Wednesday, October 13, 2010
San Francisco Bay Area, California
It was announced Tuesday that several top American banks were freezing their foreclosure processes in order to review and ensure the legality of the transactions. Foreclosures represented 24% of all US home transactions last quarter and nearly 43% in California. Full Article
While this most recent freeze promises to be a short-term shock to the US real estate market, it underscores a continuing vulnerability for real estate agents whose businesses focus on REO and foreclosure properties. Agents whose businesses rely on referrals and repeat business are better positioned against foreclosure freezes and other shocks to the available housing supply. How does an agent develop a more balanced business model?
According to Larry Easto
, author and publisher of Real Estate Marketing Link
, focusing a portion of your time on a market niche not only increases profitability but lowers marketing costs and makes work more enjoyable. Mr. Easto advises agents who focus on a specific area to dive even deeper and super-specialize
in a home style, cultural or socioeconomic group. According to Mr. Easto, 16% of high producers focus on a profession/occupation and 20% focus on an ethnic/cultural or socioeconomic group.
If you would like to learn more about re-engineering your real estate marketing program, I recommend visiting Mr. Easto's site Real Estate Marketing Link
where you will find business strategies that you can immediately put to use in your own business plan. Super-specialization has been a part of my business plans for decades - both as agent and marketer - and I have found even more gold mining Mr. Easto's site.
Trokay, Eric Robbins