How do the most experienced and sophisticated handle marketing when the real estate market faces tough times? The market has been good for the past seven years since the big crash. That being said, what can you do to be ready for any downturns that could possibly happen? What questions do you need to consider? I’m not writing a pessimistic post to talk doom and gloom by any means. In reality, things look pretty good from where I am looking. The reality looks promising, but there still remain analysts out there who say home sales are slowing in cities like San Francisco, Miami, and New York.
Slowing home sales is bound to happen at some point. There is no way that something can go up indefinitely. Let’s face the facts. Maybe, that scenario is already occurring or it could happen in another five months to six years. For those who are more newly invested in the real estate investing industry, it’s wise to take time and look ahead to determine how you can continue to win regardless of the market is doing.
Always Market
It’s important that you continue to push your business (and/or yourself) through the noise by marketing— and continue in your activity— regardless of the recessions occurring or booms happening. People need to get to know you and know that you exist. Activity and marketing are the two biggest reasons why some fade into real estate oblivion and some soar in down markets. Sam Zell is known as the “grave dancer”— a man who makes a killing when everyone else is going bankrupt and losing money. Keller Williams saw its best growth when it made the business visible in the worst of times. In my business, I can validate to stepping up marketing and the amount of deals I’m doing in the toughest of years. I’ve found it to be a way to breakthrough. This past December, when the competition was slowing down and preparing for the holidays, I and my team increased our activity. The results were phenomenal! It was less noisy in the marketplace, so we had a chance to really make a splash.
In addition to being consistent, you can take advantage of opportune moments. The moments I’m speaking of are the ones that shake out the average players and the individuals who display a lack of commitment. Discover the opportunities that fill the missing pieces left by others. Take over new niche markets and market share.
Be Budget Smart
Show tact and wisdom when it comes to your marketing budget. Think target marketing versus the shotgun approach. Know when to capture the moment. Anticipate when to make a bold entry. Have guerrilla style marketing techniques in your back pocket. As opposed to pulling up large lists in an area, choose a neighborhood and drive there to check it out for yourself. Look for vacant or distressed properties.
You will need to learn how maintain a laser-like marketing focus in your business. If you don’t have success in one avenue— find another. The marketing options are endless; from direct mail, bandit signs, expired listings, online marketing, blogging, and more! You have so many marketing options to choose from; remember to mix it up!
