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How Realtors Can Prepare for the Next Downturn An Win
Only a decade ago, we faced a severe economic collapse during which most businesses suffered. Perhaps none were hit harder than those in real estate. If you were selling real estate back in 2009, then you know exactly was real estate professionals we facing.
Thankfully, the market has been hot for some time now. While it’s not pleasant to think about, though, another shift in the market is inevitable. By understanding market dynamics and the economic demands of your target areas, you can prepare yourself for success even when inventory significantly increases, and prices decline.
Here’s how to prepare for the next downturn—and win!
Know Your Market
You can not be distant and successful, especially when the market takes a turn for the worse. Engage with your farm area on a physical level. Get to know the ins and outs of it. You need to be an expert!
This includes knowing the current market values of the area in order to price competitively to attract attention and sell quickly. You should also locate all of the vacant houses that are on the market in that location, hold all-day open houses, and drive abundant foot traffic using online promotion and physical directional signs—a lot of them!
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