I listened to a lot of agents and brokers at the NAR show in Orlando talk about how there are too many homes (ie high inventory/supply) and too few buyers (low demand). In two short years the real estate market has shifted from a strong sellers market (remember those good old days of quick sales and multiple bids) to a definiate buyers market. The question is, how many agents, brokers and owners have changed their marketing with this 180 degree change?
In a sellers market, getting listings was the best game in town. Now since the buyers have the upper hand, having a qualified buyer is the most profitable end of the business. But what are you doing with your listings? In this buyers market, you can't advertise/market the way you use to. You have to focus on attracting the few buyers out there to your listings. You need to be more proactive and shift your marketing budget to utilize tools aimed at attracting buyers to your listings. You have to get them through that front door before you can sell them that house.
We are all reassessing our businesses in this time of credit crunch, so it is a good time to see that the market has changed and you need to refocus your marketing to reflect this change. No one can afford to waste money, so stop doing the same old thing.
I would like to see more suggestions within AR discussing marketing and how best to attract buyers to your listings. I have seen the future and it's going to be a buyers market for many years. It's time to adjust with this change. Comments? Ideas for other agents (I have my own - see my profile - but there are many other tools and creative ideas that agents have used that need to be shared) - Please share.
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