It is hard for any agent or real estate brokerage adjusting to the changing real estate markets. We all must adjust a business plan if markets rise, so too we must make adjustments when the market slows. I am sure there are some high flying markets, there is always a segment of the market charging ahead when others lay flat or fizzle instead of sizzle as in just a short while ago. Tightening credit and loan requirements have sucked huge pools of would be buyers out of the market. With the speculators, investors, and buyers on the sidelines in many markets how have you changed the way you do business? Have you set a new focus, reined in the spending, increased your marketing dollars, gotten more selective on the listings you take or the condition they are in? How are you filling your time? Are you planning new avenues to market? Please share I'd love to hear all!
"Tightening credit and loan requirements have sucked huge pools of would be buyers out of the market." Very very true in my area. Even switching to older communities where all homes are below 200K did not help much.
Jim, this used to be on page one. Today it was in section D of the paper.
Continuing a trend from 2006, metro Detroit posted the highest rate of real estate foreclosures of the nation's largest 100 metro areas during the first three months of 2007, with one foreclosure filing for every 51 households.
Oh I adapt....we have 6,000 agents on Oahu and just our office alone there have been 10 that went inactive (never got off the ground anyway) and a few that went to other company's (not that it made any difference I presume) but bottom line...our market slowed with sales, higher inventory (but half of what it was two months ago) and gotta work harder to market self!
Most of all...money stays in the bank ....no free spending .....selective on listings? The same...in fact, I think I would like to have buyer's right about now.....
Filling my time (duh?)
I've been working on finding as many free ways to get my name out there as I can...I've done searches on the link pointers to the most successful agents' websites in my area, then made sure that my information is posted on every site that is pointing to those agents' sites. I've registered my information on every business networking or yellow pages type directory on the web that I can find. Trying to spread my presence as far as possible for as little money as possible. All that in the hopes of driving more traffic to the website to increase business, of course.
I've also taken the approach of whoever suggested trying to hand out as many business cards as is humanly possible! <grin>
Heather
Sally Sounds about the same as here. Loads of agents changing companies...it's like changing deck chairs on the Titanic...it doesn't make much a difference. Selectively choosing listings..some surprises there, some homes loads of traffic, some none.
Eric it seems your one of the few markets that has a totally different set of reasons for what is going on. You have a good grasp of the issues at hand and have real market knowledge. We just listed and sold one condo, and condos are dead...but price was exceptional. Knowledge is key to performance.
Heather old fashioned footwork is the best. It is called also pressing the flesh, meeting other face to face so they know who you are. Networking is the most often overlooked source of new business in real estate. That is why I like Active Rain. I can meet online fine professionals like yourself. By the way, we've finally gone live! Hopefully our new site with Loudoun Homes for Sale , and out new Search for Virginia homes for sale on Mls of Virginia we can send some business your way up in Loudoun Virginia. That is our project for slower times. Our other site Fairfax homes for sale is already #1 on Google.
Jim,
Great news!! Let me know if you guys will have time to grab coffee next week while you are up here; it would be great to meet in person!
Heather
And Jim...you might want to add my husband's golf course to your list on the site: Westpark Golf Course in Leesburg...I don't want to leave a link in your comments, email me and I'll send it to you! =)
Heather
My market is so expensive and full of investors who are sitting this one out. Ouch! I have two apartment buildings to sell! I have filled the downtime with prospecting, and testing out more inexpensive marketing that was too time consuming before.
:)
Eva
Dianne I think a lot of real estate professionals were caught off gaurd. The ones that are in trouble are the ones that spend too much on marketing. For those that ran their practice as a business with responsible budgets are doing OK...They are not overextended.
Eva Same here! Looking to expand what we have. We are doing a few things to fill in the gaps:
- We are finishing up our continuing ed for our real estate license renewals for next year. Taking FREE CE courses in subject matter that can inspire us with new ideas, and increase our professional knowledge.
- Cleaning up and refocusing efforts for more effective web marketing.
- Eaxpanding our Internet reach for referrals into markets where we also hold real estate licenses. We just went live on several Virginia real estate sites this week. Ellen and I are both licensed in Virginia, she is with REMAX Distinctive Real Estate in McLean Virginia. We hope to refer out homes for sale in Fairfax Virginia and Loudoun Virginia Homeswith our IDX real estate site MLS of Virginia.com
Jim, I have seen markets change - go through cycles - peaks & valleys - what ever you wish to call it - several times. This is actually normal. Locally, I believe our market is balanced. Many of the agents that entered the business in the last few years are in shock! "What we have to work now?!" Some agents are getting out of the biz and others are cutting their advertising. Great - better for me. In fact during these types of markets is when I increase my advertising. This past winter was a slow season - but things are picking up again. I believe that consistent persistence pays-off!
Sidenote: Lizette, I tell my potential clients the same thing. Google: Phill Cross or Phillip Cross - even try yahoo or msn!
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