I recently posted to this site the fact that nearly one-quarter of the agents selling real estate in our market three years ago have quit the business. NAR membership in Colorado, which peaked near a high of 27,000 in 2007, now stands at just over 21,000, with many more agents on the way out.
Certainly this is a difficult market, and there simply are not enough transactions to support the weight of that many agents. But there's also a lesson in this... survival is a biproduct of taking active steps. If something doesn't work, you need to change it. If something does work, do more of it. But to simply keep doing what you've been doing while the tides goes further and further out is the recipe for slow and certain professional death.I recently began holding open houses again, after going over a full year without doing a single one. Now there's nothing wrong with open houses... in fact, if you want to know the truth, open houses are one of the most dollar-cost productive activities in real estate. You may read the studies and listen to the talking heads and think that home buyers do all of the shopping on the computer... but you would be wrong. Lots of people still get out on Saturday or Sunday afternoon and drive neighborhoods, looking for open houses.
Now showing up an open house is a good start, but it isn't enough. I will normally print flyers one or two days in advance and then knock on doors, inviting neighbors to the open house. Early on the morning of the open house (not five minutes before the open house), I will post 12 to 15 directional signs in the area, directing people to the property.
And then when people show up, I have snacks, fruit trays, bottled water, hot coffee and most importantly, LOTS OF MARKET INFORMATION. I won't chase buyers around a house or hound people who don't want to talk. But if someone has a question, I'm going to have a full, thorough, complete and documented answer. Because at that moment, I have the opportunity to start a relationship.
There are lots of examples of things people don't like to do, but which yield proven results in real estate. Most of them involve talking to strangers, which many agents don't like to do. Get over it.
If you intend to make it across the river, to 2012 or 2013 or whatever year it is when this market heats up again, you're going to need to be proactive. You're going to have to get outside of your comfort zone.
So recognize that no one feels sorry for you. No one cares about your problems. You have a choice, and it's a simple one. Will you commit to growing, or will you choose to die? Because the skills that got you to where you are today will not be enough to see you though tomorrow.
