The recession has left many agents struggling for home sales. The point in time has come for many agents to reinvent their businesses. The problem is that most agents don't know where to start or what opportunities to pursue. In this article, I'll tell you exactly how to find opportunity in your market.
To make money in today's market, you must study demand. You must invest some time researching your market. Many small businesses make a critical mistake when looking to make a change. They spend time and money pursuing a new opportunity without knowing if the new opportunity will generate income. This is actually backwards. Find out what is selling today in your market. Then build your business around this opportunity.
Right now there are a few agents in your market who are experiencing an increase in sales. This means some homes are selling and some agents are doing very well. You must find these pockets of activity in your market.
Many agents are trying to sell homes in the wrong market segments. For example, one agent I know is still trying to sell high end homes when the demand for these homes has evaporated.
This agent is actually setting themselves up for failure because these they will invest countless hours and thousands of dollars trying to build a business into a market segment with limited demand. Instead, this agent should research the following in their market:
1. Which homes are selling TODAY?
2. What price points are the majority of sales?
3. What specific areas are these homes being sold in?
5. Who is buying these homes?
5. Which type of buyer is buying today?
6. What agents are listing or selling these homes?
7. What are these agents doing to get clients?
Your MLS is a fantastic tool that you can use to research your market and study demand. Within an hour, you should be able to see what is selling and what isn't. Don't pay attention to homes listed for sale. Focus on sold properties. Study each one. See if you can spot any commonalities. I'll bet you will. Once you find the commonalities, quickly engineer your business around this opportunity. This type of property or market segment might not be where you want to focus. Unfortunately, if you want to be successful, you don't have a choice. You must follow the money. Otherwise, you'll be fighting a losing battle. - 20896
To make money in today's market, you must study demand. You must invest some time researching your market. Many small businesses make a critical mistake when looking to make a change. They spend time and money pursuing a new opportunity without knowing if the new opportunity will generate income. This is actually backwards. Find out what is selling today in your market. Then build your business around this opportunity.
Right now there are a few agents in your market who are experiencing an increase in sales. This means some homes are selling and some agents are doing very well. You must find these pockets of activity in your market.
Many agents are trying to sell homes in the wrong market segments. For example, one agent I know is still trying to sell high end homes when the demand for these homes has evaporated.
This agent is actually setting themselves up for failure because these they will invest countless hours and thousands of dollars trying to build a business into a market segment with limited demand. Instead, this agent should research the following in their market:
1. Which homes are selling TODAY?
2. What price points are the majority of sales?
3. What specific areas are these homes being sold in?
5. Who is buying these homes?
5. Which type of buyer is buying today?
6. What agents are listing or selling these homes?
7. What are these agents doing to get clients?
Your MLS is a fantastic tool that you can use to research your market and study demand. Within an hour, you should be able to see what is selling and what isn't. Don't pay attention to homes listed for sale. Focus on sold properties. Study each one. See if you can spot any commonalities. I'll bet you will. Once you find the commonalities, quickly engineer your business around this opportunity. This type of property or market segment might not be where you want to focus. Unfortunately, if you want to be successful, you don't have a choice. You must follow the money. Otherwise, you'll be fighting a losing battle. - 20896
About the Author:
Rob Minton, who reinvented his real estate sales business to sell multiple homes to a handful of clients has written a very practical book on how real estate agents can sell more homes For a limited time, you can download his entire book for free by visiting Renegade Millionaire Strategies for Real Estate Agents
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