The market in rearview
By Glenn Roberts Jr., Thursday, April 17, 2008.Bookmarking Sites
Story Tools Sponsored by:
With the power of 20-20 hindsight, would you have changed anything about your approach to business during the real estate boom if you had it to do over again?
What lessons have you learned during your ride through this rollercoaster market? Any nuggets of wisdom are welcome ...
All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.
Add A Comment
You must login or register to post a comment.
Submitted by Carol Chesser on April 18, 2008 - 5:54am.
I always remember what a very wise man at CENTURY 21, Mike Berry said..."When the going gets tough, go back to basics!" I did that and my business has never been so good.
Submitted by Christi Borden, CIPS, ABR, GRI on April 18, 2008 - 7:50am.
Luckily, our Katy, TX and Houston market as a whole has thrived through the national crisis. That said, I do think that last summer was going to be one of our strongest in years to come and I was glad that I hustled and kept a strong listing inventory as this is now the foundation for my business today.
I have listened to co-workers discuss their diminished business but have not felt this personally. My theory is when you return to the basics: continually learning your craft, constantly filling your pipeline with potential buyers and sellers, and never paying any attention to the negative comments coming from the media and your office water cooler, only then you will maintain a healthy catalog of business.
Your Katy, TX Realtor,
Christi Borden, CIPS, GRI, ABR
Prudential Gary Greene, Realtors
Email: Christi@ChristiBorden.com
Web: www.ChristiBorden.com
Cell: 832-372-7470
Submitted by Jose Urena on April 18, 2008 - 8:10am.
I feel the same way as others have commented. If you give your best to every client that comes thru an email lead,yard sign call,office walk in or office up ,the realm of growing your business will never yeild. I am also as busy now as I was in the "boom" market. Although funding did get difficult for many loan applicants the new FHA increase have helped to even things out. And let us not forget to PROSPECT,PROSPECT,PROSPECT.... and when you finish with that.......... PROSPECT SOME MORE !!!
Submitted by Matthew Dollinger on April 18, 2008 - 11:17am.
I too reaffirm the "back to basics" comment noted above, but caution those that think back to basics means simply calling FSBO's, Expired Listings, farming a neighborhood and sitting floor. I work with many agents that their first response to their business being down is to digress into this abyss of "Aunt Bea" real estate. Where this might still be commonplace in certain areas, there is no differentiation and they will catch up to the rest of the world soon enough.
There is, and hopefully never will be, a replacement for the "pressing of palms" and face to face contact. Too often do I see agents sticking their heads deep into the sand in a market like this, only to re-emerge when the skies clear and the bluebirds sing again. Now is the time to prove yourself as an advocate for your clients and actually HELP THEM. Advise them on current conditions, help them avoid the pitfalls of foreclosure through education, and prove yourself as their advisor. This is your job, come up or down market.
Incorporating new technologies, mindsets, and techniques into proven measures is what success in this market is all about. Embrace the foreign and make it your own. Understand your rational and emotional brand and convey it through every medium available. But most of all, in our society of choice and experience, be authentic and never waiver. The consumer today is overwhelmed with choice and the first to show them "It's all about you" and "I can/want to help" will be the first to succeed.
Turn on your "You Factor"... the rest will follow.
Matthew Dollinger
Performance Coach
@properties, Chicago IL
Submitted by Missy Caulk on April 20, 2008 - 7:37am.
Having not gone through a slow market before, didn't realize there were ups and downs. I would have put more money away.
Missy Caulk
Ann Arbor, MI
Missy@MissyCaulk.com
www.AnnArborRealEstateTalk.com
www.SearchAnnArborHouses.com
Submitted by Joe Cline on April 21, 2008 - 11:24pm.
I would have done a few more condo conversions while the going was good. Timing is everything in bringing developments online. Commercial financing now is really great though!
Joe
Pflugerville Homes | Great Hills Texas Real Estate Search
Submitted by Jim Lee, Knoxville TN Realtor on April 22, 2008 - 6:49am.
Since I've been licensed since 1978 I have been through up and down markets before.
One thing we should all keep in mind in that real estate is cyclical and the underlying value in owning a home doesn't change even though the price may fluctuate.
Owning your own home remains the American dream.
Submitted by Ki Gray on April 23, 2008 - 3:54pm.
I don't know what I would have done differently. While the market was strong I figured I should work as hard as I could because who knew what could happen. In retrospect I might have diversied a little more into a few non real estate ventures.
Site Austin Tx real estate.
Search Austin MLS
Blog Austin Real Estate Blog