Are You Ready to Thrive if Real Estate Market Shifts?

Reblogger Winston Heverly
Real Estate Broker/Owner with Winston Realty, Inc. BK63078915

Beth Atalay, consistently has so many great posts and most importantly is terrific about sharing it to us Rainers and beyond. This article has new & exciting information for all the readers to take advantage from. I, myself will be anxious to learn from it! So many times I write blogs and really don't think that it gets the impact that it should. So I love to see re-blogs of popular posts. Thanks again for sharing.

 

Original content by Beth Atalay

Are You Ready to Thrive if Real Estate Market Shifts?

Those who have been in the real estate industry for a while have seen the ups and downs. Most of us are in it to win it, others only do well during sunny days. Which category do you fall in?


Are you ready to thrive if the real estate market shifts? What are your plans? Did you do well during the housing market bubble crash in 2005?

I was lucky to find out about short sales prior to the crash in 2005. One of my sellers owed more than the value of their home, their lender(Wells Fargo) suggested we do a short sale. It was new, not too many heard about it but after the crash, it seemed like we were all talking about Short Sales. I shifted my efforts to assist homeowners who fell into this category as Florida was one of the states that suffered a great deal. When market shifted in 2005, my local  market was driven by short sales and REO’s. Most agents stayed away from short sales, others used it as an opportunity and became experts at it.

I’m not an economist but I know we’re getting close to that “cycle” when the market will start to shift. If it doesn’t, that’s great!

If you follow your local market closely, you know how which market segments you should concentrate on if the market starts to decline.
During the housing crash, most of my listings were short sales, I marketed to investor buyers as luxury homes weren’t selling as fast as sellers wanted to sell them. I also reached out to asset managers I’ve worked with in the past to list their REO properties.
Another segment of the market that did well regardless of the crash was 55+ adult communities. I never marketed to this group in the past but I will be doing so starting September first.

Here are some ideas you can explore if there’s a downshift in the real estate market;


-Market to 55+ adult communities. Do a mail-out to those who owned their homes at least five years as well as absentee owners. Your first mail piece could be a postcard with a market update or a newsletter. Whichever you decide, be sure to come from contribution rather than “I LOVE ME..I’m the greatest Realtor”. List local events, new businesses, upcoming garage sales in the area. Follow up with a handwritten card two weeks after your first mailout. Your third piece can be a postcard(I like jumbo cards, they stand out).

-If you’re willing to work with short sales, learn anything and everything you possibly can about them, become the expert. Find a good, local real estate attorney to work with on your short sales. I do not negotiate my own short sales, I team up with a real estate attorney who has the staff to do just that and homeowners get a free one-hour consultation with him.
Once you feel confident, check lis pendens and market to these homeowners. Keep in mind, not every distressed homeowner will end up in a successful closing. Again, come from a place of contribution and help these homeowners to avoid foreclosure. I hope we never ever..ever..ever experience as many short sales and REO’s again but what if? It’s best to be prepared.

-Work rental properties. There will always be a demand for rental homes. Reach out to absentee homeowners via mail-outs and Facebook ads.

-Do BPO’S. It is possible to make $3000.00 to $5000.00 a month just by doing broker price opinions. I know it’s possible as I’ve done it. Some of the companies I suggest are Clear Capital, RRReview, Core Logic, Ocwen/Altisource. There are many others, these are just a few I worked with and who pay.

-Stay away from purchasing shiny objects. Go over your monthly subscriptions and cancel the ones you’re not using or haven’t brought you any business within the past twelve months.

-If you are an ActiveRain “Rainer”, seriously think about becoming a Rainmaker. I understand you many not be comfortable to put your posts out to the general public but you have to get over that fear at some point. Reach out to any of the Rainmakers who have been blogging and ask their opinion, they will freely share it.

-Work a farm or two, become an Ambassador of those neighborhoods. Organize a garage sale, ice cream truck, do at least one mail out each month. Get a sign made that reads “Yard of the Month chosen by ABC Realty” and reward one homeowner a month with a Starbucks gift card, coupons to local restaurants(you have to actually visit restaurants and share your idea to get the coupons), flower seeds and hand deliver them with a market update to the winner.

There you have it, just a few ideas. It’s best to be prepared for the worst then not have any business. Stay positive and know that you have what it takes to make it in any market, all it takes is a plan. Once you have your plan, work it each and every day.

Are You Ready to Thrive if Real Estate Market Shifts?

 

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Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando

 

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Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Disadvantages of downtime is gonna be somebody else's opportunity if the changes are taken and the resourcefulness is there.

Nov 25, 2016 11:50 PM #1
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Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Winston Heverly ,

Thank you for the re-blog..I missed this post and off to comment on Beth Atalay post!

Nov 26, 2016 04:25 AM #2
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Winston Heverly

GRI, ABR, SFR, CDPE, CIAS, PA
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