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Don’t let market change blindside your real estate business

Tips on profiting in ever-changing industry

Market changes can blindside your business if you're not paying attention. How can you prosper when the way you have been doing business doesn't fit the market shift? The last two columns looked at how to prosper in a down market. If you have been in a red-hot seller's market that will eventually become a buyer's market, you will probably have six to 18 months of a flat or transitional market that precedes the major downturn. The strategies for prospering in flat market are very different from those required in a seller's markets or a buyer's market. In a seller's market, there are too many buyers and there are too few sellers. Prices increase and commissions decrease due to heavy competition. This cycle also motivates more people to enter the real estate profession. In a seller's market, the goal is to be the first agent to contact the seller. According to the National Association of Realtors, 14 percent of all sellers interview two agents and 73 percent interview only one. Working y...

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