Ok, so this isn't my normal Techy post, or one of my marketing posts, but it holds the same value to everyone in the industry.
After reading an article today on MSN called "For Home Builders, The Worst is to Come" it got me to thinking about how my business has changed in this current change in the market. Not necessarily saying that we are in a down market, (although some area's may be) We are more of being in a normalizing market, from the crazy & insane market we have been in for the past few years. As all of my current clients are in the real estate industry, business has changed dramatically for them, and therefore, how they run their businesses. I myself have made alot of changes, I now require a 50% deposit for work (except for a few bread & butter mega clients of mine) due to the fact that I was completing work for agents, and never hearing from them again, either they ignore my invoices, emails, or calls, or they have closed up shop (I've seen a lot of smaller agents either get out of the business or get a part time job in the last few months) I now only work with larger "top producing" agents, due to the fact that I can rely on steady income. I've started accepting online payment via credit cards, as an attempt to get some of my past due invoices paid (I probably have close to $4,000 in past due invoices, that I will probably never see a dime from). Alot in my business practices have changed alot, from the way I collect payment, to whom I work with is very different from a year or so ago.
I would like to know what you all are doing in changing your business practices (from whom you are working with --if you an agent, how are you choosing buyers & sellers to work with, and other practices, to builders, mortgage, title, other marketing & IT companies, how are you choosing to work clients, are you being more picky with who you work with, or how you collect payment? Do you now deny work (or potential work) from particular agents?
I've been noticing that my agents that have been in the business for many years are still fairly steady with clients, and of course my mega agent clients are busy still, and in fact I seem to notice that my bigger agents are getting even BUSIER as the market has changed. I have my reasons and beliefs as to why this is, but I would like to know what others are thinking.
I look forward to talking and working with you all soon!
Best of Success,
David Fox
The Real Estate Tech Desk
"Technology & Marketing Solutions For Real Estate"
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