Real Estate in 08'

We are a month into the new year. Resolutions have been made (and in some cases broke) and we are all striving to make this a great year. With that in mind, let's take a look at some of the challenges that real estate brokerages face this year.
The first one is obvious, nationwide people are talking about a down market. What a challenge for any brokerage. If people aren't buying houses there is no money to be made. Personally, even though I do feel that the market has taken a hit, I do not feel that it is as bad as everyone makes it seem. Foreclosures are through the roof, but that just means that those houses need to be sold. Here in Las Vegas there are still thousands of people moving here every month. There are also thousands of jobs (most say 120,000+) that will be created over the next five years. People aren't going to stop moving here, which naturally means that they will need a place to live. The key for brokerages with this dilema is to think outside the box.
Another challenge for brokerages is recruiting agents. I have spoken with many brokers over the past couple of months and it is easy to see two things. The brokers who are recruiting agressively are doing just fine. The brokers who aren't, well, aren't. Some are just trying to keep their head above water, but as the water rises there is no one there to lift them up. Growth seems to be a key in 2008.
A similiar challenge is retaining agents. These days agents need as much help and support from there broker as they can get. The more tools and resources a broker can provide, the more appealing their company becomes. A couple of years ago, let's be honest, it didn't matter where you hung your license. It was easy to get clients and an agent could manage to get through the transaction. Now it is more difficult and so the competition is heating up. Anything that can make an agent stand out will make a difference. So now they are looking for the company that has the most to offer.
Now, more then ever, it is important to have an Internet presence. Over 90% of home buyers start their search on the web, so if your not there you're probably missing out. The biggest challenge in this regard is HOW? How do I build a presence on the web? It's not an easy thing for everyone, but it has become a neccessity.
These are just a few of the challenges that brokers are faced with in 2008. Let me know what you think is the biggest challenge.

Web Strategy

I just read a great article, Website vs. Web Strategy, that discusses the need for a good strategy in order to generate business from your website. The article uses an analogy saying that having a real estate website is like being a star in the galaxy, who cares? There are so many of them that without a telescope pointed directly at yours it doesn't really matter that you have a website.
Here is something directly from the article that kind of sums everything up!

The bottom line for a great web strategy:

1. Think "what's in it for me" (from the consumer perspective).
2. Give them what they want and they will tell you who they are.
3. Follow up forever! At least 4-6 months.
4. Develop a specific marketing strategy to drive business to your site(s).
5. And, have fun!

Too many agents create a website and then sit back and wait for the leads. Then when they don't get any, they start to think, "I knew this wouldn't work" or "Only the bigger companies get leads on the Internet." I hear this too often in my line of work. A couple of weeks ago I spoke to an office manager. He told me that they have a website, but they don't have much need for it. They just have it because that's what you're suppose to do these days. Are you kidding me? Put that thing to work! What a great resource that's going to waste.

Sure, driving people to your website is important, but what is going to keep them there? You have to give them what they want and, if they made it to your website, they probably want to buy or sell property. Give it to them! Make it simple for them to find. I really do recommend reading the article as it gives some great insight. As always, I appreciate your insight also.

Real Estate Website Design

When it comes to your real estate website, design is key. Many people think that this means it has to be flashy. The reality is that it has to be what your potential clients want. What does that mean.
A recent study shows that you have 4 seconds to sell the potential client on why they should stay on your website and not go to someone else's. That isn't very much time, so you need to make sure that you offer what they want. So let's take a look at what they want.
If a person comes to your website, chances are that they are looking to do one of two things: Buy a property or sell a property. It really is that simple and your website should be also. Make sure that within those 4 seconds that they give you they know where to look to buy or sell a property. This is the single most important thing you can do!
Keep it clean and simple! Don't get me wrong, the more information that you provide to your clients the better. The problem is that many people add so much information that it is hard to find it all. Do not clutter the home page. Try to find the fine line between clutter and not enough information.
These are just a few of the ways to capture peoples attention when they come to your site. Feel free to share others that you feel are important.

