So, it seems every other person you talk to is talking about how tough the real estate market, and overall economy are, right? If you’re not careful, total doom and gloom can consume you, and your business, quicker than we’d all like!
As an agent, you can choose to buy into the hype of it all, or, you can choose to help buyers realize that there litterally hasn’t been a better time to buy in DECADES! And, help sellers to realize that it simply takes patience, understanding the market conditions, and pricing their properties based on the current trends, and they can sell, despite the market.
It’s about educating your buyers and sellers as to what’s REALLY going on in your local market. As my partner, Scott Friedman has said in recent blogs, real estate is LOCAL, not GLOBAL. Not all markets have been nearly as affected as the media would like consumers to believe.
If you haven’t already, do some research on your market and learn atleast the following statistics:
The number of homes that sold in 2008
The average days on market right now
The average list to sale price ratio
The total number of homes that are for sale
The average month’s inventory
The total number of homes you and your company sold in 2008
Keep track of the total number of homes you and your company sell this year
Stay on top of these statistics so that when you are talking with your customers and clients, and even other agents, you can share these statistics with them, and help lead them to the right choices.
If priced right, it’s not a horrible time to sell. People do still have good jobs, money and good credit out there. Sooner rather than later, I believe people are going to start taking advantage of the market that’s available to them. I’m telling my customers and clients, yes, the market is challenging, but, one this is for certain, you can’t sell unless you’re FOR SALE!
As of January 20, I have taken 12 listings this year, sold 3, and gotten 11 price reductions on current listings. The reason is simply educating the buyers and sellers about what the market is actually doing. And, being honest and upfront with them in every respect.
Honestly guys, there couldn’t be a better time to work on price reductions. I email my sellers an updated market analysis, with a form letter, and a price reduction form. In most cases, I get the price reduction form back without ever even having talked to the client about it. This is because of the detailed information I’ve provided to them, and the expectatations I set up with them when at the listing appointment.
I know you’ve all heard, fake it till you make it. Well now is a good time to take that on. Dress and behave the way you would if the real estate market were on fire again. Ask youself the following questions:
If the real estate market were on fire….
What would my daily schedule look like?
What would I wear to the office each day?
What would my mindset be like?
What would my conversations be about?
How would I behave?
Why not go ahead and act as though it were an on fire real estate market? I’ve recently re read the book, The Strangest Secret, by Earl Nightengale. It quickly reminded me how important our thoughts are. He says what we think about is critical as to whether we fail, or succeed. If you think you can, you CAN! If you think you can’t, you CAN’T. Think about this a little, and keep control of what you allow your thoughts to be about.
If you haven’t already done so this year, make a point to call all your current leads, past clients, and sphere of influence. Simply tell them you wanted to touch base to offer to answer any questions, concerns, and provide any information that may be helpful to them at this time about what’s REALLY going on in the housing and mortgage industries. Then share the statistics of your market with them, be positive, uplifting, and let them know that things aren’t nearly as bad as the media makes out. I bet you will get some immediate business from calling them.
Go ahead and dare to Take Advantage Of The Tough Market and, Make 2009 YOUR Year!