Ask An Ambassador: Are You Diversified Enough To Handle Market Shifts?

By
Real Estate Agent with RE/MAX Alliance 513.520.5305 www.LizTour.com SAL.2002007747

Our real estate market is clearly tilted to sellers.  Decently priced and presented, a home is under contract within 1 to 2 days and with multiple offers.

While blogging can bring both buyers and sellers, for the most part our experience has been blogging brings us far more buyers than sellers.

In a balanced market or a buyer's market that mix doesn't cause any issues, but when the pendulum shifts the net result is a lot more scrambling and a lot less return on time invested.  There's very little one offer, one contract in this type of market if you're repping a buyer.

And when you get to our niche, patio homes tend to be a "final home" type purchase.  Even in a balanced market, the number of patio homes available for sale are limited.  Barring the grandkids moving out of state and the grandparents following, only health issues typically have someone leave their patio home.

So how can we balance our business for market shifts?  While we haven't found the magic recipe to increase our seller pipeline via blogging, we can diversify a bit by not putting all our blogging eggs in one basket.

While blogging about low maintenance living (patio homes and condos) is our bread and butter and the majority of our evergreen posts, we learned that a bit of blogging diversity was called for.

We've covered new construction (low maintenance and otherwise).

We cover "regular" subdivisions.

We cover long tail type homes.

We ask for reviews.

We claim our spot on Google My Business.

We throw some other seeds out in other venues to increase our digital presence.

We don't chase every shiny thing or search for silver bullets.

Mostly, it's just block and tackle, fundamental work.

We evaluate and adjust and keep our eyes open for market shifts so we know where and how to place our emphasis.

Is your business set up to keep your pipeline flowing no matter how the market changes?

Until next Tuesday, just Ask An Ambassador if you need help,

Bill & Liz aka BLiz

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Alliance
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Comments (17)

Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

LOL this made me laugh Bill - Mostly, it's just block and tackle, fundamental work.  There is a lot of block and tackling going on amongest agents trying to win a bid. I am seeing a lot of crazy behavior of which I side step and continue on doing biz.  Diversify.....as you said is they key to bringing in business no matter what the market is doing.

Jun 22, 2021 03:07 PM
Liz and Bill Spear

I can't say I'm enjoying the feeding frenzies, and the "we won't review offers until X date and X time" in marketing remarks has proven very accurate.  Sellers are tired of the onslaught and accepting an offer early just to make it stop (while not cutting into the amount of over list they're getting).

Jun 22, 2021 08:19 PM
Anna Banana Kruchten CRS, CRB, Phoenix Broker

Agreed Bill....a bit over the top and dramatic with some. Chill out kids.

Jun 22, 2021 09:46 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and throw those seeds and plant and harvest is the key.  Now I am only marketing to sellers and it helps.

 

Jun 22, 2021 03:12 PM
Liz and Bill Spear

We've done PLENTY of blog seed planting.

Jun 22, 2021 08:19 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

We always have to be adaptable for wildlife those of us, especially in these times recently there's probably no other way to be but as many ways as possible, even though that sounds like a contradiction, it's not

Jun 22, 2021 08:09 PM
Liz and Bill Spear

There's a need for flexibility in this market.

Jun 22, 2021 08:22 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

From my beginning years in real estate, I was more fond of working with sellers than buyers.  However, it seemed more agents in my office were primarily buyer agents - Until we had a cycle similar to the one we are in now.  This isn't the most pleasant time for buyer agents.  But, listings are scarce also.  I read an article recently, that gave the number of licensed agents in a city compared to the number of homes for sale.  It wasn't pretty.

Jun 22, 2021 08:19 PM
Liz and Bill Spear

We sold our last listing the first week of January.  We have potential sellers, but they need something to buy that fits, and that's in short supply.

And the thing about blogging IMO is that buyers often go to the internet to search for an agent.  Sellers?  I suspect they all already know a dozen agents, so they're not going to the Net to search nearly to the scale of buyers.

Jun 22, 2021 08:42 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Bill(and Liz) - quite the conundrum and one experienced by many.  Shift and diversification are important strategic words.  And better when placed in everyday practice.   Good thoughts.  

Jun 23, 2021 04:11 AM
Liz and Bill Spear

I've seen the impact on some agents that aren't ability to shift.  E.g. if you're a specialist in short sales/REOs and things go from bad to good, that's not so good for the specialist who doesn't have the ability to shift to "normal" sales.

Jun 23, 2021 05:23 AM
Erik Hiss
Keller Williams Capital Partners Realty - Worthington, OH
You can trust me for all your real estate needs!

Yes with sellers it's pretty cut and dry. With buyers it's a bit more prepping and bar setting than anything else. I am honest and give them real world scenarios to get them to understand what they need to do to get a home and they respect that. Whether they buy now or wait they feel comforted knowing I'm telling them the truth.

