March 23rd, 2011 10:53 PM by Wendy Thomas
It's been a very long time since my last blog post. I guess that's a good thing, because work has been so busy, I haven't had the chance to sit down and think about a post! But I look forward to posting, so let's get back to it...
The real estate market is such a funny thing! Everything is so different now than it was a couple of years ago. Loans are harder to get because banks have tougher requirements; listings take longer to sell, because there are more houses on the market for the smaller "buyer pool" to choose from; and it takes a lot of work to get from getting a listing to sitting at a closing table! It's hard to operate the same way as we did three to five years ago. And if you look at the number of Realtors in the marketplace now compared to that long ago, you'll see that those who didn't adapt to a changing market have not been able to continue to work in this industry. Our marketing must change-- newspaper subscriptions are WAY down, so that part of our business is potential wasted money that could be spent better elsewhere. Social media is everything, and those who don't adapt to that fact, don't last. Open houses don't do as much to bring in buyers as they used to.... If you see anything different than that fact, on tv or elsewhere, please remember that every market is different, and our market is just not one that gets a lot of attention from open houses.
So much is different. I write this to agents as well as sellers AND buyers! If you've sold a house before, what worked then may not (and probably won't) work now. While an agent's average days on market used to be a huge factor, it can't truly be weighed heavily these days. Listen to your Realtor! Ask questions. Make suggestions, or if you have a thought, share it! I have a wonderful client now, a seller, who sees these great ideas on tv and asks me what, out of what she's seen, will work for us, and what won't. She listens to my advice, and I listen to her suggestions. We work together well. And that's how you must work in this market. Agents must change with a changing market, if you want to remain competitive.