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Never Give Up - Changing Real Estate Strategies

I think too many agents make the fatal mistake of never changing the way they do business. They still are mailing into specific neighborhoods, they may hold open houses, and do all the routines they always did but they are going backwards in earnings. Spending more time, and more money and making less. That is a recipe for a disaster. Doing the same thing, and expecting different results in the light of a really bad market is a definition of insanity. At best this stagnation of thought will drive us totally out of the business. No one like failure. The good news its that those old wass of thinking and acting can be easily changed.

First of all we need an intervention of sorts. Times like this demand that we reevaluate our market, determine who is buying, and what is selling? What are they buying, what is it selling for, what is the net to seller, how long is it taking to sell and how best can you capture that end of the market? Real estate is more than getting a listing from your child's school or someone at church. It is a business with readily available statistics that allow us as real estate professionals to best gauge our marketplace.

We must constantly ask:

What is selling?
Where is it selling?
Why is it selling?
How long is it taking to sell?
Who is buying?
What are they paying?
What is the seller conceding?
Determine why particular homes are selling and others are not.
What price ranges are hot, and what ones are not?
How can you most easily tap into that market - cost effectively?
Is it worth your time, effort and dollars to go after that market?
Are open houses productive at all?
Where are my leads coming from? Are they good leads?
Is my Internet presence strong or weak?
Are my marketing efforts cost effective?
What is the return on my marketing dollar?
Where are my best returns coming from?
What can I eliminate?
Where do I need to re-focus?
What do I need to change? How fast can it be done?

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 12/02/2008 09:41 AM

Comments (45)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Never Give Up - Changing Real Estate Strategies

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45 Comments on Never Give Up - Changing Real Estate Strategies

DEC

Jim, most of the agents I know who are having problems have pulled back and stopped working altogether. While we do need to constantly reevaluate our business plans, it's really important to HAVE a plan!

Thanks for the reminder "list" of where we should be. We KNOW it, we just ignore the obvious.

Hi Jim, Number 13 is probably the most important thing to me but all are important.

I just read a post last night that said someone is turning 65 ever 7 seconds..so sounds like to me the active adult community is the way to go :)

Jim, I enjoyed this post, change should be my middle name. Maybe I should just call myself "Agent of Change" . We are blessed with data. Personally, I love data. And Yes Patricia, I am RE-Planning:-)

PS: I am also planning to have fun and enjoy real estate

Jim I think another question to ask is "What kind of mortgage products are popular in that particular neighborhood where you are farming?". When I do my Real Estate Market Reports in certain areas in Washington DC,I notice more people are using FHA Loan products instead of the usual conventional loan. Thats why it is always good to know and study your real estate market. Great post.

Jim, I am in favor of #1. Being from the deep south we like our fishing. I will go where the fish are biting. Even if it means driving an hour to show property. Not the best idea but in this market I am working a little harder. Before I would refer the business and make a little. I do have the time to show in different areas. The remainder of your points are true as well.

Jim,

The tough market like today's really requires constant vigilance as to what works and what doesn't. New avenues are there, it just takes time and effort to find them and then implement.

Jim,

And we Americans who pride ourselves on our thinking abilities, problem solving abilities, and ingenuity, ought to be able to take that list and turn it into something profitable!!! Thanks, Fran

Never Give Up - Changing Real Estate Strategies

Hi Jim,

Winston Churshill once said, "Never, never, never give up." I agree!

Thanks for an excellent check list. Agents should be planning right now for 2009.

Cordially,

Bruce

One of my favorite General Mgr's (in my corporate life) drilled into us that "if it doesn't move the business forward ... don't do it". Asking that question for the actions we undertake to "try" to generate business, should provide good direction for our 2009 plans. I suspect agents spend a lot of time and money doing things that really don't yield a decent profit margin.

Jim,

I think number 8 is a key - thanks for your posts

Patricia Kennedy (Evers & Company) I agree. I think many agents believe the plan is to buy more lottery tickets. Success isn't luck it is a planned event.

brenda duley (coldwell banker commercial) We are all guilty to some extent.

Shirley Parks San Antonio Real Estate & Luxury Homes (Realty Executives Alamo, San Antonio, TX) I also beleive that is one of the most critical items. Otherwise we are just throwing money away.

Konnie MAC Northern Virginia Real Estate (Konnie McKee ) Keep in mind they need to have money in their 401Ks! You must weigh out all the info.

Suzi Gravenstuk, MS Broker License # 17787 (MGC Realty, LLC) I am glad you enjoyed it.

