Do You Change Your Real Estate Marketing Strategy in a Down Market?
If you’re lucky, your market is strong, or you’ve established yourself to the point where variations in the market don’t affect you to a significant extent.
If you’re like most real estate professionals, you do need to respond to a down market by changing your strategy. And, if you’re one of the few who do that successfully, you’ll increase your competitive edge in your marketplace.
A down market is not the time to be doing more of everything. It’s the time to do what you do differently.
How to Plan A Down Market Strategy: Toughen Up!
In a down market, you need to tighten up and toughen up how you do what you do. For example:
- Refer out Buyers and Sellers Who Don’t Meet Your Down Market Criteria
- Don’t waste time with buyers who won’t make a commitment to working with you under a buyer’s agreement, or who won’t (or can’t) get pre-approved.
- Don’t waste time with sellers who want a big fee reduction, or who won’t agree to setting a reasonable price.
- Stay On Top of Market Conditions
- Make sure you’re current on market conditions. Give your buyers and sellers the latest information that will help them make reasonable offers and set reasonable prices.
- Beef Up Your Listing Presentation
- Make sure your listing presentation makes a strong case for your fee, and for the benefits of setting a reasonable price.
- Write Tighter Contracts
- Make it difficult for sellers to turn down your contracts. Arrange for higher deposits and shorter closing times.
If these ideas make sense, be sure to read the article by Walter Sanford that identifies 14 ways to hone your down-market strategy!
