Succeed in Different Types of Markets
Build business and impress customers no matter what “mood” your market is in.
We break down the details.
Slow market:
High-turnover areas. Find niches in which there are more transactions than average for your market.
Realistic Pricing. Homes that are priced right will sell first. It’s not easy telling sellers that their home is priced too high, but it’s critical information.
Educate Customers. Use market statistics and newspaper clippings to show clients that housing activity is slow.
Customer service. Differentiate yourself from the crowd with top-notch customer service. Go the extra mile to make sure your customer is happy and to say thanks for the business.
Disaster-prone market:
Risks. Do your own research and talk with industry veterans in your area so that you fully understand the risks of working and living in a market that has a history of hurricanes, mudslides, floods, forest fires, or other natural disasters.
Detailed Disaster Plan. Be ready for the worst so that you can react logically, not emotionally, if a disaster strikes. Plan for your personal and business needs. By being prepared, you can help customers stay calm.
A “Community Information Portal” website. Tell customers that your Web site will be updated with emergency information, important links, and community news if a disaster occurs.
Be honest. Prospective buyers in your market will ask whether a disaster has ever occurred in the area or affected the home. The buyers are entitled to an honest answer so they can make a sound decision. Explain what happened and how the community recovered.
Declining market:
Market data. Have up-to-the-minute information on market conditions so that you’ll be knowledgeable at listing presentations and when talking to buyers.
Sell your company’s services and success. Wary customers need reassurance that they’ve chosen the best practitioner and brokerage to navigate them through uncertain waters. Highlight your experience in similar situations and explain all of the resources your brokerage provides.
Price ahead. If you’ve accepted a new listing, your sellers would be smart to price the home a hair less than what comparable homes on the block recently have sold for. By the time showings begin, it’ll be priced competitively and have wider buyer appeal.
Agent of change. Work with local government leaders and non-profit development organizations to help jump-start a lagging market.
