Field Guide to Surviving & Thriving in a Slowing Market
(Updated October 2009)
Every market has its ups and downs, and real estate is certainly no exception. In these difficult times, it is more important than ever to find your niche, to discover new marketing methods, and to explore how you can separate yourself from the competition. And whether you are a residential or commercial specialist, your clients will be looking to you for advice on coming out on top. This Field Guide offers tips and ideas to help you and your clients survive and thrive in a challenging market. (D. Shumaker, Senior Information Specialist)
Stay the Course, (Commercial Investment Real Estate, Sept. 2009). CCIMs share business-navigation tips for weathering stormy markets.
How to approach a business plan makeover, (REALTOR® Magazine, Apr. 2009). If you haven't revisited your business plan in this brave new real estate world, you're missing a great opportunity to reenergize your brokerage.
Words of Wisdom: Take It One Day at a Time, (REALTOR® Magazine, Apr. 2009). At 96, REALTOR® Emeritus Phyllis Waters has been through several cycles in the housing market and has bounced back and thrived after each one. Still active in real estate, Waters reveals the lessons she's learned through the years.
For Brokers: 7 Ways to Rein in Costs Now, (REALTOR® Magazine, Apr. 2009). Scrutinizing your budget can control your costs.
Survival Mode, (California Real Estate Magazine, Mar. 2009). Veterans reveal 12 ways (and 5 mistakes to avoid) to keep your business rocking in a rough market.
No dice. Take the risk out of your soft market strategies, (Michigan REALTOR®, Sept. 2008). Captivate serious motivated buyers with a strong conversation. Follow up by educating with your Buyer Presentation. [links to PDF article]
Finding Your Real Estate Niche, (Realty Times, Sept. 2008). In a down market it's better to find a specialized market to target.
Taking a New Approach: Switching models to find the right fit could mean a more profitable business, (REALTOR® Magazine, Aug. 2008). Virtual offices, new fee structures, and rent-to-buy are all options brokers are successfully trying out.
Real Estate's Hot Specialists; Foreclosure Agents Thrive While Others Struggle to Survive, (Wall Street Journal, Apr. 9, 2008). Q According to some research firms lender-owned homes account for roughly one out of nine homes listed for sale. Is this a market for you?
Twelve Step Plan to Make You Feel Better About This Market, (Realty Times, Sept. 2007). Practical advice from a 33-year industry veteran.
Surviving the Slump, (Realty Times, July 2007). Instead of competing by offering lower commissions, find something else to compete on - quality service, experience, and know-how.
Working with Clients in a Slower Market
How to negotiate with tenants in a tough economy, (Journal of Property Management, July/Aug. 2009). Q You should develop, with your building owner, a lease negotiation strategy that includes the landlord's response, along with fall-back positions to all the lease provisions the tenant is likely to negotiate.
4 Ways to Get Buyers Talking, (REALTOR® Magazine, Apr. 2009). Many real estate professionals do too much talking and not enough listening. But that's a dangerous proposition in any market, and especially today, when buyers are facing so many new challenges.
Help Sellers Price It Right, (Florida REALTOR®, Mar. 2008). Helping sellers price their homes has never been more challenging.
Keeping the Deal Together Most Important Task, (Realty Times, Nov. 10, 2006). Just because they've signed the contract doesn't mean the deal is done.
60 days to hot sales in a down market: Follow these tips to sell your listings quickly, even in slower markets, (REALTOR® Magazine, Jan. 2006).
Pricing your home in a recovering market, (Wall Street Journal, June 24, 2009). All you really need to do is to concentrate on what's happening in an area within about one mile of your home.
How to SELL Your Home in a Down Market, (Black Enterprise, May 2009). Q To make selling your home less stressful, experts recommend several strategies.
How To: Get a good deal on a lease, (Inc., May 2009). Q A commercial lease is a long and complex document, and negotiating one can be daunting. Get expert advice.
Lease-To-Buy May Be Good Option, (Realty Times, Sept. 2008). Having trouble getting a mortgage? Lease-to-buy could open some doors.
House Rules, (Money Magazine, June 2008). Q Whether you're buying or selling, the real estate game has changed. Here are ten "new" rules for buyers and sellers.
10 Steps To Sell More Quickly In Stalled Markets, (Realty Times, July 2007).
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
The 10-Minute Stress Stress Manager (WMA Audiobook)
1,200 Great Sales Tips for Real Estate Pros (Adobe eReader)
Cash in on the Coming Real Estate Crash: How to Protect Yourself From Losses Now, and Turn a Profit After the Bubble Bursts (Adobe eReader)
Learn to Relax (MP3 / WMA Adiobook)
Real Estate Millions in Any Market (Adobe eReader)
Timing the Real Estate Market (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Time for a tune-up?, (Texas REALTOR®, Sept./Oct. 2008). Tweaking just a few aspects of your business can help you boost sales.
Great expectations: What happens when a seller sets his hopes too high?, (Texas REALTOR®, Jan./Feb. 2006).
1001 tips for buying and selling a home, (Mason, OH: Thomson South-Western, 2005). HD 1341 N17
Real Estate Millions in Any Market: the Lowdown on No-down Investing, (Hoboken, NJ: John Wiley & Sons, 2004). HG 4521 Ei5
Down Markets: First Aid Kit, (Boulder, CO: Howard Brinton, 1995). CT582
How to Sell Your Home in a Down Market, (New York: Warner Books, 1991). HD 1341 Ir9hs
Homeseller Strategies in a Soft Market, (Dobbs Ferry, NY: Oceana, 1991). HD 1341 Sm6h
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Preparing & Staging a Home for Sale
Field Guide to Marketing Tips for REALTORS®
Field Guide to Farming & Prospecting
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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