Where's the Market Going?

Here’s a good national report on 2009 that I encourage you to consider.  One statement I lifted from the article:

Succeeding in today’s market means accepting the fact that the real estate business has changed. “Today’s agents need to accept and embrace the market changes and then turn these changes to their best interest,” says Mesa.

It is important to remember that every local market has its own dynamics, but as the best in the business, we need to understand the national and regional context of which we are a part.  What IS different in 2010?  How can you clearly communicate it and apply it to your approach to business?

From my perspective here are the changes I see:

1. The market is younger (and I am older).   I used to be younger than many of my clients.  Not any more.  It is important for me to be a student of the generation of adults who are following me chronologically.  How do they think and what do they like and pursue?  It is important that I allow those answers to influence my approach to marketing and service.  Working younger is one of the reasons that I enjoy the Go team so much.

2. Buyers are nervous: They have lots of sources that discourage them from making a purchase.  Family pressure, job instability, media sources, and personal economics all make it more difficult to work through the initial objections to buying a home.  Realtors have to address, not battle, all these sources.  Buyers require more encouragement and time than they used to take.

3. Pricing is critical: It is stupid to take an overpriced listing.  It wastes my money and creates a frustrated client who won’t be making referrals to me.

4.  Expertise in social media required: It is not enough to “be on Facebook.”  As an agent, I must have a social media STRATEGY, and I must be part of a company that focuses on reaching consumers through entertaining, engaging, and informative Internet communications.

5. Handshakes and handwriting don’t go away:  We must be both “high tech and high touch” to borrow a phrase.   Social media impact only moves people a certain distance.  I must shake hands daily with prospects, look them in the eye, and write five thank you notes to end each day (okay maybe some of those notes can be e-mail).  There is no replacement for the tactile touch of my hand to theirs or my pen to their note.  In a world where personal encounters diminish, this approach becomes an even greater investment.

What do you see differently about the market from your perspective, especially as you adjust your personal business plan?  What will you do in response to your insights