As I sit here typing this article I just got done listening to a news report that makes it sound as though the U.S. economy is doomed. The other day, the stock market fell 777 points in one day (a 7% drop) and everyone I spoke to that day in real estate was predicting the end of the real estate business as we know it. Perhaps I’ve always been somewhat of an optimist, but I don’t see it that way. I’ve been in real estate a very long time, (over thirty years) and have seen many different market challenges. From 1978 to 1980 I saw mortgage interest rates go from about 7% to about 19%. Many Realtors® at that time left the business and thought we would never recover. In October of 1987, the stock market dropped 20% IN ONE DAY and will forever be known as Black Monday. That was also the beginning of the Savings and Loan scandal and affected real estate for the next five years. Yet, we somehow survived that as well. On that tragic day of September 11th, 2001 and for weeks after that, the real estate market froze still and we wondered what the long term affects were. Yet, we not only survived that, but real estate entered a new boom era shortly after that. So, will we survive today’s market? My prediction is that Realtors® who keep their wits about them during this time and adjust their strategies will survive and be in a great position for the next boom. Yes! I’m predicting another boom market to come. If you look at our population increase, the vast numbers of foreign buyers coming into the U.S. and just at the basic workings of a capitalistic market, there will be a strong need for housing in the future. It is vital though for brokers and agents to survive this market until the next boom comes. Here are some suggestions on how you can do this.
- Stay Positive. A negative attitude will cause you to be less aggressive.
- Use this time for education and skill development. It’s time to become an expert rather than just saying you are one.
- Prospect more than ever before. In this market, you must be selective on what listings you take and in order to do this you have to be in a position of strength to turn down listings of unmotivated homeowners.
- Work diligently with the most motivated buyers (multiple appointments) and put all others on a back burner where you keep in contact until their motivation changes.
- Cut back on unnecessary expenses so you have more to invest in necessary expenses. Expenses that will increase productivity are necessary.
- In everything you do, be better than your competition. Buyers and sellers will notice that and you will reap the rewards.
About the Author:
Joe Meyer is President of Joe Meyer Presentations, Inc and has delivered over 2600 seminars throughout the U.S. and internationally over the past 21 years including fifteen presentations at the NAR annual convention. For information about having Joe Meyer deliver a seminar to your organization, you may contact him at 1-888-593-5951 or visit him on the web at www.joemeyer.com
