Despite what may seem like the obvious, a slow market is what a new real estate agent needs to be successful. There are many reasons that support this train of thought. First, a slow market means you have to work harder, which means all the passive real estate agents will wash out and reduce competition. Secondly, FSBO's (for sale buy owner) will now seek a professional for advice, giving you entry into new markets. Finally, the market never really slows down; it merely shifts from one sweet spot to another.
For those real estate agents that can make it through the market slow down, when the market picks up again they will be the leaders. The experience and hard work of getting though the slow times will be valued by buyers and sellers in their market. With that being said, it will be easier for the experienced agents to get through the slow times on top, but they will still be competing with the new agents that work hard and do all the right things.
An important factor in a slowing market for a real estate agent is the support of his or her company. Ongoing training for new marketing and prospecting ideas is key to being competitive during slow times. It is going to take more than duty time to sustain now. Prospecting and marketing technique that are effective and low cost will also be important. Basically, agents will need to think outside of the box. Of course, that is much easier said than done. The correct training and seminars offered by the agents company will come into play for that kind of thinking.
It will not only be real estate agents working harder during a market slow down, but also other professionals in the real estate industry such as lenders, insurance agents, home inspectors, and appraisers. Real estate agents can use these other professionals to leverage their costs to grow business and hopefully it will end in a win-win situation for everyone. For example, the agent and a mortgage lender, sharing the cost, can host open houses and hopefully both gain business by the effort.
It would benefit the newer agents in this market to speak with agents that have suffered through slow times before and are still in the business. A truly successful agent will be more than happy to share tips and ideas that got them through and put them ahead of the crowd when the market turned around. Local REALTOR® associations usually sponsor panels of local successful agents, if not ask them to hold an event that is similar.
One thing newer agents may find difficult, but is absolutely necessary, is to ask for business. Everyone that the agent comes in contact with needs to know what they do and that they should tell everyone they know about the agent. Word of mouth is the best advertisement (positive or negative). Be sure the word of mouth is positive!
The Internet cannot be forgotten. Out of town buyers do not know who is the top agent in town, they know the top agent listed on the Internet search engines. A great website not only brings in buyers but also creates validity with sellers in your local market.
For those real estate agents that can make it through the market slow down, when the market picks up again they will be the leaders. The experience and hard work of getting though the slow times will be valued by buyers and sellers in their market. With that being said, it will be easier for the experienced agents to get through the slow times on top, but they will still be competing with the new agents that work hard and do all the right things.
An important factor in a slowing market for a real estate agent is the support of his or her company. Ongoing training for new marketing and prospecting ideas is key to being competitive during slow times. It is going to take more than duty time to sustain now. Prospecting and marketing technique that are effective and low cost will also be important. Basically, agents will need to think outside of the box. Of course, that is much easier said than done. The correct training and seminars offered by the agents company will come into play for that kind of thinking.
It will not only be real estate agents working harder during a market slow down, but also other professionals in the real estate industry such as lenders, insurance agents, home inspectors, and appraisers. Real estate agents can use these other professionals to leverage their costs to grow business and hopefully it will end in a win-win situation for everyone. For example, the agent and a mortgage lender, sharing the cost, can host open houses and hopefully both gain business by the effort.
It would benefit the newer agents in this market to speak with agents that have suffered through slow times before and are still in the business. A truly successful agent will be more than happy to share tips and ideas that got them through and put them ahead of the crowd when the market turned around. Local REALTOR® associations usually sponsor panels of local successful agents, if not ask them to hold an event that is similar.
One thing newer agents may find difficult, but is absolutely necessary, is to ask for business. Everyone that the agent comes in contact with needs to know what they do and that they should tell everyone they know about the agent. Word of mouth is the best advertisement (positive or negative). Be sure the word of mouth is positive!
The Internet cannot be forgotten. Out of town buyers do not know who is the top agent in town, they know the top agent listed on the Internet search engines. A great website not only brings in buyers but also creates validity with sellers in your local market.
From Goarticles.com
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