Real Estate Networking

Networking is an amazing thing. First and foremost, you meet some great people. The opportunity to meet and know people from all walks of life can broaden your knowledge. The other great thing about networking is that you can generate business.
So what are some ways that you can network? First of all, do not be afraid of opening your mouth. Just be friendly with people and they will naturally become more interested in you and what you do. This is also beneficial because the people you deal with begin to develop trust with you, which is very important. If they do not trust you, they will not refer people they know to you.
Another way to network is through online forums. It's good to get to know other people in your industry. It is also beneficial because you hear different perspectives from people all around the country.
One of my personal favorites is to form your own networking group. I call it a Power Team because of a seminar that I went to awhile back, but you can call it whatever you want. The key is to get people to join your Power Team from all different professions. Try to limit it to one representative from each profession. By doing this you create a group of people who are not competing with each other, but rather are trying to help each other succeed. It is important to meet regularly to socialize, learn and pass leads. This can be a very powerful tool for generating business and the beauty of it is that everyone benefits.
If you would like help forming a Power Team or are interested in joining one, contact me any time.
Now that I have shared some of my insight, what are some of the ways that you find beneficial in regards to networking?

Real Estate Websites

We live in a time where it is a necessity to have a website if you are a real estate professional. Approximately 80% of all home buyers start their search on the Internet. That means that if your not using the Internet to try and get new clients your only marketing 20% of the market. The biggest problem with that is most agents still do not have websites or at least not effective ones. So if you are only marketing the 20% of the market you are competing with far too many other agents.
If you do not currently have a website or you do not feel that your website is giving you the results you want, it is time to do something about it! Brokers- if you and your agents do not have an effective web presence, Get One! Look for ways to educate your agents about using the Internet as an effective tool to generate business. The more tools that you give them, the more successful they will be. The more successful they are, the more successful you will be.
Agents- if your broker does not educate you about the Internet and does not provide any of the tools that it has to offer, you need to talk to them. Utilizing the web is too crucial to the way real estate is being done these days. If they will not listen to you, it's time to move on. For a long time I worked for a broker who did not provide me with tools or education. I always thought it was okay because it was my responsibility to educate myself. After all, I am an independent contractor, right? Well, the reality is this, there are brokers out there that provide tools and education to their agents. It makes a world of difference.
Our company specializes in Internet solutions for real estate brokerages. I serve the Southern Nevada, Southern California and Arizona regions and we have representatives across the nation willing to serve you. I am more than happy to answer any questions that you might have or assist you in any way. Don't wait, the time is now!

What are you looking for?

This post is created with you in mind. What do you want to see discussed on this blog. Give me some topics and I'll be happy to share my views with you. As always, I'm happy to hear your views also. Thank You!

Think Outside the Box!

Real Estate is an amazing thing. It refuses to stay the same from one year to the next and many times from one day to the next. Sure agents have been using the same techniques for years and sure it's produces results for those agents who are dedicated and hard working. The problem is that those results do one of two things: they get worse or they stay the same! Real Estate is a profession were the individual determines how much money they will make in any given year. With that being said, isn't the goal then to make more money this year then last year?
How is this accomplished? Top producers do it all the time, but what is there secret? The secret is this: Think Outside the Box! We hear it all the time, but what does it really mean? Here's an example. Your broker will always tell you (or should any ways) that you need to find a niche in the market. So you decide to work the buyer's side of the market on the south side of town with prices ranging up to $350,000. That's definitely a niche, but it's the same niche as a thousand other agents out there. So what do I do?
Well, you don't need to create a complex system that will take you years to develop. This will only bankrupt you. The key is to find something that nobody else is doing (or very few people) and take over that side of the market. Find a group of people that no one would think to market. Sure there probably won't be as many people in that group looking to buy or sell real estate, but there won't be as many agents trying to get their business either. I would give you more specific ideas, but then you wouldn't be thinking outside the box, would you? I recommend setting aside just a little bit of time each week to work on this, do not drop everything to try to make the change. Ease your way into it. Start researching what other people are doing differently to get the creative juices flowing. Then don't be afraid of the unknown. Don't follow the trend, be the trend!