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Thread summary:

Slower real estate market drives out bad realtors, forces agents to grow, want opinions on how to grow business in slow market

 
Old 01-16-2008, 08:15 AM
 
Location: Chapel Hill, North Carolina
144 posts, read 519,668 times
Reputation: 58

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History shows, the number of new real estate agents and fly-by-night real estate companies increase greatly during a good housing market.

It also shows, that many do not make it past their 1st year.

Q: As the housing market slows and agents and companies fold up shop, where will you be? What will you continue to do or do differently?

Note: Not what your company will do. What you as an entreprenue will do.
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Old 01-16-2008, 10:52 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,267,944 times
Reputation: 6469
I'll continue to feed the elephant. At the moment we have 4 transactions that will equal about 60% of all of last years volume (I love 1031 exchanges).

We've been here for 35 years (I've owned it for 2+) and I'm sure we will be here another 35. We constantly look for new ways to market our company and we've successfully regained the market share lost by the previous owner. While the housing market is slow, land continues to move and we will increase our marketing activity in that direction until housing rebounds.
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Old 01-16-2008, 12:33 PM
 
Location: Chapel Hill, North Carolina
144 posts, read 519,668 times
Reputation: 58
Thank you DMenscha.
Lots of readers for this question but not many want to speak up.
Let me try to move the ball along here.

I actually think this slow down is good. Not only will it "weed" out those who came into this field simply to make a fast buck, but it will force us all to grow.

I have been investing my time heavily into technology as I see this as being more and more useful to buyers and sellers. Statistics show that buyers who spend time searching on the internet, are much more aware of the market and more realistic about what they can get for their money.

I find that sellers also have very much come to depend on technology and especially from their agents. When the list their house with an agent, if a seller has a question, they don't need to wait for a call back when the agent can respond via email, on the weekend, evenings or when on the road. They are also being given the tools that show them the statistics of their particular market, how many buyers are looking for their type of home and feedback after showings.

I am also investing in learning. Brushing up on skills that I depend very highly on for my clients. There is so much good and inovative information out there and where many agents simply do their required CE, I take everything I can to keep me sharp and ontop of things.

I am very optimistic about the future.
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Old 01-16-2008, 03:22 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,754,363 times
Reputation: 3876
I agree with Lauren, the agents who provide excellent service, keep up with the technology, and provide added value and superior customer service will continue to thrive.

In my opinion, marketing, technology and customer service are three key ingredients.

Agents must understand how to convey to the client exactly what their services are, and they must provide those promised services.

A property management company that I know has the slogan:

Promises Kept - Expectations Exceeded

It would help every agent to adopt that principal.

The marketing budget may have to increase, and the cost of the technology will increase, but it will help to provide that extra service that clients want and deserve.

Those agents who don't know how, and can't afford to market, or don't know how to develop a business plan, along with those with weak work ethics and "spoon feed me leads" mentality will not survive.

Another way of saying that is: "the fittest will survive." A lot of the weak agents are being shaken out every day, and that will reduce some of the competition, but the remaining agents will still have to work much harder and adopt to new technologies.
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Old 01-16-2008, 06:06 PM
 
Location: Reston, VA
965 posts, read 4,492,105 times
Reputation: 597
From a reader, not a realtor: Don't know if you saw the threads below (I clicked on "replies" to see if your name was listed as a participant in the threads below, but it was not). There were similar discussions within the last seven days, so maybe that's why you didn't get many responses when you posted.

Is the Real Estate industry changing with the times?

As housing slumps, realtors quit

Hope this helps.
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Old 01-17-2008, 08:51 AM
 
Location: Chapel Hill, North Carolina
144 posts, read 519,668 times
Reputation: 58
Thank you virgo.

I did see those threads but instead of asking what the industry was going to do to change or how we are seeing the "hobby" agents leaving, I was trying to start a discussion, think tank if you will, about what new and different ways individual Realtors were going to make the adjustment.

I thought this would be helpful to see how others are thinking outside the box throughout the country. What I see where I work, is for the most part, not terribly creative. Since I come from an advertising/marketing background, I have a few great ideas I have implimented for both buyers and sellers.

I guess what I was looking for was too specific or those who are reading are afraid of giving their secrets to the competition.
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Old 01-17-2008, 12:16 PM
 
Location: Reston, VA
965 posts, read 4,492,105 times
Reputation: 597
Quote:
Originally Posted by Lauren Roberts View Post
Thank you virgo.

I did see those threads but instead of asking what the industry was going to do to change or how we are seeing the "hobby" agents leaving, I was trying to start a discussion, think tank if you will, about what new and different ways individual Realtors were going to make the adjustment.

I thought this would be helpful to see how others are thinking outside the box throughout the country. What I see where I work, is for the most part, not terribly creative. Since I come from an advertising/marketing background, I have a few great ideas I have implimented for both buyers and sellers.

I guess what I was looking for was too specific or those who are reading are afraid of giving their secrets to the competition.
Now, now I seem to remember a discussion where realtors were asked what was going to be their strategy now in this current market. I can't remember if it was in October, November, or December, but I'll see if I can find it later tonight and post the link.
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Old 01-19-2008, 10:07 AM
 
Location: Reston, VA
965 posts, read 4,492,105 times
Reputation: 597
Was hoping to get these posted before today, but oh well (mucho info to look through as the realtors on this board have been very generous with sharing). This is what I found:

How to THRIVE rather than just SURVIVE - Looking for ideas

http://www.city-data.com/forum/real-...ighlight=focus

Advice for a new agent

Not being a realtor, I don't know if there are "trade secrets" being given away in these links, concerning the specific topic you're interested in, but I thought I would list them anyway. Might be some little "light bulb goes on" tidbits buried within. Hope this helps.
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Old 01-19-2008, 10:28 AM
 
Location: New Mexico
631 posts, read 2,441,537 times
Reputation: 331
I too have thought about what to do if I have to fold shop or what to do differently to avoid it.

If I fold, I'll be gulping my pride and go back to work for the developer I quit and sell his real estate at his expense to receive a salary and commission.

To avoid folding I'm diversifying my inventory type and type areas I operate in (residential neighborhoods) also feeding the elephant and I'm charging more commission %.
Also I'm selling my own property that I cherish to keep the wolves away and to open an office in area #2. Bringing on a new associate to sell residential and putting every penny I can into more advertising.
Will do more door to door with businesses and exchange advertising in their place of business to advertising them on my website. The places I sell are not destinations but great areas for the traveling public. As for tech savvy, I'm brushing up on that too.
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Old 01-20-2008, 08:20 PM
 
Location: Chapel Hill, North Carolina
144 posts, read 519,668 times
Reputation: 58
Quote:
Originally Posted by keeperk View Post
I too have thought about what to do if I have to fold shop or what to do differently to avoid it.

If I fold, I'll be gulping my pride and go back to work for the developer I quit and sell his real estate at his expense to receive a salary and commission.

To avoid folding I'm diversifying my inventory type and type areas I operate in (residential neighborhoods) also feeding the elephant and I'm charging more commission %.
Also I'm selling my own property that I cherish to keep the wolves away and to open an office in area #2. Bringing on a new associate to sell residential and putting every penny I can into more advertising.
Will do more door to door with businesses and exchange advertising in their place of business to advertising them on my website. The places I sell are not destinations but great areas for the traveling public. As for tech savvy, I'm brushing up on that too.
If you can spend extra time learning about the tech side of the business, I would definately advise it. Most of my leads come from the internet and I truly think that is where the business is.
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