Thread: Taking advantage of the current economic state

take a vacation! Just kidding.
I have found the best thing is to review your marketing, continually check with the most used banks to see how many approvals they are giving out and at what amounts. continually review what is selling and what has been on the market for months. Use the information you find and compare it to your current listings. Is your listing still competitively priced?
If you are a buyers agent make sure you are watching the listed properties, the price changes daily and may all of a sudden be in the price range of your client!

Fritz, it's time for a blitz! Pardon me, I couldn't miss the opportunity to be cheesy. But really, I think you have to take a page out of some the biggest marketers out there. For example, have you seen the Charles Schwab commercial about now isn't the time to panic?....Well, I think there onto something. People want to do business with professionals who don't disappear in challenging times. Now is the time for old fashioned relationship building. If you stay in contact with your center of influence and adopt abandoned clients, you're going to be so far ahead of the game. This is the time to gain marketshare. In a sense, you're buying while its low. And believe me, the market will return.

Now, I know this strategy doesn't pay the bills right now. I would consider being flexible and spend time in a niche that is working right now. First time homebuyers and investors should be on everyone's list who needs to make money right now . I realize some of us don't like those markets or have specialized in others. However, now is the time to decide if change is needed in your career to survive the times. Sorry to get on soapbox here, but this is one of my favorite subjects. Hang in there!

If you plan on being in the business for the long haul there are definitely some great deals to be found if you are interested in buying properties and renting, leasing optioning or selling on CD. Obviously the problem is finding a bank willing to finance the deals. Find a good local bank to get behind you and you may be on to something.

Sit back for a little bit and hold on to what you have. Remember that right now Cash is King. Just wait till Obama gets in office and things start to settle down in the media. Then the markets will follow and settle down as well.

The most important thing about being successful in this business is the ability to stay solvent, and stay in. Many agents in my area are dropping like flies. The yearly NAR dues are coming up soon, and they just do not see the benefit.

I always try to stay positive. Get some Zig Ziglar material, or Tom Hopkins material. Stay upbeat. Once the part timers and incompetents are out of the industry, and the market picks up (my guess is summer 2009), there will be more money on the table for those of us who weather the storm.

Check out this link. We all have blessings to be thankful for.

http://www.youtube.com/watch?v=qLziFMF4DHA

Brad.

That was a WOW video.... Thanks for sharing.

A fellow Realtor sent it to me. Very eye opening...no pun intended. Success is all about perception.

Brad.

There are some great ways to stay successful in this business and make huge money in this so called down market.

Wholesale, Lease Options, REOs, etc

It all starts with building a list of people. These list need to be investor buyers, bird dogs, retail buyers, and sellers. If you focus on the first 3 you will never have a problem doing deals.

Besides building the list you will want to make sure you add multiple streams of income to your business. You can do this through affiliate products, cpa netowrks, etc.

Nate Kennedy
VirtualREIMentor.com

One can certainly buy a property in the current economic situation... otherwise who knows the housing prices might just sky rocket once again.