Among the real estate agent in my area who claim to be doing poorly, I have found many have simply stopped working. I try to make appointments to show listings and find a third of the agents not returning phone calls or e-mails in any reasonable period of time. Hard to sell a home if no one can view them.
In our market, prices of home sales have stabilized. Some parts of Oahu have seen price decreases; some have had increases, while many have stayed flat for the last couple of years. The big change is in sales volume. Sales volume of homes has gone down tremendously from the peak of the market in 2005.
Many real estate agents have seen major drops in their business. I hear them complaining about how bad the market is. Yet in this changing market there are several of us who have seen our business grow. June was my biggest month ever.
Let me give my opinion on why some are busy while others are dying:
- Many agents are not spending money or time marketing themselves or their listings, if they have any. They are not sitting open houses or working office floor time. In other words they are completely missing in action.
- Another common denominator I am seeing is they are not spending much or any time or effort on education. Education is an important factor for those trying to thrive in a challenging market.
- Many part time and limited service agents are fading fast, while full time professionals are gaining market share. To be successful in a slowing market clients need to find you and feel you are an expert in the community and you will bring them success. They are reading so much negative press and are concerned about the economy and the lending industry problems. They want a top professional to navigate them through the rough waters.
I was talking to an agent about their business and how they were struggling. I asked what they had been doing. Because things were so slow, that agent has been going to the beach, the movies and sitting home. HELLO!
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Randy this is a great time to get out there and do the things that we do not have time for when things are booming. What we do when things are slow can pay major dividends later, but the only return on complaining is more complaining.
Randy, I agree with you, get out of the office and meet people. We have to learn to work in any market to be successful. IF what you ARE doing is not working, then do something else. It is all about prospecting.
And this is a common thing to see. NO WONDER the market has fallen, you don't answer your calls or return them.
How many deals you think they missed?
THIS IS THE BEST TIME TO BRAND YOURSELF, AND HOPEFULLY INCREASE MARKET SHARE
BILL
George - So true
Missy - If they are not working real estate, they should be considering a new career. Either way they should be working.
Deanna - I know a few agents who have probably costs their clients the sale of their homes.
Bill - So far that has been the case for me.
I'm glad blogging is a form of marketing - it sure helps with SEO. At least I can justify my time here... hahaha.
Hi Randy,
Back to basics, prospecting and getting out and meeting people is the best way to stay active. Spreading those seeds will bring future business, too many complaining but not doing anything about it. :)
Georgina - I have gotten more business from AR than some agents have gotten all year.
Suzanne - I agree. The business does grow on trees. That is if you planted trees.
I agree with you, I have been working harder than in a good market and taking
as many classes as I can while I time. Our market does seem to be picking up this
month so that is good.
Randy, you are right on the mark - again!
I couldn't agree more. Well said!
Well, you know me...when it was slow I told you to hire me :) Then all of a sudden I have three in escrow and just closed one. Plus I work at the office.
I know one thing...my resistance got low and now I'm sick...I'm going back to lay down...just wanted to blubber all over your post so you feel sorry for me :)
Sandy - My market is not picking up, but that doesn't mean my business can't.
David - Thank you.
Trunda - Thank you.
I am interested to see how many people don't renew their licenses this year. We are working hard with a little less return. I am afraid what it would be like if we didn't work hard.
Sally - Get some rest, we have more transactions coming.
Pete - I am guessing that many are not taking their CE classes and will drop off the roles. So far our numbers to date have increased in Honolulu. I blame it on those of us who make it look too easy. Everyone wants in. LOL
Gee... Why work if it is "work?" I thought this gig was supposed to be a piece of cake! ;)
Winners never quit. Quitters never win. Lots of truth in junior high football...
Mike - Great points. Maybe it is because I grew up playing sports that I understand about work.
Randy, funny how no work equals no money. You tell them.
Gary - it is even funnier how many folks can't figure that out.
Randy - It's a pretty common sight here as well... there are more than a few that are really struggling... their answer to the market? Sit and wait. Yea, that a great plan. No problem.. .more business for us. :)
Jesse - Sit and wait has never worked that I am aware of. That is why many will be looking for other forms of work.
Wow. You hit the nail on the head here. So many shriveled up and ave up when the going got tough....but it turned out...it really wasn't that tough. But enough of them did that, and they heard it from each other, further feeding the talk about "how terrible it was to be an agent right now." I have never had so much business.
Very true...The upside is that the hardworking agents will reap the rewards of their efforts, not just now, but in the future when the market picks up and there are a lot fewer agents.
Chris - Isn't it amazing how many have created a self fulfilling prophecy?
Kim - Those who work through the various markets will be even stronger.