Lanre Folayan "Buy Washington DC Real Estate" (Exit Premier Realty") Lanre, you are very smart. I like that idea. Know the audience you are targeting.

Frank Rubi -Louisiana Real Estate- (7824 Real Estate of Louisiana, llc.) I like your analogy to fishing.

You first have to know what's biting so you will use the right bait on the hook!

Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial) See, that is why I like the Internet. I can change mid stream, and go from luxury homes buyers to firstime buyers in the blink of an eye.

Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) Ingenuity, innovation, and novation are the keys to success in our society. Some folks think the steam engine is comeing back, it isn't!

Not Yet Licensed Great quote.

Jim...

These are great questions for an introspection of what we are doing! Great list, thanks.

Elaine Reese, REALTOR® in central Ohio (Real Living HER, Worthington Ohio) I have known agents that spend 65% of their Gross income, a nd cannot tell you what the return is.

John Foster (RE/MAX Greater Atlanta) I agree. In Atlanta this is a must. Condos and town homes are just trickling in sales. Single family detached homes in great shape that are reasonably priced are moving.

Richard Weisser Coweta Fayette Real Estate ERA United Realty You are more than welcome

Is it trite to say where there is a will there is a way. No? Well it is true. People are still moving, we just have to be the ones that they find on the internet and engage. I think folks need to quit thinking and acting like it is 2004 and accept the fact the market has changed and they need to change with it or be left behind. We have our Board of Directors meeting in the AM for the Ann Arbor Area Board. I am anxious to hear the numbers.

That's a great list of questions that agents should ask themselves in any market, not just a tough one. Success in business is a constantly moving target.

Jim:

You summed up understanding your market.

Markets are dynamic and do change and have different currents just like the ocean. Some things are regular for a while and then you get a parabolic shift. It is seeing the shift coming, the subtle changes as they appear is what make a good agent great.

I am in the process of re-doing mine as I write. I hope to keep improving in all areas.

Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate (Keller Williams-Ann Arbor) I have been working for weeks on new projects. Today I revamped over 15 web pages for better SEO. Nothing goes up forever, and nothing goes down forever either. We must always be ready for that next lead.

Margaret Woda, Crofton Maryland Real Estate (Long & Foster REALTORS) Exactly!

John Walters (Specialized Real Estate We got to.

DEC

However, I have many Clients who can also tell you that they are making a very good living doing traditional things. Why? Because no one else is doing them. As Warren Buffet says, "When everyone is doing something, do something else." With six billion people playing the SEO game, there's lots of room for other people who don't want to play that game. After all, there can only be one #1, and there can only be one page one. Sometimes, being a big fish in a little pond can make just as much money, or more, than being a small fish in the ocean.

Jim,

All you can do is change the way you do things if it isn't working the current way....sometimes just one change can catapult you to another level.

Russel Ray, San Diego Marketing & Business Consultant (Russel Ray)Yes, but what I have found is that most agents in this market have forgotten about their webs. Another Blog to follow on this subject.

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates) Well sometimes there is novation. A totally new idea that can out of the blue transform the way you do business.

Excellent points to ponder. You only learn the answers to these questions by rolling up your sleeves and digging in. Those who produce are not "just lucky" people, they are very hard working people! Some of the best in the business are just good at making it look easy...

Michael Klijanowicz - Relocation Specialist - Baltimore & Harford County (Baltimore & Harford County Maryland - Long and Foster ) I love it. It does look easy when you know what you are doing.

DEC

Thanks for the refresher, it is easy to get in the same ole', same ole' routine. Keeping it fresh and reevaluating is so important.

DEC

Dawn Helena Anderson REALTOR Since 1998 (Coldwell Banker - Quality Properties) You are more than welcome. We all need this lesson.

Marketing Naples FL You are so right! People want different results while following the same old strategies. They fear going outside the box and being proactive. You hit the spot with this post. Thank you

Elayna Fernandez - Real Estate Marketing Naples FL

Elayna Fernandez - Marketing Expert - Naples FL (Designed 2 Impress, Inc.) Thanks! Glad you enjoyed. Great photo!

DEC

Thank you, Jim! It was taken by my cousin in NY.

Elayna Fernandez - Real Estate Marketing Naples FL

Elayna Fernandez - Marketing Expert - Naples FL (Designed 2 Impress, Inc.) Ah that explains it. LOL! I am from New York originially. Brooklyn. It also helps to have a good looking subject no matter how good the photograper is.

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