Tuesday, August 15, 2006

Activities to Focus on in a Changing Real Estate Market

1) Increase your number of listings immediately. The days of having five listings and expecting to sell each property within the month are gone. You need more volume to stay in business.

2) Referrals and Repeat Clients. It is a lot less expensive to close an existing client than it is to find a new one. If you haven’t been in touch with your past clients in a while, it may be worth a phone call. They may not be in the market to move now, but may be in the near future. Also, they are a great source of referrals.

3) Focus on new niches. A few fairly non-competitive niches are served well by a handful of agents that make their entire business in these small spaces. Maybe it is time to evaluate if they fit your particular skill set. Establish relationships with divorce attorneys, bank loss mitigation departments, and assisted living communities. People move for a variety of reasons, and it is much better to have the good services of a professional REALTOR® than vultures that are out to make a buck on the backs of other people’s suffering.

4) Expand your service offering. Real estate is a complex and convoluted business. This means that there is money to be made servicing a lot of different areas and aspects. You may want to consider adding FSBO consulting and documentation management services to your value proposition. You may be very good a home staging and willing to consult in this capacity.

5) Develop a new plan. The market has shifted and it is time to re-evaluate your business and marketing plan and make adjustments that will be needed to ensure your longevity.

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