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- Stay on top of the changes that will be driving the recovery
- Understand why these changes are taking place and know how they will impact the market
- Be able to educate buyers and sellers by simply and effectively communicating these changes using powerful visuals
Do the Necessary Research
Will the 30 year loan actually disappear with the reorganization of Freddie and Fannie? Will the Administration take Bernanke's advice and turn large numbers of foreclosures into rentals? Will this be the year that the 5.9 million adults between the ages of 25 and 34 still living with their parents move out? Will they become owners or renters? These and dozens more questions will be answered in 2012. We must remain current on all the developments that will drive the housing market in 2012.
Determine Which Changes Will Affect Your Market
More than just staying on top of the news, we must understand the back story to each headline. It will not be good enough to have a sound bite answer to our clients' questions. We must have a depth to our answers created by insights we garner with our research.
Take On the Heart of a Teacher
While these changes are taking place, confusion will be created in the market. Confusion creates uncertainty; uncertainty creates fear and fear can create a paralysis in the decision making process. We must remove the fear and uncertainty by taking the time to sit with buyers and sellers and give them a perspective on what is happening and how it may impact the decisions they and their families make. If we patiently educate the consumer they will make the informed decisions that will help their families reach their housing goals.
Realize That Powerful Visuals Help the Educational Process
Study after study has shown that it is easier for adults to learn when visual aids are utilized. Some of the concepts we will need to explain will be complicated. It is our responsibility as the professionals in the process to break down these complicated issues into more easily understood visuals (graphs, charts, InfoGraphics, etc.). This will not be easy but will be crucial. As Einstein said:
"If you can't explain it simply, you don't understand it well enough."
The industry needs professionals who care enough to do the research, prepare the conversations and create strong visuals to help the consumer better understand this rapidly evolving market. Those who do the work will be seen as the go-to professionals in their areas.
If you need help with the process, KCM has a team of researchers, a strong graphic department, and a reputation for providing great insight on the real estate market. For more information, visit www.KeepingCurrentMatters.com.
When I first entered the ranks of management, I would often get frustrated when my staff did not understand what I deemed to be rather simple instructions. Once, I visited my father and complained about my staff's confusion. He sat back and asked a simple question, "Who is responsible for teaching the staff what was required of them?" I answered that it was my responsibility as the manager.
He then explained that the challenge was not with the staff but instead with me. If it was my job to teach, any lack of understanding was because I didn't explain the situation well enough. He got up to go to bed and, as he left, he turned and said: "Stop wasting time complaining. Instead, take that time to figure out a better way to help your team understand the situation."
My pop was always tough. He was also always right.
- Steve Harney
1. 5 Real Estate Trends to Look For in 2012
2. When the Prophet Says Buy - BUY!
3. Negative Equity: State By State
4. People Are Buying Homes AND GETTING MORTGAGES!
5. Mortgage Predictions for 2012
