A MAJOR MARKET SHIFT IS HAPPENING; LOOK AT THE POSSIBILITIES...

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

A MAJOR MARKET SHIFT IS HAPPENING; LOOK AT THE POSSIBILITIES...

I actually wrote this post in late March--Since then some major shifts have already begun and I feel like getting this out there again since it did not get seen by many members (or the public for that matter!) in the first go around.  

Please read this and comment so that we all get a feeling of what is happening nation-wide.

It is more important than ever to make sure we get the jump on these trends that may alter our profession forever!

 

Since September 2008 all real estate agents have been struggling with the worst fiscal crisis in history and the longest housing ONLINE BUSINESS STRATEGIES INCLUDES LOCAL INFORMATIONrecession as well...

I began to see a change beginning in the middle of last year--June 2012 was a record month in home sales in the Hamptons and we watched (and worked) as a return to normal began, with inventories falling and buyers, long at bay as to what to do about buying, began their rush to get the best buy before prices began to escalate.

2013 will be a record year in house sales--at least that is what all projections indicate. I believe that is possible but. Even though I still remain conservative in my approach, I have made some significant changes in my sales strategies and the way I market my listings.

MY PLAN OF ATTACK...

  • I have made a real effort to be different in my "Pitch" package to potential sellers. I am taking the position that we are quickly moving into a sellers market and I have made a commitment to focus on the listing side of my business.
  • I have formulated a new CMA that covers a more personal approach to the Pitch. Instead of a run-on data focused report I use the property itself and build the report around it, giving as many details of the property in comparison to the other properties and explaining why each attribute is important. EXAMPLE: "Wrap around porch is a sought after detail in all new construction and increases the value of the property by approximately 15% to 20%."
  • I get most of my listings from direct calls FROM sellers--they find my blog and they love it!
  • Since I get so many listings this way, I am looking for ways to maximize my efforts--One way is to do more interesting local postings.
  • Market reports on my blog are more effective for my business than anything else I do. Here is one EXAMPLE  NEW HOME CONSTRUCTION, STILL THE "BULWARK" OF THE HAMPTONS MARKET 
  • I take the single topic approach about the market so that I get the point across and I don't dilute the topic. I find this makes for a more interesting blog post than the columns and pie charts.
  • Another way to get the message out there to the public is to inform them about an area like they have never been informed before. EXAMPLE BEST HOUSES FOR SALE, BEST PLACES TO GO IN SOUTHAMPTON VILLAGE, NY
  • My print ad business is where I am getting some activity so I am increasing my budget for magazine ads. Since this is a resort community, there is a lot of down time when the public is apt to pick up glossy magazines to pour over as they sit in the sun or relax with their weekend breakfast.

THE BIGGEST "GRIEF" IN MY MARKETING EFFORTS....

My personal marketing efforts are constantly thwarted by the new agent who hits the floor running! Right out of the financial markets, these Newbies join the real estate business like they have been in it for 20 years---like they know better than any other well established agent out there! They somehow manage to get the sellers attention better than any of the "Old Guard" ever did! They even pretend to be long Hamptons residents when they just moved in last week! They have BIG $$ signs in their eyes!

These Newbies accomplish this "invasion" by PAYING UP on Trulia and Zillow for a space in an area and then they GIVE AWAY their listings, and sometimes mine!

All this is done without a thought as to what they are doing: They are undermining the entire brokerage business and they are GIVING AWAY priceless listing information so these giant sites can build their data bases!! Those sites now own the content and the listings.

AN OPPORTUNITY, NOT A PROBLEM...

I look at this "invasion" as an opportunity to "up the ante" in my own efforts--I never ignore these agents; I do make mental notes of what they do. Here are the three things I always keep in the front of my mind as I go to work with a client:

EXAMPLE: I never leave a pitch package in the hands of the homeowner. I want them to "need" me again--I always get another call from them. A pitch package like this one has brought me tons of new listings: MY PITCH PACKAGE: This One Was A Home Run For Me!!!

EXAMPLE: I make sure my approach is always on the local side of the business. My focus is always to give the buyer and the seller (I work with both) the awareness that I am not just another "hot shot" agent who comes, hits the big time and then disappears. Here is my last post with my approach for local blogging---I use local information to enhance the property.

EXAMPLE: Buyers and sellers who want to use my services do so because they know I know what is great and good about the Hamptons ; and not just from a night club or party point of view. They read my informative local posts and that is why they choose me. EXAMPLE TELL ME A STORY....A Story About Real Estate and Local Information..

HOW WILL THIS BUSINESS LOOK if the day comes when all agents who amount to a hill of beans are found by what they say and how they inform the public about what they know and do?

It becomes a whole new way of doing business and in that case you have to put up or shut up. To my way of thinking, that is a very refreshing way for real estate to evolve and for it to overcome the attempts on the part of the syndicated sites to unseat RE agents at every turn.

LOCAL KNOWLEDGE IS THE KEY TO SUCCESSFUL MARKETING"All Real Estate Is Local" is a good motto to have in today's market place! Transparency is also a trending way of doing things and what could be more transparent than a profession that blogs about itself???

SO BRING IT ON.....

...and let all who can sell real estate and talk with knowledge about a location at the same time come to the front of the line and be the area specialists that are needed so desperately in this business---it may even up-level our reputations in the process!

WOULD THAT NOT BE A GREAT THING???

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 05/22/2013 10:02 PM
  2. Kim Hoff 06/19/2013 10:21 PM
Topic:
ActiveRain Community
Location:
New York Suffolk County Southampton
Groups:
Active Rain Newbies
Realtors®
Real Estate Tomato Bloggers
"Whacked"!!!
Bananatude
Tags:
local knowledge
all real estate is local
plan of attack
major market shift is happening
opportunity not a problem

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Rainmaker
330,133
Ron Tissier
Chapman Hall Premier Realtors (404) 580-9069 - Atlanta, GA
Defining Homes. Defining Lifestyles.

