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Are you "hulking" up your business plan?

By Bryant Tutas

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

August 02, 2007 11:54 PM

Hi folks. As most of you know, my market Poinciana Fl is in the middle of a major decline in property values and REALTORS® working this market are really struggling to make ends meet. It's brutal and getting worse. But what can you do? I've been selling real estate in Poinciana for 13 years and have no intention of changing my market area. Homeowners in Poinciana are going through a difficult time and they need me. It's my market and I will ride it out and help as many people as I can until it changes around. Might take a couple of years but "it is what it is".

One thing is for sure, the strong will survive and I am as strong as they get. Not bragging....just fact. This difficult market will make me better at what I do. It will force me to reevaluate the way I do things and help me to improve on my techniques and marketing. To me that's a very good thing. There's nothing worse, when you own a business, than to get stagnant and too comfortable. Change is good. Challenges are even better.

So, over the last few months I have been redirecting my business plan. Here are some of the things I have been doing.

Increased my advertising dollars.

Started directing more of my marketing towards generating Buyers.

Hired a Buyer's agent to handle these Buyers for me.

I'm working diligently to increase listing inventory.

Spending time, daily, educating my Sellers on current market conditions and getting price reductions.

Increased exposure for my listings on Craigslist, Postlets, Trulia, etc....

Aligned myself with a property management company that will pay me referral fees for management contracts.

I have a couple of new websites in the works including a point2agent site to help with getting Buyers.

I'm brokering a new company, starting in September, for family members who are in the Timeshare business(Disney Vacation Club). Stay tuned for more info on this.

Working on getting my data base of Investors excited, about getting back into the game, now that prices are coming down.

Reorganizing our own rental properties to free up equity.

All of these things are designed to increase my market share and provide additional income streams. Will these things work? Well, in the worse market EVER in Poinciana I did over 1.5 million worth of business in July between new listings, closings and pending sales. Folks, when things get difficult it's time to take action. This is the perfect time to gain market share. When the market does change, I'll own it and be ready for the next boom. Will you?

***Picture compliments of Robert Schwabe. Thanks Robert! I LOVE it!

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Rebecca Dean

Downing Frye Realty - Bonita Springs, FL

Good ideas...However, like Joe mentioned not all agents can spend more...but there are plenty of free or low cost ways to advertise and promote yourself. I like craiglist...it is free and well read in my area. I figure if it is free why not have your listings there? All it takes is my time to do it...I have gotten pretty quick at it and every week or so I delete them and then re post so my ads are at the top.

A down market also weeds out a lot of agents...only the good ones seem to make it...and I know in Florida we could stand to lose a few agents!

Aug 03, 2007 12:51 PM

Lisa Hill

Florida Property Experts - Daytona Beach, FL

Daytona Beach Real Estate

We need all the extra exposure we can get! Have you noticed any increase in spam since you registered for the postlets? I was debating whether I should use my regular e-mail address or a spam catcher.

Aug 03, 2007 01:14 PM

Liz Landry

The Landry Team-Keller Williams Realty - Jacksonville, FL

BB... Im absolutly loving the contract "negotiations" videos. TOO FUNNY!! I'll have to try that on some of mine ;)

I think some buyers forget,,,,its a buyers market.........NOT A FREE FOR ALL

Aug 03, 2007 01:27 PM

Anonymous

Rick Turner

Bryant,

Great ideas! We're suffering the same type of slow down here and I'm looking at different income streams as well. I like the idea of getting referral fees from property management companies, cause if the don't sell, hey refer it so the places can be rented.

Thanks,

Aug 03, 2007 03:23 PM

#77

William Collins

ERA Queen City Realty - Scotch Plains, NJ

Property and Asset Management

Bryant,

Thanks for the post. You betcha, I been retooling. The only way to stay viable is to adjust the plan to meet the challenges. In addition to some of the moves your'e making, I have also developed a plan for getting pre-foreclosure and foreclosure listings. My loss mitigation experience wasn't in much demand over the last five years, but it is coming in handy now.

Aug 03, 2007 11:56 PM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

William, I think any movement towards foreclosures, short sales etc.....is a good move in this market. I started out in that direction at the beginning of the year but decided against it since I have more than enough listing already. Getting short sales through is very difficult right now. I may hire someone to handle this side of the market though. There is certainly money to be made for someone with experience and patience. Plus the consumer needs this service right now. It's a good opportunity to help some folks out.

Hi Rick, Thanks for stopping by. I've been getting an awful lot of sellers that need to rent instead I might as well make a phone call for a few hundred bucks.

Hi Liz, Glad you like the videos. They were fun to make!

Lisa, I just started using them this week and haven't had any response yet...spam or otherwise. I do like them and I like how easy it is to place them on craigslist.

