We have two choices if your market has slowed: revert to whining or take actions to correct the situation! Here's how....

Are You Living In The Problem…Or In The
Solution?

Find yourself in a changing (read “slowing”)
market?  No offense, but stop
whining!

In our business, as in life, the winners see problems as a challenge
and change their marketing strategies in order to fit current conditions. 
The whiners live in the problem, content to just whine about how bad business
is.

I was fortunate to have lunch with a real winner last week, Allen F. Hainge
CyberStar(r) Chris Laurence of RE/MAX Ch alt=”Chris Laurence, Front Royal, VA” hspace=8
src=”http://afhseminars.com/images/Chris%20Laurence.JPG” align=right vspace=8
border=4>oice, Front Royal, VA.  Chris came to Front Royal from England not
that long ago, knowing no one.  He entered real estate and last year was
named the #1 solo agent for his Association.  Chris reached that point
because he treats his business as a business….and he continued that philosopy
when his market began slowing.

When we talked, Chris outlined his take on the market and, more importantly,
what he was doing in order to meet today’s challenges.

Here are some ideas I have learned from Chris and the other CyberStars(r) as
to how they meet the challenges of a changing market:

• Analyze the state of your current market.  Get your
  data and understand it.  An analysis of current data shows you what
  price ranges are selling, where buyers are coming from and what segments you
  need to target in order to grow your business during a slowing market. 
  Chris, for example, started off our conversation in his office by showing me the
  data he had compiled.  It was very complete, and it served to launch
  his discussion of what he is doing now to compensate for his slowing
  market. 

• Once you analyze your market, adopt strategies for curing your weak
  areas.  If your market suffers from a glut of listings, this does
  not mean not taking as many listings as you can get.  It does
  mean two things, if you are a winner rather than a whiner:
• Upgrade your listing presentation, especially your
  CMA.  Your listing presentation needs to show the seller
  exactly what you do to market a property and, especially, how that marketing
  effort can be sabotaged by overpricing!

• Don’t take listings that are not “A” listings: priced right, shows
  right and with cooperative sellers who want to move.  An
  overpriced home doesn’t sell, given the number of homes on the market.  It
  is your job to get the sellers to price the home competitively, get it in great
  shape and agree to coperate with your marketing plan.
• Examine your overall marketing methods…and select some new
  ones.  Most agents rely on traditional marketing methods, no
  matter what the condition of their market: floor duty, postcards, real estate
  magazine ads, etc.  As for me, I’d be focusing more on a deep,
  consumer-oriented Web site, a relevant blog and getting the word out on
  both…right now.  My CyberStars(r) know that their Web sites form he core
  of their business, and they put their efforts into making their site the best
  agent site in their area.  They are also heavily involved in blogging now,
  and it pays off for them.

• Increase your visibility in a changing market.  Now is
  the time to be visible in your market through community service, club
  membership, community-oriented projects on your Web site and blog, etc.  Do
  everything you can to become a recognized presence, “the real estate person,” in
  your area.

• Look beyond your area.  Buyers that are referred
  to you are oftenguaranteed buyers.  They are more important than ever in a
  slowing market.  Now is the time you need to be networking with agents
  outside of your area in order to increase the number of referrals you
  receive.  Make sure that you have content on your Web site aimed at
  building your referral business.  Join list serves.  Form networking
  groups with agents nationwide by participating in real estate blogs such as href=”http://activerain.com/action/referrals/allenhainge”>ActiveRain. 
  In other words, understand that you are no longer limited to your local market
  area, thanks to the Internet!

In short, winners analyze changing markets and adapt with changing
strategies by using new tools and by thinking in new ways!

It’s a great day here on the lake in Reston…hope it’s a great day wherever
you are, too!

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