Right now I believe we are riding a real estate wave, with interest rates now at 4.2% on a 30yr fix. For many agents, the party is quickly coming to an end now now that the summer rush is over. This weekend I received two reports indicating the Housing Market continues to shrink and will only tighten over the next several months if not years.
As this market continues to shrink with summer officially coming to a close, we will find ourselves in a challenge if we don’t do something now.
Five years ago while living in Phoenix AZ I witnessed what my father went through in the late 80's, a total collapse of what was a thriving market. During that time in Phoenix I learned a lesson that will stick with me the remainder of my days; "I can not control the size of the pie but I can control the size of my slice". While competitors lost money and closed their doors for business, my organization experienced a 30% market share increase.
Ask yourselves the following questions, come up with logical answers, then devise a strategic game plan.
· Who are their biggest producing agents?
· What are they doing, that you are not, to retain their customers?
· Does your competition provided a better level of service than you do? If so, why?
· Have you asked the appropriate questions as to why they chose realtor X?
· What would it take to acquire those customers?
· Who’s support will you enlist to support an initiative in acquiring these customers?
· What will you commit to do each and every week for the next 90 days until you acquire new customers, showcase yourself and exceed expectations?
· After you do in fact receive these new customers will you provide a level of service the customer expects and deserves, which if far superior to what they are currently experiencing?
· When was the last time you called and asked for a one on one appointment where you identified expectations and completed a Customer expectation Agreement?
· If you have a team, do you have 100% participation with all team members.
· Does everyone know their role in advance of the customer receiving their first phone call? Remember it must be “Lights, Camera, Action!”
· What are you doing different today from yesterday. Are you thinking outside the box?
We must be disciplined, we must think 60-90 days out. Fix your business plan today to reflect the challenges you know this market will throw at you. It would be foolish for us to ride the wave, sit back and do nothing when we already see the pie shrinking. There is only one way to thrive in a declining market, …..take business away from the competition! There is no other way.
Take your slice and make it a triple!
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