Rebecca, try the postlets.com. From there you can place them on craigslist with a just a click or two. Very easy.

Scott, I hired a BA a few months ago so I'm trying to get her some business. Got to go where the money's at.

Aug 04, 2007 12:16 AM

Rebecca Savitski

BSR Real Estate Group - Cary, NC

NC Real Estate Listings

OMG you guys have so much fun with this. I bet you and TLW laugh non stop.

Aug 04, 2007 02:21 AM

Bob & Carolin Benjamin

Benjamin Realty LLC - Gold Canyon, AZ

East Phoenix Arizona Homes

Yep, we all have to make changes and do what is most effective.

Aug 04, 2007 06:51 AM

Katrina Madewell

Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196 - Tampa, FL

Tampa FL Homes for sale | Tampa Bay - (813) 777-1196

Yes BB, what doesn't kill us only makes us stronger! I too have been in the industry for 15 years and won't be going anywhere. Fact of the matter is we have roughly 33% less mortgage brokers and real estate agents now, than we did a year ago!

Change and challenges excite me! Thanks for the post, I'm sure it's "right on time" for most!

Aug 05, 2007 05:36 PM

Loreena and Michael Yeo

3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX

Real Estate Agents

Bryant: I look at this market (Frisco is quite the same) as an opportunity for growth. I know if I can survive in this market, I can survive anything. So, yes, I am revamping my business plan too. I think we need to change when the times change.

Aug 06, 2007 07:25 AM

Anonymous

Bryant

Bryant, I agree, when the market changes, professionals in the industry have to change too.

I liked your thought of teaming up with a management company for referral fees. It reminding me of a builder I recently spoke with. Since the market is more saturated than it used to be, I'm finding people staying in their current home and deciding to remodel. This builder and others now that I have talked to are paying referral fees for remodel jobs as well. Just thought you could ad this to your group of resources.

Aug 06, 2007 09:15 AM

#84

Kevin Tomlinson

One Sotheby's International Realty- Miami Beach Real Estate - Miami Beach, FL

Miami Beach Real Estate

flawless post. I really mean it. One thing I learned in SF is that as brokers, we can do much more with less!!!!

Seriously

Aug 06, 2007 09:29 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Well thanks Kevin. And my "hulk" pictures makes me look almost as good as you:) I bet SF was a blast. The pic of you and ARDELL meeting is priceless.

Hey someone responded using my name! Great comment though. Being flexible is what being is business is all about.

Loreena, a difficult market is the perfect time for us to hone our skills. If you survive this (and you will) you will be unstoppable.

Katrina, REALTORS(R) and MBs are falling off like flies! And that to me is a very good thing.

Ok Bob and Carolyn...who does the blogging?

Rebecca, TLW and I are old. Fun is all we have left:)

Aug 06, 2007 10:08 AM

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

Aug 06, 2007 10:28 AM

Anonymous

Stan

BB, a friend of mine saw this in a listing in your area and thought you could shed some light on it's meaning:

" Recently upgraded pool home in a popular STR community "

What does STR community mean? The verbiage is from a realtor's listing.

Thanks

Aug 08, 2007 10:05 AM

#88

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Hey Stan, Good to see you my friend. I hope all is well with you.

Stan you got me on that one. Never seen STR before.

Aug 08, 2007 10:37 AM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

I a changing market the pros like you will get better and the rest will take up a new career.

Aug 09, 2007 06:18 AM

Allen C. Wright

RealtyU - Aliso Viejo, CA

NS, AHS, REPS

Bryant,

Peter Druker a management guru often said "If You Cannot Measure It, You Cannot Manage It." I think the steps you have taken are great, but are you tracking the results of your labor ... not just transactions, but how many activities you do to get an appointment and how many new business appointments you must do to get a sale ... information like this is what drives the best business decisions I use CreateAPlan

Sep 13, 2007 06:28 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Allen, I do agree BUT I'm not that organized. I'm a one man office and I know where my business comes from with out keeping an official log. I know because I ask. I keep things real simple. If I make a listing appointment the listing is mine. I don't do interviews. I ask the seller qualifying questions over the phone and from that I know if it's a property I can sell. If I can then I go over and take the listing. If I list it I sell it. BUT I've been in my market for 13 years so when folks call me they are calling to hire me not to interview me. Then it's my decission on whether or not I want the listing. You are right though it is very important that we know what marketing works and what doesn't.

Sep 13, 2007 07:22 AM

Prudential Preferred Realty Butler PA

Prudential Preferred Realty - Butler, PA

Great ideas.

I'm an independent contractor, going it alone right now. I CANNOT WAIT to get enough business to hire a buyer's assistant or two!!

Oct 05, 2007 06:59 AM