It no longer takes just a license and knowledge of current
laws and regulations to become a successful real estate
agent. Considering the condition of the current market
experiencing a downturn, we can't be sure it's even hit
bottom yet.
The good news is, people are still buying houses and they
always will. Hard work will be needed to get the job
done. A Savvy Real Estate Agent can compete in the current
housing climate by locating buyers and focusing on giving
them what they want. I'll share with you some advanced
sales tips for generating a profitable year.
Conduct buyer seminars. Offer to give informational (and
free!) classes at your local civic or religious center,
updating people on the current market conditions. You can
teach them how to buy a house even if they've been turned
down before, and give advice or referrals on how to repair
credit. This will not only position you as an expert in the
field, it also gives you access to a fertile, prequalified
group of potential buyers.
Solicit apartment complexes and tenant-occupied properties.
While this may seem fairly obvious, it's important that you
have appropriate marketing materials targeted to this
audience (e.g., showing them how and what they can own for
the same payments as their rent) and a strategic approach
to contacting these potential home owners.
Buddy up with title companies. Often they'll have deals
that fell apart, and many of those deals were attempted
without a Real Estate Agent involved. Gaining access to
that list will yield names of interested and motivated
buyers and sellers.
Solicit FSBOs. FSBOs are very often newbies in the real
estate game and aren't really sure what they need to
provide potential buyers who come to look at their house.
Offer FSBOs helpful documents, such as floor plans, sell
sheets, etc., in return for prospects that didn't like the
FSBO's house for whatever reason. And the FSBO may
eventually call you to give you their listing, if they get
frustrated by long sell times, as is prevalent in this
market.
Talk to agents going out of business. According to the
National Association of Realtors (NAR), there are more than
2 million registered real estate agents. And the NAR also
estimates that between 40-80% of new Real Estate Agents
quit the business before their first anniversary, and 90%
by year three. Despite their struggles, many of those have
built a list of interested buyers that would be worth
adding to your database. Source:
Establish your own Web site. Face it: it's the 21st
century. Most people do some of their research on major
purchases online, and a Web site that displays your
personality, not to mention your listings, is a necessity.
It's easy and inexpensive to get started (domain listings
start at just $9 a year) and is simply a must.
Market your previous clients. This is another seemingly
obvious tip that all too many Real Estate Agents overlook.
Your past clients are your most fertile ground for
referrals (and repeat sales) but can only do that if they
remember your name! Sending a regular newsletter updating
past clients on your latest successes will remind them what
a being a Real Estate Agent is all about and let them know
you are still making your clients happy.
Partner with reputable mortgage brokers. Mortgage brokers
lately have had their requirements tightened by their
lending partners, and probably have said "no" more times in
the past few months than in the two or three prior years.
Partnering with a reputable mortgage broker can offer a
win-win situation. In return for access to the list of
turn-downs, you offer to help them in a monitored credit
repair situation, who then become buyers who may possibly
qualify for a loan from that same mortgage broker.
By focusing on how to find buyers—and in some
instances, how to help buyers help themselves—a Real
Estate Agent can have a prosperous year even in a down
market.
----------------------------------------------------
Jack Sternberg is a nationally recognized expert on real
estate investment who's been in the business for more than
30 years. Sternberg is the creator of the renowned "Buyers
First" Program. His deals have totaled over $750 million
and he's been to the closing table more than 1,500 times.
For more, visit http://www.askjacksternberg.com
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