Field Guide to Surviving & Thriving in a Slowing Market
(Updated October 2008)
Every market has its ups and downs, and real estate is certainly no exception. When a hot housing market begins to cool down, REALTORS®, sellers and buyers all need to readjust their strategies and expectations. This Field Guide offers tips and ideas to help you and your clients survive and thrive in a cooling market. (D. Shumaker, Information Specialist)
Contents:
Adjusting Your Strategies in a Changing Market | Working with Clients in a Slower Market | Tips for Buyers & Sellers | Books, eBooks & Other Resources
Time for a tune-up?, (Texas REALTOR®, Sept/Oct. 2008). Tweaking just a few aspects of your business can help you boost sales.
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, April 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.
Turn Any Market into a Go, (REALTOR® Magazine, Feb. 2007). How to recognize that any market has opportunities for the creative and resourceful. Listen to the sidebar audio podcast interview with the author for more insights into today's market.
10 survival skills for a cooling market: Sharpen your skills, reconnect with the consumer, and 'kick it up a notch', (REALTOR® Magazine, Aug. 2006).
Is there an upside to a downturn? Of course there is. A slowing market gives you the chance to show off your selling skills, (REALTOR® Magazine, July 2006).
Opportunity or heartbreak? What an industry slowdown means to you, (Chicago REALTOR®, Jan. 2006).
Working with Clients in a Slower Market
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.
Great expectations: What happens when a seller sets his hopes too high?, (Texas REALTOR®, Jan./Feb. 2006).
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).
Tough love: Learn these tested words to talk to sellers about price reductions, needed fix-ups, and other things they don't want to hear, (REALTOR® Magazine, June 2004).
Lease-To-Buy May Be Good Option, (Realty Times, Sept. 2008). Having trouble getting a mortgage? Lease-to-buy could open some doors.
Tips for selling your home in a soft market, (Fort Worth Star-Telegram, Sept. 21, 2008). Cleaning up and de-junking are just some of the things you can do.
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).
Effective Incentives to Woo Buyers and Sell Your Home, (RealEstateJournal.com, July 2007). Ditch the vacation to Tahiti and the flat-screen tv for ideas that really work.
The Buyer's Advantage, (Kiplinger's Personal Finance, Mar. 2007). Q No matter where you're buying or selling this year, if you educate yourself about conditions in your market, keep your price expectations realistic and include a safety net of contingencies, you can get the deal done.
Seven money-stretching tips for sellers in a cooling market, (RealEstateJournal.com, June 2006).
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.
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 Brinston, 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
Career Advice for REALTORS®
>> 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.
