Time for a change
Our recent decline in the housing market isn’t anything new. Twenty years ago, the housing market tanked across the U.S. after a steady increase. What we are experiencing is just an example of how history repeats itself. The market began to really move around 2000, and got really out of hand by the start of 2005.
This increase in activity drove millions of people into getting their real estate license. Between 1996 and 2001, the number of real estate professionals rose from 408,000 to over 2.3 million. For the most part, the market was experiencing so much activity that almost everyone has a piece of the pie. Now that the pie has all but disappeared completely, we all are trying to survive in a market that can’t sustain us all. Some of us will have to go. To make sure you’re not one the agents who gets pushed out, you’re going to have to change your strategy.
For starters, listing are always the way to go. The more listings you have, the better off you will be. However, you need to be pickier about the homes you list. Only list home you feel have a good chance of selling, and at a reasonable price. A few years ago most agents would list a home for any amount, just to get the listing and worry about getting it reduced later. You no longer have time for that. You’re lucky right now if you sell a home in 3 months after being listed. If you don’t price it right in the beginning, by the time you get the price down to where it should be, your contract will be close to expiring.
You also need to change how you deal with buyers. Like most agents, there’s a good chance you jump as soon as a buyer comes calling. You probably will even drive them around looking at house after house, without a signed contract, and without any sort of pre-approval. You may say, “This shows the buyer you are a professional and ready to work for them.” In reality you’re just showing them you are a lap dog, willing to do anything they want you to. Plus, how many times have you catered to buyers, only to find out they bought through another agent?
For starters, the majority of buyers end up buying homes they found themselves, regardless of how many you actually showed them. So next time a buyer calls you, here’s what you do. First, you need to get a face-to-face meeting established. Tell them this is so you can provide them with daily updates of homes that match their criteria. If they resist, inform them that unless you can meet face to face and get an idea and feel for what they are looking for, that there’s just no way you’ll be able to narrow down the search. If after trying, they are still unwilling to meet, chances are you don’t want to work with them anyways. They’ll be more trouble than they are worth. Once you’ve had a chance to see them face-to-face, sell yourself, and get them to sign a contract then you can start searching for property. You'll find that many buyers don't have a problem signing a contract with someone they know is going to take care of them in a caring and professional manor. Also, rather than driving them around, email the listings to them so that they can discard the homes they know they wouldn’t be interested in. Tell them to drive by the ones they like when they have time, and if they are still interested, you can arrange to show them inside. Showing buyers homes they are not going to be interested in is a waste of your time and theirs.
Whether you do things exactly like this doesn’t matter. The point I’m trying to make, is that you should be spending more time taking listings, and pursuing leads rather than driving buyers around looking at homes they’re not going to be interested in. Get them involved, after all most people prefer this anyways. Nobody knows what they are looking for more than them. When working with buyers, your job really doesn't start until after you're buyers have found a home. They main reason why they are enlisting your services is for your experience at negotiating a good sales price for them, and your knowledge of the entire process involved when buying a home.
Related Posts
Creating an Effective Message
How to Generate Leads
Real Estate Farming
Risks of Duel Agency
Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
This increase in activity drove millions of people into getting their real estate license. Between 1996 and 2001, the number of real estate professionals rose from 408,000 to over 2.3 million. For the most part, the market was experiencing so much activity that almost everyone has a piece of the pie. Now that the pie has all but disappeared completely, we all are trying to survive in a market that can’t sustain us all. Some of us will have to go. To make sure you’re not one the agents who gets pushed out, you’re going to have to change your strategy.
For starters, listing are always the way to go. The more listings you have, the better off you will be. However, you need to be pickier about the homes you list. Only list home you feel have a good chance of selling, and at a reasonable price. A few years ago most agents would list a home for any amount, just to get the listing and worry about getting it reduced later. You no longer have time for that. You’re lucky right now if you sell a home in 3 months after being listed. If you don’t price it right in the beginning, by the time you get the price down to where it should be, your contract will be close to expiring.
You also need to change how you deal with buyers. Like most agents, there’s a good chance you jump as soon as a buyer comes calling. You probably will even drive them around looking at house after house, without a signed contract, and without any sort of pre-approval. You may say, “This shows the buyer you are a professional and ready to work for them.” In reality you’re just showing them you are a lap dog, willing to do anything they want you to. Plus, how many times have you catered to buyers, only to find out they bought through another agent?
For starters, the majority of buyers end up buying homes they found themselves, regardless of how many you actually showed them. So next time a buyer calls you, here’s what you do. First, you need to get a face-to-face meeting established. Tell them this is so you can provide them with daily updates of homes that match their criteria. If they resist, inform them that unless you can meet face to face and get an idea and feel for what they are looking for, that there’s just no way you’ll be able to narrow down the search. If after trying, they are still unwilling to meet, chances are you don’t want to work with them anyways. They’ll be more trouble than they are worth. Once you’ve had a chance to see them face-to-face, sell yourself, and get them to sign a contract then you can start searching for property. You'll find that many buyers don't have a problem signing a contract with someone they know is going to take care of them in a caring and professional manor. Also, rather than driving them around, email the listings to them so that they can discard the homes they know they wouldn’t be interested in. Tell them to drive by the ones they like when they have time, and if they are still interested, you can arrange to show them inside. Showing buyers homes they are not going to be interested in is a waste of your time and theirs.
Whether you do things exactly like this doesn’t matter. The point I’m trying to make, is that you should be spending more time taking listings, and pursuing leads rather than driving buyers around looking at homes they’re not going to be interested in. Get them involved, after all most people prefer this anyways. Nobody knows what they are looking for more than them. When working with buyers, your job really doesn't start until after you're buyers have found a home. They main reason why they are enlisting your services is for your experience at negotiating a good sales price for them, and your knowledge of the entire process involved when buying a home.
Related Posts
Creating an Effective Message
How to Generate Leads
Real Estate Farming
Risks of Duel Agency
Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
Labels: Industry Advice
posted by Joshua Talayka at
1:49 PM
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