April 29, 2010

How to Stay Up in a Down Real Estate Market

Well . . . OK . . . life IS good, but still, there's always room for improvement, right? And I believe we all can agree that although the housing market has made some strides, it is not where it should be, or better yet, where we'd like it to be. In Maryland, and across the country, there are more "For Sale" signs than "Sold" signs. But we know the economy is expanding and that recovery is revving up. So, how do you get your fair share?

Well, buckle up, below are a few tips to get you going and make sure you have a ticket to get onboard the money train!!

1. Step Up Your Game and Get Creative
Wherever you are, take it to the next level. (And if you're at ground zero, then this is a no-brainer). No matter the state of the economy, there's always something you can do. Something new you can try.  Perhaps, you aren't a member of any social networking sites. Bam! Go register. Perhaps, you don't have your own website or blog. GO! GO! GO! Get them up. Perhaps, you haven't done a mailing or attended any networking events in a while. Why are you still sitting there? You see what I'm talking about? And that's not even scratching the surface. I'm sure there are a ton of other things you can think of. For example, Wes Peters, a real estate agent with RE/MAX 100 in Columbia, Maryland, says that in order to keep his business going, he sponsors a softball team, throws client parties, uses Facebook, and casually lets everyone know what he does. "Action creates reaction," he said. And don't let the fear of failure stop you. Just get out there and DO SOMETHING! You're bound to run into success. "People need to live somewhere," says Peters. And you can help them.

2. Be Consistent
"The squeaky wheel gets the oil." Stay in contact with your clients (past and current), friends, business partners. Let them know you are here to serve.  Send them useful information. Contact them with updates on the market.  Send them a birthday card.  Whatever you do, do it regularly.  You want to be the first person they think of when they have a real estate need. You have to nurture and cultivate relationships.  And, especially, if your business is slow, now is the perfect time to pick up the phone, send an email, or stop by.

3. Help Others
People need your services.  The problem is they may not know where to find you. One of the best ways to let them know you exist is to offer your services . . .  for FREE!  And it doesn't have to be the services you provide in your core business.  You can volunteer at a fundraiser. You can write an article for free. You can join an organization that interests you and offer to help organize an event. All of those are networking opportunities. They're a chance for you to come in contact with new people and do some good at the same time.  It's a win-win situation.

4. Find a Niche
If you haven't already done so, find a niche. People want to be catered to. You know . . . they're always tuned in to WIIFM (What's In It For Me?). Perhaps, you can be that go-to person. The more you focus on their wants and needs, the better off you'll be. Take time to learn the characteristics of a particular group (e.g., baby boomers) or focus on people who share the same hobby as you. Eventually, people will regard you as an expert, and that will give you that "value-added"/branding element and increase your bottom line.

5. Learn More to Earn More
It is always an excellent time to refine your skills or learn some new ones. Things change so rapidly you have to constantly read, study, and learn new things just to keep up!  If you don't, you run the risk of being "out of touch." And who wants that? So, take a course. Read a book. Get some additional training. Acquire that certification. Stay ahead of the curve and it will pay off . . . big time.

So, you see, success in a down market is possible. It just requires creativity and action.

Until next time.

Be well.

Posted by: shana@lakeviewtitle.com