Real Estate Market Survival Tips for Agents
Real estate agents, much like homeowners, have suffered a great deal as a result of the busted market. With the continuing increase in inventories, many agents are now unable to close as many deals as they did in the past. Many agents are discovering that, for them to remain in business and stay competitive in the market, they will have to increase their creativity.
Tightening budgets across the board have forced agents, despite the recent limitations on advertising dollars, to keep up with necessary advertising so as to overcome the current slump. The high costs of television and print advertising may be circumvented by utilizing online advertising ventures. In fact, a number of agents are now utilizing blogs to offer weekly tips on their local market. This is a very inexpensive technique which keeps local residents abreast of the current market conditions.
Agents have also come to the realization that both sellers and buyers are now more interested getting a good deal. With the continuing decline in average property prices, an ever increasing amount of sellers have now resorted to selling their homes themselves so as to avoid paying agent commissions. In response, there has also been an increase in the number of agents reducing their fees. Several other creative strategies may be employed, one of which is for agents to cover the cost of having properties professionally cleaned and/or staged.
There are indeed many challenges in this current market. Nevertheless, it is essential that you become proactive in the matter rather than wait around and complain. This will indeed take a great deal of effort but this is what will separate you from your competition. One approach is to give individual consideration to each property with a view as to how you can positively highlight each one. In the current market conditions, you may need to simply tackle each property one at a time. These efforts won’t necessarily require a large amount of money as there are several steps you can take to help you market your listings for maximum exposure.
If you are currently without much online presence, now would be a good time to work on that to maximize your listings' online exposure. Statistics demonstrate that greater than 83% of buyers begin searching for new properties online. The best way to attract these buyers is simply to advertise via the same medium that that they currently use, otherwise you risk losing them altogether.
It is also a very good idea to consider how you can improve your advertising quality. For instance, if you consider how to improve on the quality of the photographs in your advertisements you will likely be able to attract more buyers.
Finally, ensure that you use whatever time you have available to your advantage. There is the very real likelihood that quite a lot of business exists and you just need to work harder at finding it. Utilize your database's power to discover warm leads that can possibly provide excellent buyer resources. Set realistic prospecting goals, such as contacting 10 people each week. You may be surprised to discover where these calls may lead, particularly if you had previously provided them with excellent customer service.