Big mortgage companies going out of business left and right and requirements changing constantly. Foreclosures at record levels. Buyers panicking that the bottom is not here yet. Sellers losing their homes. Scams happening left and right.
So how do you survive as an agent? That is the question. There is no easy answer since each part of the country is experiencing different issues. In my part of the country, Modesto, California, the scenario above describes the issues I have been facing on a daily basis with a foreclosure rate close to 1 in 75 homes. Your situation is likely different so take part of what I say with a grain of salt, but the other part could help keep you in business.
1. Increase marketing through WOM (word of mouth), utlizing your SOI (sphere of influence) and any internet or direct marketing campaigns.
2. Increase your customer service skills. This is essential. Once you have people calling, you need to be able to keep them. If your agents have the personality and aren't customer centered then you are in big trouble. Good training in this area is pivotal to success in poor markets.
3. Stay focused. Set goals and a business plan. Many people are just scrambling for clients. Stay focused on what you need to do to get solid listings and activities that will lead to the success of your business plan. This is the biggest mistake that realtors make is not developing a yearly business plan and setting goals to achieving it, in my opinion.
4. Stay postive. Keep your mental state in the right frame of mind. Realize that things will get better but you are going to have to work smarter not harder to achieve success. I know people that call expireds every day for 2 hours per day with nothing to show for it. The realtors that do not adapt to this market will soon find themselves out of the market. Expireds is a good way to get leads, don't get me wrong, but why are we calling when no one is home. Do your two hours when you are most likely to reach people, not between 8-10 in the morning, unless you know someone is home. By staying positive and working miracles for people, we will likely create customers for life.
Isn't that the bottom line to create relationships with customers to help them find the house that is ideal for them?
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