Its all over the news today: U.S. real estate prices are dropping fast. Sales are up slightly, that's true, but the median price of a home dropped at the most drastic rate in the past 35 years.
So, for anyone selling real estate, what do you do?
- Find ways to set yourself apart from the competition. Write a blog, hold free informational seminars, and focus on non-traditional advertising.
- Focus on customer service. I'm talking about the kind of customer service that gets talked about: Daily updates, constant e-mails, and providing unexpected extras to your clients.
- Get your feet on the street. If you have financial goals or needs that are going to be affected by a big price drop (which means a big commission drop) then you need to start walking neighborhoods, talking to potential sellers and buyers, and doing something that a lot of realtors don't like doing: Breaking a sweat and getting out of the office to build some sales prospects.
Real estate is a funny game. And while there are a lot of good, professional real estate agents who treat their work as their own business, there are also a lot of flakes and losers in the industry. If you're committed to selling real estate - in good markets and bad - then now's the time to start building a positive brand image for yourself. That will help you survive the tough times, and flourish during the good times.
Hey Dan, great post. I'm a Realtor, and I can attest that the market only slows down for those Realtors who don't believe in prospecting. Realtors with a business (vs those who are 'salespeople') are generating leads on a daily basis, hopefully in a systematic way, and we will see our market share grow, especially in a down market when our competition isn't actively seeking out prospects. Once again, you've hit the nail on the head.
PS - I have an educational event coming up next week, teaching people how to invest in Real Estate. I thought you'd like the idea!
Posted by: Benjamin Bach | October 26, 2006 6:08 PM | Permalink to Comment