1. Get back to basics! |
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| A theme heard repeatedly at the National Association of Agents Conference in Las Vegas, NV was that it is time for real estate agents to get back to the basics. When you evaluate the real estate market over the last 10 years (longer in some markets), the real estate community has not suffered a major down turn. Because of such record-breaking sales and price appreciations throughout the United States, many new agents entered the business to cash in on the excitement. Unfortunately, a large number of the new real estate agents had little or no sales skills. With a hot real estate market, it was easy to list and sell properties as a real estate salesperson. Prior to this explosive real estate growth, many real estate professionals practiced regular basic selling skills. Knocking on doors, contacting a sphere of influence (S.O.I.) calling on For-Sale-By-Owners (FSBO’s) and much more. Implementing basic prospecting practices was a fundamental part of a real estate professional’s daily life. Now that the market has changed and we are experiencing slower growth, getting back to basics is essential if you want to survive. In my own real estate career I can look back to the early 80’s when interest rates were 18% and 19%, and unemployment was very high, and the market had virtually shut-down. Yet after the dust settled, and many real estate agents made an exit from the business, those of us remaining knew that to survive you had to actively get out and pursue new business. |
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| If you want to survive the slowdown in the market, and if you want to see bigger results when the market turns around, get back to the basics: |
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Develop a list of S.O.I. contacts and communicate with them on a regular basis. |
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Call on FSBO’s. Leave them with a presentation. |
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Work the expired listing group and have a presentation you can leave behind for them too. |
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Send cards and notes to people you know on a regular basis. For instance, when you notice a friend or their family member making news, clip out the article and send it to them with a short congratulatory note. |
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Knock on doors! Some of my best leads and clients were from getting out on bad snowy and rainy days, meeting people, leaving cards. |
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2. Develop systems and checklists |
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| One theme I consistently hear over and over from top producing real estate agents is the need for systems and checklists. Many sales associates have good intentions about checklists and systems but do not follow-through with the implementation of contacting their customers and clients. Why should you develop systems and checklists as a real estate agent? Because defining and following a set plan will help keep you on track and focused with your job at hand. For example, having a plan of action when you take a new listing is essential to make sure all of your tactics and marketing strategies are fulfilled. Without systems or checklists it can make your job harder and more difficult to accomplish. Take some time to sit down and develop a “plan of action” for your job descriptions so you’ll be ready for each and every client you represent! |
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3. Mobility! |
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| One way to survive today’s downturn in the real estate market is to remain “mobile!” Having the tools, documents and files at your fingertips is important for saving time and money. HP makes some wonderful technology tools to help real estate professionals stay connected with their real estate careers. From the sleek and impressive HP Compaq 2710p Notebook PC with Tablet PC functionality to the HP iPAQ Smart Phones, HP Officejet H470 mobile printers with Wi Fi and Bluetooth™ capabilities, there’s no reason a real estate professional cannot stay mobile today. Why is being mobile so key to surviving in a down real estate market? With today’s high fuel costs and tech savvy consumers, mobility allows you to accomplish both goals of saving valuable time and meeting customer needs. Watch this short video to see how I stay mobile with HP mobile products. |
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4. Hire a coach or find a mentor |
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| When the market tends to dip, one good way to keep you motivated and accountable is to consider hiring a coach or a mentor. If you’re low on funds, try hook-uping with an agent in your office who is willing to take on the role as mentor for you. If you can afford to hire a coach, check with your local board or with agents in your office who have used coaching services, to find the right, qualified coach to give you direction to succeed with your real estate career. In a slow and depressed market, it’s important to have someone to encourage you and provide you with new and fresh ideas. More importantly, that person will keep you accountable to perform and follow-through with the tasks to build your business. |
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5. Education |
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| Many real estate agents believe they should cut back on some expenses when the market slows down, especially concerning education; however, this is not an area where real estate agents should cutback. Remaining motivated and educated with your real estate career is important, if not vital. Fortunately, HP offers several free and ideal online training courses to help you build your real estate career. One of my favorite online classes from HP is “Creating your own marketing materials with templates.” Did I mention the HP classes are FREE? |
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6. Create a brand, image |
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| Many successful real estate agents are realizing the importance of creating a brand or image for themselves for recognition among their local community. One of the best ways to do this is by investing in an identity that sets you apart from your competitors. With a professional logo and business card, you will have a better chance of being remembered by potential clients. Need assistance? Turn to the experts who have helped many real estate professionals, Logoworks by HP |
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| While you’re thinking about developing a brand, visit the wide variety of “FREE” templates to choose from. You can download stationary, envelopes, post card and PowerPoint templates to use in your business and to help create a specific brand and image to heighten your recognition as a real estate professional in your local market. |
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7. Be creative — think outside of the box! |
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| Today there are many new ways to promote and build your business. From blogging to podcasting, developing e-Books, and using your web site, real estate agents can explore and discover new ways to attract clients. Always be on the hunt for new ideas. Take time to read articles and search the Internet for alternatives to build your real estate business. Remind yourself that “thinking outside the box” is always a great way to uncover new avenues for building and maintaining a successful real estate career. |
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Bonus tip - put the right G.A.S. in your tank! |
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| Recently I wrote a sales meeting for brokers (www.RealEstateSalesMeetings.com) asking the question as to whether their agents had the right gas in their tank for 2008? I used the G.A.S. as an acronym to gauge whether or not agents had the following to be successful for the coming year. |
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| G = Goals. To be successful, real estate agents need to have “goals.” It’s a proven fact that people with goals normally do better than those who do not. Goals provide direction, focus and a road for success. |
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| A = Attitude. Every good real estate agent needs to have the right “attitude” if they want to succeed. When the market is down, and negative and pessimistic reports are plentiful, stay positive about your selling potential. |
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| S = Selective. Finally, I encourage brokers to remind their sales staff to be selective in what they watch, listen, read and associate with in 2008. If you hang around with winners, you’ll become a winner. If you listen to motivational tapes you will become motivated. If you watch the news and listen to all of the bad reports about the economy or real estate market, you’ll begin to think and act negatively. Be selective in “everything you do!” |
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| So there you have it, seven ways to survive in a down real estate market along with a bonus tip to remind you to have goals, a good attitude and to be selective in what you read, watch, listen and associate with. I know that if you follow the ideas in this article you’ll have a fantastic 2008, and many years beyond! |
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| Best of luck! |
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| John D. Mayfield – Broker/Author/Real Estate Trainer |
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| Any views or comments expressed in this article are the sole responsibility of John Mayfield and not necessarily those of any other organization. No person quoted or cited has any known connection to or interest in Hewlett Packard, and their appearance here should not be construed as an endorsement. |
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