Morning Paula!

Your knowledge and experience oozes in this post.  So much so that I try to take a lot of what you write about and  implement it into my local market.  Have a great Memorial Day weekend!  Cheers! 

May 23, 2013 01:53 AM #36
Rainmaker
1,561,684
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

So glad you got this featured.  While I don't pitch on the listings (as an EBA).  There is much to be said about experience and what a wealth of it you bring to the table for your seller clients!  Lots of good stuff in this post Paula.  I emailed it to a colleague of mine!  She'll get a lot from it too!  Thanks.

May 23, 2013 03:50 AM #37
Rainmaker
2,007,694
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Paula,  things really on the upswing here in North Orange County....Inventories at an all time low.

May 23, 2013 05:03 AM #38
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Bryan: Thanks for the vote of confidence---it is the time to take back our local marketplaces...I plan on doing that to the best of my ability!

Ron: Thank you so much! I look at that as the highest form of flatery and I hope you get good results when you do emulate some of my work!

Carla: Why, thank you! I feel like I needed to get it out there again and maybe the timing is better this time around....Good luck with using any or all of it!!!

Ron: Great! I hope you are having good luck with your marketing efforts for the new real estate market! It is on the upswing here as well!

May 23, 2013 05:51 AM #39
Rainmaker
993,418
Aaron Hofmann
Atlanta Communities - Smyrna, GA
aka Mr. Smyrna Vinings

Lots of great information. Thanks for sharing. Everyone should take the time to thoroughly read and understand your approach. The market has shifted and it is crazy out there, so the better the system, the better prepared you will be.

May 23, 2013 06:09 AM #40
Rainmaker
1,590,691
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Paula, your years of experience will certainly give you an advantage over those newbies as you impliment your own "new" strategies mixed with the tried and true.   Glad to hear things are going well in the Hamptons.

May 23, 2013 07:35 AM #41
Rainer
324,487
Scott Larson
BHHS/Utah Properties - Park City, UT
Park City, Utah Real Estate News

I remember this post from way back when Paula, at least it seems like way back when as I remember how new I was when I read this the first time.  I really like your ideas and your presentation.  I have developed a listing presentation which is centered around your idea that a CMA should be your unique presentation in your own words as opposed to the typical CMA most agents do.  I also applied this to the first quarter market report.  I wrote a blog in my own words and summarized the statistics in my own words providing a bit of insight and commentary and then sent that out to my sphere as opposed to simply attaching the report as most agents do.  Thank you for your many ideas Paula as I have put a few of them to good use myself.

May 23, 2013 07:38 AM #42
Ambassador
1,230,206
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Well, I think the industry would be so much different and there would be a lot fewer agents if you got rid of those that don't amount to that "hill of beans".

May 23, 2013 09:16 AM #43
Rainmaker
1,100,822
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Knowledge and skill will always win out in the long term over flash and dazzle.  Always.

May 23, 2013 11:19 AM #44
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Aaron: I look at it this way: I either change my approach to a more engaging one or I give up the possibility to sway the buyers and sellers out there my way. Otherwise I am forfeiting my business too the giants that know nothing about my area!

Mike: Thank you so much! The Newbies are just one of my issues--the bigger issue is with the Giant syndicates that have moved into the hamptons market--like they own it!!! I just hope it can be possible for me to be the David to their Goliath--I hope we all can so that we maintain our precious postioning in the local markets.

Scott: I think you may have read some of the links of my older posts--the one on "MY PITCH PACKAGE...." was from some time ago. Thank you for reading and more than that, thank you for using the information contained therein.

Melissa: That "Hill Of Beans" is made up of all the hard work we do to build our buisnesses....and it is topped by all the patience, courage and knowledge we can conjure in order to succeed! I see you know what it is like to be challanged by an agent who has not had enough experience to know what they don't know....It takes a lot of hills to amount to something if we are really honest...

May 23, 2013 11:20 AM #45
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Gary: You said it! "Flash and Dazzle" just don't do it for the masses--they are smart enough to see through all the smoke and mirrors---at least I hope they are!

May 23, 2013 11:23 AM #46
Rainmaker
1,317,707
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Paula -- This is a very informative post filled with important insights.  This is a wealth of information that will enable all of us to get more sales.  Thanks

May 23, 2013 01:33 PM #47
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Joan: I certainly hope so! Please feel free to use the ideas etc..

May 24, 2013 10:08 AM #48
Rainer
87,527
Amber Boyd
Novus Real Estate - Wylie, TX

This is a great post. Keep up the good work. I always enjoy reading the posts from you. Hope all is well. Have a great Memorial Day weekend. Looks like you hit the nail right on the head. lol

May 26, 2013 03:04 PM #49
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Amber: Glad you liked it and I hope you feel free to use any of the ideas here and even expand on them!

May 27, 2013 12:19 AM #50
Rainmaker
1,977,868
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Savvy and experienced. You are no dinosaur to a newbie real estate agent, broker. New ways to harness the information media streams and doing a better job at the marketing is a full time job. Apply what you learned in the highs and lows to "adjust your sales". The 16% adjustable interest rates of the early 1980's and oil embargo was a valuable foundation for not just surviving but soaring because of the trial by fire. Video is the best show and tell option and not one you just throw money at...it works so well for buyers and for the SEO bell ringing too!

Jul 02, 2013 07:37 PM #51
Rainmaker
50,287
Teresa Tims
TDR Mortgage & Real Estate Group - Rancho Cucamonga, CA
Teresa Tims

Great information Paula :)

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Rainmaker
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...A Local Expert in all The Hamptons
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