Tuesday, February 07, 2006

Changing Perceptions on the Housing Bubble

Do you have clients who are concerned about the housing bubble? Here are some tips from RISMEDIA to help you address their fears.

RISMEDIA, Feb. 8 — No matter where you stand on the “bubble” debate, there is little doubt that there are many folks wringing their hands over what they believe to be the end of the “wild ride” that has accompanied the soaring real estate market. The truth is that every market has its distinct advantages.

If you want to be successful, this is one of the best times to do just that. Consider the following:

- Buyers are still out there, and they need our guidance more than ever. With all the market misinformation floating around on the airways and in the press, it is a minefield for an uneducated consumer. Without the guidance of a real estate sales professional, buyers will miss out on finding the home of their dreams. Underbidding, waiting for prices to come down, refusing to make a “fair” offer going in and refusing to work with your agent as his/her buyer-client are among the most troubling possibilities.

- No matter where the mortgage rates go, people need to move. The harder it is to qualify for a mortgage, the tougher the market becomes. The upside is that there are going to be fewer unskilled agents gumming up the works. Only consummate sales professionals are going to be able to tackle the challenges of getting listings and finding motivated, qualified prospects. Sellers, who may have been sitting on the fence or waiting for next year to make a decision, are going to come out of the woodwork. While they may not be willing to acknowledge openly that they probably won’t get the same amount of money their neighbor got a year ago, they are fearful that that is what is going to happen.

- How good are your pricing-right techniques? Become the most compelling marketing guru when it comes to making the right pricing decisions. Stick to your guns with your prospects and refuse to contribute to the problem of a growing inventory, expanded absorption rates and the inevitable expireds.

- Add new sources of income to your book of business. The mortgage industry is telling us that foreclosures are up and predicted to continue to climb. Do you know how to go after the foreclosure business in your marketplace? Approach the smaller banks that will not have departments set up to handle that business in a cohesive way. How about the inventory properties of corporate clients…are you prospecting the smaller corporate accounts that perhaps move five to eight people yearly? Those clients are not usually linked to a large relocation company and could use some solid professional assistance.

No matter what you decide to do to position yourself for the year ahead, do something new. Something is always going to work—doing nothing ever will.

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