This is Not a Seller's or a Buyer's Market ~ This is a Real Estate Agent's Market ~ Opportunity in 2008!
In thinking about my resolutions for the new year I realize that it is going to become important to think of the consumer and what they will be needing in this real estate market. I am in the midst of doing business planning for the coming year and it has occurred to me to take some time to "be the consumer" for a moment and review what the coming year will be like and what their needs are going to be.
We are in a crisis that involves some complicated aspects. No one has a crystal ball, although we can make some assumptions.
The Economy--is going through a period of uncertainty. Any war regime will bring on inflation at a rampant rate. While the numbers have been modest, the true numbers tell another story. Gas, food and material goods have risen substantially while the value of the dollar has diminished.
Real State Market News--NAR has projected some positive aspects of the market. We have seen NAR miss the mark for several years now. Foreclosure and Short Sales do not indicate anything other than a continuing declining market. We saw price declines in 2007 and we most likely will see similar or worse in 2008.
Financing Options--we don't yet know how bad this will be. It will be harder in 2008 to borrow money even for those strong buyers. Forget about easy money....it will not be there. I am guessing we will see this crisis continue throughout 2008 or to the mid-year time frame.
Knowledgeable Realtors and Loan Officers--our knowledge and services are going to be more important to the consumer in this coming year. To educate and present the market conditions and to provide the consulting, advice and services they are going to need. Ingenuity, creative thinking and collaboration will be the necessary skills required to help the consumer problem solve selling or buying real estate in 2008.
Thinking out side the box will be critical. Your market knowledge and how you present and market it will be an important aspect of your business. The internet provides the platform for this presentation. Diversification and internet strategies will be the base of those that survive. Reaching the customer is an extended touch. Those agents with a pervasive web presence and strategy have the reach to touch the buyer from anywhere. Critical factor!
Expanding and diversifying your business becomes key. Analysis of your current business model and the phased implementation and development over the next 3-5 years is important for you to map. I always have a 5 year technology strategy. It never stays the same and is updated each year.....but the critical point is that you should be planning a 5 year strategy.
Business diversification will be key. In the coming market, it will be critical to expand your niche markets. Take on one new key market or partner with someone to increase your markets. Diversification will be a key element in growing your business in this coming year. Analyze market need and do the numbers on ROI.
This is not a buyer's market. This is not a seller's market. This is a Real Estate Agent's Market. The professional real estate agent will be a knowledge provider to the consumer. With the true skills of entrepreneurship we will reinvent ourselves for the changing nature of the real estate market for 2008 and provide the highest level of service we can conceive of. It will be knowledge-based and marketed on the web! Blogging will be key!
*Note: I changed the title of the post. Most of the comments seemed to be taking this in a negative vein. It is not meant to be negative but optimistic about the opportunities available to real estate agents in 2008!
Jeanann,
I totally agree. Every market brings challenges but there are always buyers looking for homes. Happy and Prosperous New Year.
Hello Teresa, thanks for commenting. I believe you are correct but we can still have a great year if we prepare and are able to service the consumer and their needs.
As far as the meez....you will need to copy the code from the website where you created the meez. You should be able to easily find the code. Now you go to your "profile page" and click on "Settings". In the first box, after your keyword description, and where ever you want it located in the sidebar you paste in the code and click the "Update" button. Let me know how it goes and if you have any trouble call me on my cell or email me and we can step through it together. This is some of the fun in the RAIN! Keep me posted!