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Today’s Talking Point 9/28/09

Existing Home Sales Unexpectedly Drop

The new NAR report came out showing existing home sales dropped 2.7% after several months of increases. As we have been saying for the last 60 days, the market is probably leveling off. However, it will not be a ‘V’ recovery, where the sales would bounce off the bottom, but instead an ‘L’ recovery, where sales will probably dribble along the floor for some time before they will be strong enough to recapture true momentum. Use the the terms ‘V’ recovery and ‘L’ recovery with your clients but then immediately explain what you mean by those terms.

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As my father always said…

“You can’t learn anything while you are talking since you already know everything you are saying.” – Richard Harney (Steve’s Dad)Poppy

Great salespeople are great listeners. In order to prove to the customer that their needs are our primary concern, we must be willing to listen long enough to find out what their needs are. In today’s market, we must listen intently to what the consumer is trying to convey to us. The business is no longer about us telling people what to do. Instead, it now revolves around our ability to bring the consumer through a discovery process in order for them to truly understand the points they need to know. That requires us to educate and empathize with our clients. Take the time to care enough to listen!

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Never lose faith!!

As I travel around the country sharing my message with agents and leaders in the Real Estate industry, the same feeling overcomes me and sometimes even brings me to tears. That is the feeling of PRIDE. As difficult as this market has been over the last two years, I keep meeting people who REFUSE to be victims. Instead, they have decided to take on this bear of an econmy and wrestle it to the ground. They have decided not to lose faith. And I am not talking about them losing faith in the industry. They have refused to lose faith in themselves. As Realtors, we have spent centuries helping people through difficult times (death, divorce, loss of employment). And now, so many are stepping up and having the courage to help their sellers through this time of difficulty. To all those who have refused to give up, I SALUTE YOU!

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Seven things to do in Social Media

as per Jeff Turner

Here are some of my notes from Jeff’s session I found worthwhile at the Inman News Conference in San Francisco:headshot

1. Look outside the Real Estate industry to see how other industries use social media.
2. Put Facebook, Twitter and LinkedIn on all print material. (See the top right of our page, for instance.)
3. Care about the people you are in touch with.
4. Share openly and often.
5. Listen with intent.
6. Teach a newbie.
7. Still meet people face-to-face.

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5 Great Things for a Realtor to do in this market

1. Counsel sellers on pricing
There is an increase in buying activity. That DOES NOT mean we will see an increase in pricing. Remember the ‘supply and demand’ curve. Supply is still too plentiful. Price your inventory to sell now. This is the best chance your sellers have to sell their house and get on with the life situation that caused them to originally put the property on the market.

2. Use pricing materials on presentation of offers
Be as prepared for a presentation of an offer as you are when taking a listing. You know that on many of today’s offers the seller will have an issue with price. Be prepared to help the homeowner make good decisions by revisiting values in the marketplace and where they are currently headed.

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