Is anyone making any money out there?

[1pklake]

I am really struggling. I am getting listings and buyers who are interested except they just don't want to commit. I guess you could say tire kickers. Is there an answer?

[Tim Shepard Destin]

You don't mention where you are at but I felt the same way around the end of 2007 when our market was absolutely stagnant. Unfortunately, things stayed that way for almost a year.

In Destin, these were my observations then:
1. Inventory was growing exponentially
2. Seller's thought 10% off the peak was "motivated"
3. Vacation homes and investment properties couldn't cash flow taxes and insurance. Forget about any help with the mortgage.
4. The gap between sellers and buyers expectations was huge and almost impossible to close.

Things have turned around now and the four things I mentioned above have all had very favorable changes. Buyer's are coming around and sellers are getting realistic.

If your market resembles ours from a few years back, I would recommend:
1. Use everything you know to convince your seller's to lower their price. Being marginally lower than competing listings isn't good enough. You need to look at the current market and get them to come down another 10%. It's painful but essential. If you haven't already been agressive with price reductions, call every seller you have and go to work.
2. Focus on buyers. I'd trade 20 mickey mouse listings for one good buyer right now. Listings are easy to get in a down market. Quality listings aren't.
3. Volume - Its a numbers game. Generate more leads, show more property, write more offers and get fewer accepted. In 2004, out of every 10 people that got in my truck, I wrote 8 or 9 offers...7 or 8 would get accepted. Today, out of every 10 people that I show, 4 or 5 write offers and only 1 or 2 get accepted. Keep in mind I have to generate 3 times as many leads now and make that many more phone calls just to get the 10 people to start with. Real Estate is hard work now. It was too easy back then. We are trending toward somewhere in the middle and I can't wait to get there.
4. Find out where the motivated sellers are. Half my sales during the downturn were developer liquidations. The developers were working with their banks and always had the best prices.
5. Check your MLS to see which areas the sales are occuring in. If no one is selling then you are probably in big trouble. However, there may some parts of your town that are doing better than others. If you have a website, use ppc to target those areas more agressively.

Work smarter, harder, and longer than you thought you could.

Good Luck!

[stevetrang]

I'm having a banner year, but I started in 2007 so I guess that doesn't mean anything. Persistence is key. I invested a lot in advertising, and that's where a lot of my business came from. I now focus on my website, and they are higher quality leads. No matter what you do, do NOT pay for realtor .com.

[andyReloans]

Things are kind of wavey for me right now, I have a few sales then just like that I have none. So kind of up and down.

[SLP-NYCT]

@1PKLAKE,

Start with beefing up your signature and telling us more about yourself in your bio. Next, If you are not doing well right now, you are not doing well in 2009. In our market, its a 7-9month lead time to list and sell a home we we are fast approaching the 2010 closing cycle.

Work on your listing and go get more. Get them prices well. No sense in have an over priced listing.

Finally, if you have not yet, get yourself a REW site. Did wonders for me and many others on here.

[scottiegrace]

The market seems to be picking up in my area. All winter our listings were just sitting there and costing us advertising money and then when April came around bang. We sold 90% of them and helped quite a few buyers. Now I just need more listings to replace the ones that we got rid of. That's a good thing though.

[bogart]

2. Focus on buyers. I'd trade 20 mickey mouse listings for one good buyer right now. Listings are easy to get in a down market. Quality listings aren't.

its a 7-9month lead time to list and sell a home we we are fast approaching the 2010 closing cycle.

Even in a down market, there's money to be made. With enough good buyers it should be possible to sell. I've looked at some homes recently and the agents almost seem disinterested.

[Tim Shepard Destin]

Even in a down market, there's money to be made. With enough good buyers it should be possible to sell. I've looked at some homes recently and the agents almost seem disinterested.

That's a good point. For the first 18 months of our market decline, I saw "disinterested" agents as well. Most agents felt like prices had a long way to fall and couldn't get excited. I really didn't see the market start improving here, until realtors attitudes reached a critical mass of "positiveness".

[bogart]

That's a good point. For the first 18 months of our market decline, I saw "disinterested" agents as well. Most agents felt like prices had a long way to fall and couldn't get excited. I really didn't see the market start improving here, until realtors attitudes reached a critical mass of "positiveness".

I guess when you include slow moving banks and unmotivated sellers into the formula, only a price correction can overcome the market inertia.

[SLP-NYCT]

Agents DO NOT sell homes. Price and Location SELL a Home. Buyers Buy Homes. We are simply marketing and negotiation specialists.

I am not a genie. Overprice your home and nothing I can do will cause a buyer to buy it if it is over priced for the market, location and condition.