Selling Real Estate in our Current Market

Selling real estate in the current marketplace

Selling real estate in thecurrent market
Selling real estate in thecurrent market | Source
This is a buyers market. Terrific if you are in a position to buy a home.
This is a buyers market. Terrific if you are in a position to buy a home. | Source
Foreclosure listings are a means to sell real estate in our current market.
Foreclosure listings are a means to sell real estate in our current market. | Source

Be realistic about a selling price

The economy today is hitting lots of people hard in the wallet. People in the business of selling and or buying real estate are really feeling the pinch. Real estate brokers and agents are discovering growing amounts of foreclosures and economic downturns make a lot of homeowners walk away from homes rather than trying to sell. Without the selling and buying process brokers and agents feel a deep pinch. Getting real estate sold in todays market is difficult with a number of factors responsible.

The market is not even with the amount of people looking to buy versus individuals selling their houses. Financial institutions are decreasing the amount of mortgages approved along with the amount of money for each of these. Combine these issues with less jobs and even less money to pay a mortgage in the pockets of individuals makes things difficult, but not impossible. There are ways to buy and sell real estate that work around obstacles in the way.

Things have changed

No more than a dozen years ago this particular industry had millions of employees. New construction was booming and purchasing and selling houses was easy. As business and companies started laying off workers a domino effect happened. The number of forclosures increased, new construction and mortgages decreased and real estate brokers and agents found they were among a shrinking number of employees like every other industry.

Little to no effort was needed to make a nice living in the field for many years. Things have changed in recent years. The money made before the change in atmosphere is no longer there. Lots of brokers and real estate agents moved professions. They discovered different ways to make a living, but there are still those in this field who wish to continue to earn a living in this manner.

Commissions are definitely the bread and butter of realtor income. No homes selling means you don’t have dollars coming in. There are some things to do to help turn this around during this difficult time.

Marketing

Increase marketing efforts and steer them toward different fronts. If you have slightly touched on the internet as a viable resource to earning, this is a terrific time to invest more time in it. This is possible in several ways.

The internet

Websites such as Craigslist and EBay have really taken off for real estate ventures. Create your own posts for these sites or hire a freelancer to write them up at a nominal cost. The investment on these sites is worth the little effort exerted to grow your marketing base.

Review and rewrite ads

Review current written or online advertisements. It is possible many need reworking. A great way to reinvent them is using sources like polls and other ways to get feedback from buyers. This recession period possibly means changes are very beneficial to how old ads where laid out. These are only small tweaks to increase the number of lookers to buyers which in turn will increase the money coming in.

Points to make

Point out the lower interest rates that are available during a recession period. Although some financial institutions have taken the hard line when it comes to lending, there are still others which have not. They have lowered interest rates and want to build mortgages.

Turn the focus to customers with the means to purchase homes at this time. These are generally people who work in industries not affected as hard, if at all, by the economic downturn.

Don’t leave the other clients out in the cold just yet. You never know when an engineer will get rehired and ready to put his family back in the home of their dreams. However, remember to be realistic and make certain you can sustain a viable income for yourself during these rigid times.

Retrain

Continual education is vital for all professions. There are always changes being made and new things to discover. Obtain more knowledge through classes at universities, seminars offered and the web is always a great source.

Educate yourself on the difference between a buyers’ market and a sellers’ market if you haven’t had the experience working in this type of climate for selling homes.

Try and stay further ahead of the game than clients. If you educate yourself on the difference in the buyers and sellers’ market, relay that information to them and work from a better position to help with locating a home and closing sales.

Find new customers

Clients happy with their realtor and how they were treated during the process are one of the best sources of new ones. When selling a home or obtaining a new client think of each one as potentially three or more new ones coming to you. Advise them if they have friends or family looking for a real estate agent and their services that you are available. Be sure and have plenty of cards ready to hand out.

Give as many cards away as possible to current or potential leads. Satisfied customers are a terrific way to sell real estate in this current climate. Many people will find new business leads or even realized through word of mouth connections rather than other marketing efforts.

Connect with potential clients often

Keep prospective clients not far from you. Make certain they have a means to contact you and check back with them as often as you and the client feel comfortable. Having a relationship with a prospective source of income that is on the edge of making a home purchase may make the difference between whether you make your own personal mortgage payments or not. There are some clients that may be on the verge of making the decision to buy a home and if they cannot reach you will go with another resource that is available even though you have had a relationship with them for several months.

In conclusion

A recession slows the market down for real estate professionals, but there are ways to keep money flowing and sell real estate in the current market. These are great forms of information and outlays for plans that could make the difference in weathering the storm or changing professions. If you enjoy selling real estate and are great at it, make sales in this current market by utilizing the information provided.

Comments 6 comments

b. Malin profile image

b. Malin 5 years ago

I guess it's a "Buyers Market" if they have the means...Very good, and useful Hub, Smcopywrite on this timely subject. You've listed worthy information which others in this field will certainly benefit from. Good Video too.


The Frog Prince profile image

The Frog Prince 5 years ago from Arlington, TX

I was a very successful Realtor for 10 years after I retired from the US Army. It isn't all about riding around and showing people houses. I learned volumes about the industry from the mortgage side, to the buyer's side and the listing side.

Recent we decided to sell the farm we live on now. During that 6 month listing we had 5 full price offers on the property and not one of those potentials could ultimately obtain a mortgage. The burnout rate can be high if you want to be successful and not just play at it.

It's off the market now and we'll wait until things improve a bit, if they do.

The Frog


Stacie L profile image

Stacie L 5 years ago

I've tried to sell my house for three summers now..not the right time yet..good hub!


Chatkath profile image

Chatkath 5 years ago from California

Good job smcopywrite, timing couldn't be better for a hub like this, so many are struggling to sell properties for the right price which is not easy!!!


Jamie Brock profile image

Jamie Brock 5 years ago from Texas

Great hub! Very Informative. I have never owned my own home but hope to some day.. I recognize some of the terms in your hub from that show that comes on HGTV called Property Virgins. LOVE that show.. oh, and also Income Property. I had even thought about going into real estate for a career but it seems it may not be a good choice with all the trouble recently in the market. Anyway, great hub. Thanks for sharing :)


Vancouver Real Estate 5 years ago

Hey There, what a great article. The industry is shifting for sure, more and more clients are searching online prior to buying or selling.

Kind Regards,

Adam

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    © 2011 smcopywrite

    More by this Author


    Click to Rate This Article
    working