like those who traveled west to claim their homesteads. And you can too!
When Nestor and I became partners in our real estate business I left a small boutique company and Nestor moved here from Houston Texas. We joined Re/Max together as a team. While at Re/Max were were top producers and made a name for ourselves within our community through our press kits and a lot of promotions. As the market began to shift from what was considered in our day at that time a normal market with average times on the market being 6 to 8 months for most listings, we saw an opening into the luxury market. We seized upon the opportunity but in our area the luxury market did not belong to Re/Max. Most luxury homes are listed with small independent brokerages directly with the brokers.
We left Re/Max which is another story itself and went with a large local company until Nestor got his broker's license. Then we opened up our own company. The opportunity to open up our own brokerage was also another door that had we not been assessing our income, our market share and our results we would not have ever seen as an opportunity. We had a business plan and while at Re/Max owning our own company was not a part of that plan, we were flexible enough to see the open door and change our business plan to make our lives better and to keep more of our money.
About this time the market really picked up. Every one and their sister and brother started getting their real estate license. The market was a feeding frenzy. We did not want to become a part of the madness of prices going up by the day. Some builders prices were going up by the hour. You had to be here to believe this. We were not willing to go back to the lifestyle we had at Re/Max, where we were both up at all hours working and never taking a break. We knew our business model had to change.
Again, a door was opening and we saw the chance to move with the market. We listed a golf course which could be zoned for residential use. Nestor decided that we would move into the commercial market niching in land assemblages taking on some of the good ol' boys here in the south with this golf course listing. This was the best market move Nestor has ever made. This really became the standard by which we began to measure every thing in our business plan. The best part of this plan is that we began to work Monday through Fridays, 10 a.m. to 4 p.m. There were no more weekends, no more late nights and lots of family time. There were no listings to put in the MLS. These were commission agreements and non disclosure, non compete agreements we were using. This came at the perfect time because I had just given birth to our son. Life for us was great just as it was with most agents during this period in the market. The connections we made were priceless, putting land deals together for companies such as Pulte homes, Centex Homes and many regional builders and developers. The income was far beyond most agents wildest dreams.
But times and markets change and you must be flexible with your business plan to be able to shift when the signs tell you to. About 6 months before the crash, Nestor told me the crash was coming and that we needed to find another door because the developers were going to stop buying land. He really has his pulse on the markets. As we were contemplating what our next market move would be, we knew that we were never going to go backwards. We resolved to keep our basic lifestyle and hours of working and our family time. Since homeschooling is my priority this would need to factor in. Another door opened and this story is too long to put in this post but suffice it to say that this door invited us to become an agent to a developer who was doing an entire city revitalization project. This city needed this badly. This again was a dream opportunity. And we seized it. This project was supposed to last for 2 to 3 years but was shut down because of the eminent domain being thrown out by the Florida State legislature. Again, Nestor came to me and told me he could feel that this project would not last as long as it should. He was right again. As the word came down the pipeline to us we were already looking for the next door.
Nestor said we would need to go back into residential sales as the market was shifting again. I shuddered to even contemplate the rat race of this option. So in order to keep our hours and our family time we went back into the luxury home market. As we began to build up our inventory we were approached by some clients to do their short sales. Since we already knew how to do short sales we figured this may just be another door opening for us. We again seized the opportunity. Now the majority of our listings are short sales. We still work in our luxury market but for short sales we take anyone we can help that does have a hardship or is an investor that is willing to accept responsibility. You already know the story from here.
Now the opportunity for this short sale niche has opened up the door for us to write my first completed book. I have many unfinished books sitting around. The short sale book was not one of the ones on my list to write but because I am flexible in my plans I can see that there is a need to write this book at this time in order to help agents and homeowners understand the process and to learn how to do them successfully. Please go to our 'ask your short sale question site' here to ask your questions. There is a limit of only 120 characters on the question form. That is a form that I can not customize at this time.
Be on the lookout for your open doors. What is the vehicle you are using to get to reach your goals? What is your business plan and do you have your eyes open for the wonderful opportunities that are in this market for you? For each person it may be different. You will need to find what is there for you. In every market there are those who quit and those who stay. In every market there are those who go broke and those who become millionaires. Remember this, there were more millionaires made during the Great Depression than at any time before then or after then until the 1990's. When is it your turn?


Katerina Gasset, CIPS, Realtor ®, Business and Life Coach, Speaker and Author. Reach Katerina at: 561-753-0135
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Copyright © 2008 By Katerina Gasset, All Rights Reserved.. *Moving With The Markets- Do You See The Open Doors? * Contact Katerina Gasset for Customized Business and Personal Coaching.
Katerina I had to make the same decision in April when I realized that the market wasn't going to turn around until lending programs resumed some flexibility. Until then, there were to be more programs cut which would create the perfect market to buy in. I've been able to cut into markets that have been abandoned. Encouraging post. Good luck!