Jun 23, 2021 05:12 AM
Liz and Bill Spear

Right off the bat the conversation has to be held.  We're not in a normal market.  What I think logically about prices doesn't matter much.  Expect multiple offers above list and expect we may lose some bids before being successful.  It's not easy emotionally, but it's the reality we're dealing with.

Jun 23, 2021 05:24 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Working with buyers in this market certainly results in a lower dollar per hour of work being put in, haha.

Jun 23, 2021 05:19 AM
Liz and Bill Spear

Definitely a "wow, I only wrote ONE offer for this buyer and got a house!", or "well, this is offer number 5 and we're still looking" kind of market.

Jun 23, 2021 05:27 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Yes, we need to have the marketing in place to shift as the market shifts. I'm still working on getting my pipeline full so am pursuing various courses of action to do so. So right now, diversification is my middle name. (Well, not really - it's Anne).

 

 

Jun 23, 2021 06:11 AM
Liz and Bill Spear

That's the challenge with specialization.  Is there enough overall business to support us?

Jun 23, 2021 09:04 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Yes, it's a challenging market for sure. Like you, our last listing sold in January. We have one coming up next month because the sellers are moving out of state. Working with buyers who really have the resources to compete right now seems to be ticket. 

Jun 23, 2021 06:24 AM
Liz and Bill Spear

We had a closing recently that won out because the seller liked our cash buyer more than the financed offer that was a few thousand more.  One of the rare recent cases where I was only out with buyers one weekend to get them under contract.

Jun 23, 2021 09:20 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning! Yes, I know someone who placed all her eggs in one basket and made a ton of money. Then the market shifted and she almost left the business. You must diversify if you want to last

Jun 23, 2021 08:09 AM
Liz and Bill Spear

Patio homes are good to us, but they're not by itself enough to make a great year for us.  So we handle other things as we get the opportunity as long as it doesn't take us too far off path.

Jun 23, 2021 09:21 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Bill,
I actually preferred working with buyers because I was able to develop a deeper relationship with them since we spent more time together. I did understand the need for balance, though, so worked both sides of the fence.

Jun 23, 2021 08:23 AM
Liz and Bill Spear

I personally like working with both types.  Doing so keeps me seeing both viewpoints and is useful for representing my clients and knowing what can be the reaction from the other side.

Jun 23, 2021 09:40 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Liz and Bill,

The fundamentals never fail you.  It is one of those things in life and in business that many want to re-invent without fully being savvy in the fundamentals.  A

Jun 23, 2021 09:45 AM
Liz and Bill Spear

A lot of the basic lessons I learned growing up and in the Navy have never stopped applying.

Jun 23, 2021 01:27 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Bill:

It's definitely a challenging year and diversification makes more sense than ever.

Jeff

Jun 23, 2021 10:42 AM
Liz and Bill Spear

Not every buyer is cut out for the repeated offers and the rejections.  And as an agent I'm having to do more for less just to get anything.

Jun 23, 2021 01:28 PM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Good Blog.  Thanks for sharing with us.

 

Jun 24, 2021 07:41 AM
Liz and Bill Spear

You're welcome!

Jun 24, 2021 10:42 AM
Paddy Deighan MBA JD PhD
federalfinanciallawgroup.com - Vail, CO
Paddy Deighan J.D. Ph.D

this is an interesting subject...many professionals are adept at one type of market and they so not adapt well to shifting markets...others do not see change in the market until well after it has taken place

Jun 25, 2021 01:27 AM
Liz and Bill Spear

And after the fact detection can be harmful to both us and our clients.  Is the market increasing or are we about to have the rug pulled out?

Jun 25, 2021 01:26 PM
M.C. Dwyer
Melody Russell Team at eXp Realty of California, Inc. - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

Good food for thought - the market is always changing!

Jun 25, 2021 07:59 AM
Liz and Bill Spear

Definitely, maybe a little, maybe a lot.

Jun 25, 2021 01:26 PM
Greg Mona
eXp Realty - Scottsdale, AZ
Professional Real Estate Representation for YOU!

Great reminders about diversifying and adapting our respective businesses to today's lopsided market.  Having represented several sellers and buyers during this overheated market, both present their own challenges.  And while I'd much prefer listings, and not just right now, we have managed to get many buyers into a home without them having to give away their safety nets to do so.  Does it take longer and require writing numerous offers on their behalf? Yes, but at least there won't be buyers remorse with them like we're going to be seeing in the coming months and years

Jun 27, 2021 08:47 AM
Liz and Bill Spear

And lopsided is accurate for our current state.  Not long ago I probably could have gotten a contingent offer of selling a home at least considered, now it's an automatic no.

Jun 27, 2021 04:15 PM