BrokerageIndustry News

How to prosper in next real estate downturn

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

(This is Part 1 of a three-part series. See Part 2: 8 ways to keep real estate biz afloat and Part 3: Real estate survival of the fittest.) Some economists are predicting a real estate recession. The boom in California appears to be ending, and many other places are in the midst of a major downturn. Does this harbinger a buyer's market where there are too many listings and too few buyers? If so, a buyer's market is an agent's worst nightmare. If a real estate recession is on the way, the question is, "Will you be a survivor or a casualty?" If you think competition is tough during a seller's market when there are too few listings, wait until you experience a true "buyer's market." Contrary to what most people believe, buyers rather than sellers drive sales. Without buyers, your listing inventory burns marketing dollars. Desperate sellers expect more and more services in a futile attempt to sell. When sellers receive an offer, it's usually so low they often refuse to accept it. Whe...