Daily Real Estate News  |  November 8, 2008  |   Where to Look for New Clients in Slow Markets
The cycle of real estate never stops churching. Just when a buyer’s market seems too good to be true, the inventory tightens sellers gain the upper hand.

In today’s real estate climate, deals aren’t coming easy. But the market is far from far from “bad.” There are lots of opportunities to grab new clients and close transactions—if you know where to look, said sales coach Rich Levin, of Rochester, N.Y.

• First-time buyers are always the first to come out of the woodwork when home prices go down. To find these buyers, position yourself as educator. Learn everything there is to know about the first-time buyer tax credit, affordable housing, and qualifying for a mortgage.
• Move-up buyers may not be actively looking for a new place to call home, but you can find them a deal that’s simply too good to pass up. Remind prospects who are on the fence that “this is the market people will look back on 2-3 years from now and say I wish I would have bought then.
• Investors sell when people are buying, and buy when people are desperate, Levin said, referencing Warren Buffet’s philosophy.
• Developers who have deep pockets and didn’t overextend themselves during the hot market will be interested in buying land for future developments.
• Foreclosures and short sales might make you want to pull your hair out, but if you run away from them you’re running away from business. The fact is there’s an abundance of short sales out there, and there’s money to be made for you. Yes, short sales might take four months to close. Yes, you might have to cut your commission by a half-percent. “Get over it,” Levin said. “A short sale is still a deal.”

Staying motivated to look for new clients can be difficult. But don’t be discouraged. Set a goal of making one or two initial appointments a week, and Levin guarantees you’ll see more transaction volume than you ever thought was possible.

Levin spoke to a packed room of attendees Friday at the 2008 REALTORSŪ Conference & Expo.

Kelly Quigley