Foreclosures were 46% of all homes sold in the Q1, 2009, and are up 81% from the previous year. This has lead to record profits for Real Estate Professionals that specialize in this market. In addition to pure volume it is because foreclosures pay double commissions to the selling agent.
Solution: Sell what the market is buying and the market is buying foreclosures in record numbers.
First time homebuyers are unencumbered by existing houses that are not selling. In addition to not having their downpayment funds tied up, they are also eligible for the $8,000 tax incentives. First time homebuyers also still qualify for Zero Money Down government foreclosures.
Solution: Target marketing efforts at the BEST clients, and use what is most appealing to them; saving money on their home purchase by buying a foreclosure.
Google reported earlier this year that 80% of homebuyers shop online prior to contacting a Real Estate Professional. This means that if you are training your buyers more effectively you can sell more houses by allowing buyers to be self-serving, but looking to you for guidance. Also because they are likely to be contacted by multiple professionals, and be bombarded by useless emails, never hesitate to make an initial phone call as quickly as possible.
Solution: Train your buyers to gather information on their own, however, tie them to you by offering them answers their questions. This will keep them coming to you when they have questions, and when they are ready to move forward with a purchase.
A good CRM (Client Relationship Management) program is imperative to success and when used successfully will allow you to effectively manage more clients in less time. Also, remember big businesses reduce everything else before the advertising budget. When your competitors are retracting, that is your chance to win more business.
Solution: Take time to step back and find ways to: streamline what you are doing, maximize your time, and increase the effectiveness of your marketing.
An ideal Coach should be detached in order to remain objective. They don’t need to be perfect, because no one is. They just need to be someone you respect and trust professionally. Also remember they are most effective when given the latitude to offer their input, without constantly defending it.
Solution: Look for someone you trust professionally, even if they are not in your profession. Just talking about ways to magnify your efforts will have a tremendous impact on your business.