My mantra in 2009:
"In today's market, you are either ahead of the market or chasing it."
I feel like a broken records. I say this to my buyers when they ask "How did that home sell in 3 days?" or "Why is this still on the market after 300+ days?". It's simple, "Exceed the market or chase it".
I'm working with my broker on preparing training classes and mentor groups for our office. I'll be running an Intro. to Technology group while my husband will run the Advanced Technology group. As a result we discussed the agents in our office and it occurred to me how they fall into 3 categories
She referred to the agents in our office as cats.
The Cool Cats (Top Agents - Top 10%)
These are the agents in our office exceeding the market average, producing records numbers and constantly information on market trends to adjust their business and grow. They are the progressive agents who go to conventions and conferences, participate in Webinars and utilize sites like Active Rain and Social Networking sites to grow their business. These agents have set the trends in our market...those who bring back techniques and tips from conferences and seminars and actually implement what they learned and apply it to their business plan.
The Tom Cats (Middle of the road agents - 75% of the office)
These are the experienced agents with a strong referral base of business. They have seen good and bad markets and have not panicked as their business dropped for two consecutive years. They know some years will be better than others and just assume the market will shift. The problem is they have not adjusted or shifted their way of doing business to accommodate the needs of buyers and sellers in 2009. These agents are on the brink of breaking out of the pack or breaking down. They have no other plan than the one they have used for many years. They are ill-prepared for 2009 real estate.
The Alley Cats (Bottom Feeders - Bottom 15%)
These are the agents that are lost in this market, taking no initiative and waiting for someone to throw them a proverbial bone as that is how they have always done business. They will slowly fail or leave our office for a traditional brokerage where it's okay to sell 5 homes a year.
It occurred to me (as we sat to discuss her plan) just how very much I learn from agents on Active Rain and Cyberstars. Even further, each time I come back from any training event, I put together a plan for implementation. Not only do I consider myself a Cool Cat, but I hang out with and associate with Cool Cats through Active Rain.
One of my goals after a January Cyberstars Summit was to KNOW the statistics in the St. Louis Market. I rarely come across an agent that knows what is selling and where.
Here are stats on the St. Louis market YTD:
January 2009 Market Performance:
St. Louis County
Average Days on Market: 133 Days (Active)
Average Days on Market: 92 Days (Sold)
St. Charles County
Average Days on Market: 157 Days (Active)
Average Days on Market: 97 Days (Sold)
Homes that are well prepared are SELLING and outperforming the market averages.