What to do in a difficult market

By
Real Estate Agent with Prudential Utah Real Estate & iPhotoHomes, LLC

Well, isn't that the $64,000 question?

For those of you that remember the 1980s, will recall the interest rates too.  Guess what, people still bought homes even while qualifying for a mortgage loan rate in double digits.

Today the market is as tough as it has been in nearly two decades.  The thing to remember however is that notwithstanding the challenge of a tight market, people will still buy homes.  Employers will still transfer employees, families will still move to be closer to parents, people will move for a variety of reasons regardless of the prevailing economic conditions; it's your job to do your job.

 

Some things that have helped me:

  • I am a professional architectural photographer and use that skill to obtain listings;
  • I send expired listings a non-intrusive introduction letter complete with my "Me in 30 Seconds" and "Power Statements" (be specific here). I send this letter out at least one week (two or more is better) after the listing has expired.  You in 30 seconds should be no more than three to five sentences and your power statement should be filled with important and pertinent information about your successes.  Identify a value, skill, strength, or accomplishment you want to highlight that relates to your objective.  Give a specific example, and show the result (use numbers, percentages, dollar amounts to reinforce your claim).
  • I photograph FSBOs and develop a "wow" marketing piece and hand deliver it.  I never, never, never tell them I have a buyer unless the buyer is sitting in my car waiting to see the home.  You will quickly burn any bridges you've built when you are untruthful with a potential client.
  • I follow up at with current clients and potential clients at least once a week; more is better when it is appropriate.
  • I know when to give up and go on to the next client.  My time is valuable, if the potential is not receptive, I move on; you can't get every contract.  I think it was either Og Mandino or Napoleon Hill that said we need to know when to stop dipping our buckets into empty wells.
  • Don't forget to network.  I spend most of my time these days talking to business owners.  Guess what, they own homes too.  Furthermore, one business person to another is an ice breaker every time.  Ask them for their business or a referral and you will be willing to reciprocate.  Ask them for permission to put a link to their website from yours (by the way, if you don't have a website, get one - now).

One last thing, I have a favorite quote that I try to pattern my life after.  "Do more than belong, participate.  Do more than care, help.  Do more than believe, practice.  Do more than be fair, be kind. Do more than dream, work."

 

I hope this helps.

David 

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Ambassador
315,612
Kirk Westervelt
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonville, SC
Van West Realty - Greenville, SC Realtor -Short Sale Expert!
Solid advice! You are a seasoned professional with a clear focus on what matters most and how to stay focused on achieving your goals! Thanks for the inspirational blog! Welcome to Active Rain!
April 04, 2008 10:07 AM
Rainmaker
457,275
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
April 04, 2008 02:18 PM
Rainmaker
557,407
Keith Elliott Jr
Principal Broker/Owner
KEIRE Realty Group

Hello David,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

April 04, 2008 04:51 PM
Rainer
3,150
David Davis
Prudential Utah Real Estate & iPhotoHomes, LLC
To all who have taken a moment to read a few tips from an ActiveRain newby, thanks.  I know I will thoroughly enjoy and learn from this, my new discovery.
April 04, 2008 05:36 PM
Ambassador
715,009
Mike Jones
Mike Jones NMLS 223495
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171)

David,

I saw a new face on the "members online" page, and came over to say WELCOME!  This is a great community, and you jumped right in with a well-written first blog.  Much Success!

Mike in Tucson

April 06, 2008 08:20 AM
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David Davis

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Additional Information

I strongly believe in the "Law of Abundance" and am perfectly willing to share insights that have helped me in my career as a real estate marketing specialist.