Tips for Making it in a Slower Market
What works for you in this market? Is it your advertising? Do you use print advertising, or do you advertise online? Or maybe it's your brilliant marketing or referrals?
To find out, I talked to someone who knows what works — my broker, Rudy Soltesz, with Pro-formance Realty Concepts, who was once a top producing agent.
Here’s some of his advice for making it in any type of market:
1. Expand your reach. His biggest source of business came from using door hangers and newsletters and calling FSBO’s (For Sale By Owners) and expired listings. Another way to drum up more listings: Contact out-of-state owners by phone, e-mail, or snail mail.
2. Be consistent. No matter what you choose to do, it’s all about the message you send out and the consistency you use it. Don’t try to save a few bucks by scaling back your marketing and advertising. Realize, your message takes time to reach your audience, and if you stop your advertising and marketing, it’s going to take time for it to get going again. So make your message specific and consistent.
3. Tailor your message. For example, I speak English and Spanish so I decided to make one of my target audiences the Spanish speaking community. I have already started my marketing in English and Spanish so that I do not miss out on the opportunity to make new clients I might otherwise miss.
With a plethora of homes on the market at low prices, it’s an ideal time for you to advertise and
market yourself to investors. Buyers can ask for many things they may not have had the opportunity to ask for in the recent real estate boom. Sellers are more accommodating and willing to pay for closing costs, and make repairs on their home than they would have in the past. Investors are looking to snag the next big deal — so help them!
4. Specialize. For example, you can become a specialist in listing homes on short sales — a timely specialty given current market conditions. Many people are facing the inevitable loss of their home, and many others are at risk of being put in a similar position. This can become a niche for your business.
Also, banks are not in the business of real estate so any bank-owned/real estate owned properties they have are in serious need of selling. Banks do not like to have homes they own in their portfolios. So this too can become an ideal source of extra business.
In any case, the opportunities are there. It’s a matter of what you want your niche market to be and how consistently you approach it with your advertising and marketing that will make all the difference.
Ulises Romo, is a REALTOR® for PRO-formance Realty Concepts in Phoenix.
Subscribe to this blog's Web feed
Comments
Hi, Ulises! I found this post to be a great motivator as I start the new year. Consistency is the key and my #1 goal for 2008!
Posted by: Maura Gebhardt | January 8, 2008 12:04 PM