Hi folks. I wasn‘t going to write a post today but then remembered I will be out showing properties tomorrow so won't have time to post. As some of you may know, working with Buyers is not something I normally do. I have always been primarily a listing Broker. BUT.....things change.
In my market, Poinciana Florida, it is almost impossible to sell a listing unless it is a REO (bank owned) or a Short Sale(SS). In fact, in July, 83% of the sales were either REOs or SSs!!! I haven't pulled the stats for August yet but I'm sure they are very similar.
A "regular" Seller just can't compete. It's very rare that a regular Seller can price their home low enough to get tit sold in my market. So.....I had to make adjustments in my business. My options were to start aggressively soliciting for Short Sale listings and Buyers OR get out of the business. Well getting out of the business is really not an option for me.
Anyway, I made adjustments in my business plan and my mindset. I think adjusting my mindset was the hardest part. But adjust I did.
I'm writing this post to show you what can happen if you listen to your market and make adjustments when necessary. I'll be the first to admit that the first half of this year was a waste for me. I was concentrating on all the wrong things and because of that my business sucked. I was still trying to help the average Seller sell their house. While that is what I enjoy doing the most it doesn't pay the bills in this market.
For the first seven months of this year I managed to sell a whooping 5 transaction sides!!! 4 were regular listings that I had and 1 was a buyer deal. Pitiful!!!
Obviously, I couldn't continue like that so....something needed to be done. I sat down and had a long talk with myself and got my head around the fact that I needed to start specializing in short sales AND reluctantly I needed to start working with Buyers. The funny thing is that once I made this decision I was very comfortable with it and business picked up almost immediately.
In the last 60 days I have put 15 transaction sides under contract. Now I'm sure many of you have done much better than that and frankly I need to do better than that for the rest of this year to make up for a really bad start but it's not too bad. The interesting thing about these 15 transaction sides is the break down.
6 are buyer sides
4 are my short sale listings
2 are foreclosures
3 are my regular sellers
Now, if you do the math, you will see that 80% of this business is business I wouldn't have if I didn't start focusing on the 83% of the market that is selling. It's simple math.
Anyway, if things aren't going as well as you would like with your business, take a long hard look at your market and make adjustments if necessary. Get out of your comfort zone.
Doing the same things over and over again and getting the same results is.....insane!!! Unless, of course, the results you are getting are the results you want. My weren't. Are yours?