Those of us that have a little extra time right now before the Spring market may want to use it to get back to the basics of real estate. That means training, educating our clients and honing our marketing skills. This is a continuing education year in Connecticut, which gives us an opportunity to pick courses that will expand our horizons. As president elect of the Connecticut chapter of the Certified Residential Specialists, I want to plug our next course offering on March 26th and 27th. It CRS 206, "Technologies to Advance Your Business", designed to help you maximize your productivity through the use of the latest gadgets. This is an area that both fascinates and overwhelms me. My "twenty-something" clients are all about technology and want information in the time it takes to request it. We all need to know how to meet this demand. The course will be offered at the Holiday Inn (formerly the Connecticut Grand Hotel) located at 2580 Main Street in Waterbury, Connecticut. For information, please contact Debra Cummings Waldorf at 860-354-6441 x 11.
In addition to educating ourselves, we need to educate our clients about market conditions, the local inventory and credit issues. We want our customers to make good financial moves when buying real estate. That means getting them qualified by a reputable lender and staying within their budget and comfort zone. This is a good time to suggest the purchase of multi-family homes in strong rental markets. Prices have come down to more realistic levels - now related to cash flow (again, back to basics), rather than future appreciation. There will always be a need for well maintained apartments, particularly in college towns like Hamden and New Haven. "Well maintained" is the key phrase here. I always advise my clients to "take care of the house and the house will take care of you." No one loses money with real estate, held over the long term, if the property has been well maintained. The only downfall is the repeated borrowing against the equity of the house for purposes other than repairs and updating. Once equity is eroded, the client's financial stability is at risk.
Now is the time to distinguish ourselves with a new marketing program. Sadly, many of our colleagues are going to be out of the business, as sales drop. Internet marketing may be a cost effective way to grow your business in a changing market. In good markets, we often get lax about regular customer contact. It's time to make those lists, check them twice and contact past customers. Ask for the referral. Get out there and meet with new people in related fields such as banking, law, insurance and accounting. Ask for the referral. Get the point? Asking a colleague for a referral is the most cost effective way to get a qualified lead. To ensure even greater success, ask the colleage to make the introductory call for you. It can be very impressive to potential clients. With a few new strategies, we'll weather this market cycle.
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