Tuesday, January 13, 2009

The real estate market is flat! Now what (Part 2)


A lot of the inspiration for this came from Seth Godin whose blog I follow...

The real estate market the world over has taken a bit of a dive. In South Africa in particular a perfect storm of low interest rates, strong economic performance, low inflation and a mass of first time buyers led to astronomical house price increases.

Demand exceeded supply as the developers could simply not keep up. The only possible effect - price increase. Good real estate agents made good money, average real estate agents were suddenly popping up everywhere due to all manner of people following the money.

But then the inevitable collapse. Due to the world financial crisis (ironically driven by the real estate subprime crisis in the US), the collapse was spectacular and rapid. Where to from here for real estate agents who actually want to sell houses and make money as opposed to just making money?

Start a local paper for your area...as mentioned in post linked above.

Why you may ask? Well the current market condition is temporary. What happens when the tide turns? You need to be poised to reap the benefits.

Your agency has a reputation in your area, maintained by dealing with integrity, having professional staff and selling houses. In a flat property market you aren't getting enough face time with that client base to maintain that profile.

So over time your agency no longer stands out but merges into the crowd. To stay at front of mind when buying and selling decisions get made a project such as this could keep the image of the agency bouyant.The content should be relevant to persons involved in property or thinking about property. It should be honest and professional, not a sales pitch. You make the money when you make the sale - this is just to get the customer in the front door.

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