Like homeowners, Covid 19 and the credit crisis will shortly cause many real estate agents nationwide to suffer as well. Inventories have continued to drop and as a result many agents are not closing as many transactions as they have in the past. The shortage of inventory is driving up prices and for the first time in my career prices are being driven up and properties are not appraising. In order to remain competitive, many agents have discovered that they must become quite creative in order to keep their offices open.
As budgets tighten, advertising dollars have become limited and yet agents know they must advertise in order to get beyond the current slump. While print and television advertising can be quite expensive, advertising online remains quite cost effective. In fact, many agents are turning toward blogs in order to offer weekly market advice that is specific to their location. This technique is quite inexpensive and works well to keep local residents apprised of the existing
Agents are also recognizing that buyers as well as sellers are more interested in value today than ever before and due to the uncertain future for us all want to be careful what they spend. As the average home appraised price continues to drop, an increasing number of sellers are turning toward the idea of selling their home on their own in order to avoid real estate commissions.
To combat this problem, more and more offices are reducing their fees. Other creative efforts can also be quite effective. For example, some agents are springing for the cost to have properties professionally staged or even professionally cleaned.
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The current market is definitely challenging; however, it is critical that you take action rather than simply sitting around bemoaning the fact. While making an effort in the existing market will take some effort, it will also set you apart from the competition. One of the ways you can go about doing this is to consider each property separately and think about what you can do to make that property stand out. In battling the current real estate market, you may simply find that you need to fight it out one property at a time.
You do not need to spend a lot of money on these efforts; however, there are many things you can do to market your listings in order to increase their exposure.
Consider how much online exposure your listings are currently given. If you do not have much of an online presence at the moment now could be the time to make that change. Statistics indicate that more than 83% of all buyers begin their property search online. If you are going to nab those buyers, you need to be advertising in the same medium in which they are searching or you run the risk of missing out on them.
In addition, it is a good idea to think about what you can do to improve the quality of your advertising. For example, you might give some thought tow hat you can do to improve the quality of your photographs.
Finally, use the time you have on your hands to your advantage. It very well could be that business is out there, you simply need to do some mining to find it. Use the power of your database to unearth warm leads which could provide you with excellent resources for buyers.
Set a goal to contact at least 10 people each week. You just never know where those phone calls may lead you, especially if you provided them with great customer service in the past. Team up with a lender like CambridgeHomeLoan.com that still provide financing to borrowers with sub par credit.
CambridgeHomeLoan can lend to borrowers with a FICO score of 580, has every loan product from First time home buyers to FHA, VA, USDA, Jumbo, super Jumbo and non QM products like foreign national loans, statement only loans, business statement only loans and more. Go to CambridgeHomeLoan to learn more.
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