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If you can't learn how to ski in deep powder you better find a new sport!

By
Real Estate Broker/Owner with LKN Realty, LLC 242267

 

 

 

 

 

 

When I was a freshman in college in Colorado I used to plan my classes around skiing.  I was never more than an intermediate skier but I was a good sport about trying more advanced runs. 

 

Then I went to Seattle on spring break to ski with one of my friends.  When we got up to the top of the mountain for the first time it looked steep but I thought I was up to the challenge.  About 10 feet down I knew I was in trouble.  Unlike the dry, well-manicured slopes of Colorado, the snow in Washington was not only heavy but there was a good 6"-8" of fresh powder.  I simply couldn't turn!.  While I could fake it on the slopes of Colorado I didn't have the talent, strength, ability or training to handle the wet powder.  I actually side-stepped and scooted on my butt most of the way down.  One run and done.

 

I share this story because it is such a great analogy for our current market.  These past 5-10 years of a booming real estate market, selling real estate has been like skiing on a perfectly groomed mountain.  Honestly, a lot of real estate professionals could get to the bottom without having to be very good.  That's why the number of real estate licensees has quadrupled since the mid 1990's.

Now we are at the top of a mountain facing so much wet snow that many are scared because they don't know how to get down successfully.  Many simply don't have the training or the experience to be successful during a down real estate market.  My guess is that a lot of the fair-weather agents will leave the business.  Us old-timers will dust off our recession-handling skills and move forward knowing it is just another business cycle and that we have survived them in the past and with some hard work can survive this one too.

What about you real estate professionals who are willing to learn how to survive this market?  Take a BIG gulp of humility and, starting with the basics, fine-tune every aspect of your real estate practice.  There are no short-cuts or easy answers.

If you are a listing agent analyze your entire listing process.  Are you thinking outside the box when it comes to marketing?  Read Jeff Turner's Sex and Real Estate - The Conclusion and ALL of the comments.   Listings don't sell themselves anymore do they?  So, who is your target  buyer for each listing and how are you going to best reach them? And, by the way, plan to spend YOUR money on marketing because many of your sellers won't be willing or able to do so. Figure out a way to make each of your listings stand out enough that the few buyers out there will not only want to see them but will want to make an offer.

Buyers aren't just for newbies anymore!  I used to be primarily a listing agent but 13 of my last 14 sales I have represented buyers.  Read Jim Crawford's Home Buyers Sitting on the Fence/ Reluctant Home Buyers are Waiting for What?    As Jim wrote "Trying to identify the new buyers needs and niche market will remain a daunting task for many a real estate professional..." He raises great questions and solicits great comments!

So you real estate professionals who really want to survive this market don't despair, just work really hard at gaining the expertise to be successful in all of this wet powder and I'll see you at the bottom of the mountain for a hot spiced wine!

                                                                                                     

                                                                                                                 

Comments (20)

Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
Beautiful post for localism!
Aug 30, 2007 08:48 AM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Neal, thanks...I just added it there.  My orginal appeal was to fellow Realtors.  Thanks for the heads-up!
Aug 30, 2007 09:21 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Well done, Diane. This is a great analogy for our market, and it speaks to so many of us. Thanks for sharing this with us.

Jeff

Aug 30, 2007 10:54 AM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Thanks so much Jeff...your support means a lot to me!  (By the way...I haven't skied since college!:))
Aug 30, 2007 12:23 PM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Bright, thanks for the compliments but the photos were for the analogy, I don't sell in Colorado I sell in Lake Norman NC!:)
Aug 31, 2007 01:19 AM
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM
Great Post Diane and Informative Links....will relook at how we Market our Listings- they do not sell themselves anymore because there is not a shortage - good ol laws of economics - more supply less demand!
Aug 31, 2007 03:00 AM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Jeff and Grace:  Thank you for taking the time to read my post and check out the links  Best of luck to you!
Aug 31, 2007 03:15 AM
Irina Netchaev
Pasadena Views Real Estate Team, Inc. - Pasadena, CA
Pasadena CA Real Estate
Diane, what a wonderful post and a great analogy.  It's back to the basics as you said.  You deserve and received :-) a 5 for this one!!!
Aug 31, 2007 01:43 PM
Irina Netchaev
Pasadena Views Real Estate Team, Inc. - Pasadena, CA
Pasadena CA Real Estate
Diane, what a wonderful post and a great analogy.  It's back to the basics as you said.  You deserve and received :-) a 5 for this one!!!
Aug 31, 2007 01:43 PM
Paul Viau
Nova Scotia Real Estate Blog - Halifax, NS
Nova Scotia Real Estate Blog + Photo Services
Beautiful! I have about 15 current "Fence Sitters". I could use some help!
Aug 31, 2007 02:27 PM
Dawn Workman
Veracity Real Estate Group, LLC - Camas, WA
Camas Real Estate Expert, MBA, 480-540-8100
Great post.  I love the analogy and the ideas.  Thank you!!
Aug 31, 2007 05:28 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dianne, What a good post about getting back to basics. This is not an "order taking" market any more. The really good "skiers" will make it to the bottom of the slopes. A few will fall a few times before the bottom and many will give up on the first few tries.

Aug 31, 2007 10:32 PM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Irina:  Thanks so much for dropping by and for the nice comments!
Sep 01, 2007 11:12 AM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Paul:  Hmmm.  I guess I would have to ask first what are they waiting for?  Sometimes it's because they truly haven't found the right home or what they do like is a bit higher than their comfort zone.  With all of this negative news about real estate it may just take time for them to feel confident that they can move forward.  Good luck!
Sep 01, 2007 11:16 AM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Dawn:  Thanks so much, I'm really glad you liked it!

 

Margaret:  You are terrific, you not only got my analogy but you put it to work for you...Thanks for the great comment!

Sep 01, 2007 11:18 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
Diane, I used your story this morning talking about our real estate industry. Thanks again for the good analagy.
Sep 01, 2007 12:35 PM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Margaret (not Pat):  That is high praise indeed.  Thank you for taking the time to let me know!
Sep 02, 2007 12:42 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
Diane, But of course, it is a great analogy and you expressed it so well!
Sep 02, 2007 12:50 AM
Laura Jecker
Prudential New Jersey Properties - Vernon, NJ

Powder skiing..... what I would give to ski in powder! My son is an active ski racer and my husband took him to Utah while I stayed home. He did not care for the skiing because there was no ice. He shoudl ahve stayed home and I should have gone.

 

Like many he is not able to adapt to change or difference.

Sep 02, 2007 01:21 PM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Laura...I'm not a skiier anymore and I'm afraid that wet powder "dampened" my enthusiasm.  But, I hope it worked as an analogy for today's real estate market.  Thanks for your comment!
Sep 03, 2007 02:00 AM