As we start out on 2008 and finish out 2007, it is clear that most of us have had a challenging year within our real estate market. The
U.S. had a major downturn in most markets and a slowdown in others. Yes, some exceptions have existed in places like
Manhattan,
NY and the Vail,
Aspen and Rocky mountain markets, but these are places where one either needs to live or choose to live, when their vocation allows a lifestyle of choice. We all credit the media, building and financial institutions for their contributions to the "bad market".
Having lived, survived and prospered in slow markets as well as brisk ones over the past 25 years, I know that it is more about the attitude we have than about the market we are in. In down markets we can choose to change strategies, re-evaluate our businesses and find the "golden goose" that lies within. It is my opinion that in every challenge lies an opportunity and now is our opportunity to shine! Instead of cutting back all of your education and marketing, why not step it up? Out distance your competition quickly by doing what everyone else is afraid to.
Find creative ways to zero-base your marketing so that it does not cost you so much. There are many affiliates that value your business and would love to help you succeed. Make them a partner with you in co-marketing.
Cut out your surplus overhead, get back to basics and talk to your clients, encourage referrals....and just get on the phone! Write thank you and keep in touch notes. Powerful and inexpensive.
As the rate of the US dollar falls a bit more, those dealing in Euros, Pounds, Canadian dollars and other currencies will start to see the benefits of buying US property. Find ways to work your international business!
Remember....much of what sustained our "up" markets was unfounded optimism and hype – not facts or reality. The experts are saying the market will get worse and the sub prime problem, real estate slow down, soft economy and rising energy prices may take us into a mild recession. I say....does it really matter? If you intend to succeed, you intend to succeed. Find ways to do that and focus your energies on what you can do instead dwelling on negative thoughts about things that you can not change. Remember, this is just another cycle and, as the real estate agent population diminishes, this flushing out process becomes a good thing. Change is good and inevitable. So, for 2008, go out and embrace the change.
Let’s go out and have a great and prosperous 2008.
Mario Trejo Romero
