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The lesson I want you to take away from this article is this: problems are opportunities. I know, you've probably heard that before. But today I want to give you some easy tips you can start using today to turn lemons into listings. As I've traveled around the country the last few months teaching seminars with my business partner, Bob Corcoran, we've heard plenty about the lemons -- lack of inventory on the market. Thankfully that appears to be easing some. Yet, it's still the situation in many markets: just not enough houses to go around for all Realtors to sell and make a living. Well, you know what I say to that? I say you can make your own luck and turn those lemons into listings. When you can't find a listing to sell, what do you do? Add another pillar to your business. Short sales are still there for the taking. And guess what? They let you generate your own inventory, and at the same, they let you help some desperate folks - plus they set you up to make money in yet another pillar. We are in a market where some folks are still underwater on their mortgages, but here's the key: they've never heard what their options are beyond foreclosure. It's a horrible situation - they don't want to answer their phones because chances are it's the bank looking for its money. These consumers are backed into a corner and they're scared. I heard recently those facing foreclosure hear from their banks over 200 times - earlier this year I met a consumer who got 253 calls from Wells Fargo. But another problem is that these consumers simply don't know that there are programs that can help them. One that comes to mind is relocation assistance. I know one family that sold their home for $150,000 - not a lot, but the family smiled when their Realtor told them Chase was going to give them an additional $10,000 for relocation. You can generate your own business by educating consumers. And short sales aren't as bad as you may have heard. You can even outsource the negotiations, and there are companies that specialize in this. Call me at 800-957-8353 and I'll share some names with you. In fact, I have several clients who have six full-time negotiators on staff. How do you reach short sale prospects? Yes, plenty of agents go to the web and find who's been served a notice of default and then start calling. Then you have 150 agents doing the same thing. Stand out from that crowd by realizing up to 40 percent of distressed consumers haven't been served a notice of default. Instead, focus on subdivisions built in 2005 or after. When you do that, you're not blast marketing, you're target marketing and prospecting with intent - a much smarter way to go. I also suggest you target investors who are buying and fixing. If they hold the property, you can become the property manager. Plus, you have renters who will become your future buyers. And you come to know the property better than anyone else, so when you go to list that property you're prepped and ready to sell it. Remember, a sign in the yard beats a sign in the trunk every single day because it generates more business. Plus, you can work to help the renters qualify for a mortgage and a new home. I love it when a plan comes together! Remember the lesson: problems are opportunities. If you want the inventory, you have to create the inventory. Bubba Mills is chief operating officer and managing partner of Corcoran Consulting Inc. (800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential broker or agent's existing practice.
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real estate, performance coaching, residential broker, short sale, real estate broker, Realtor, mortgage, house sales, real estate advice, Corcoran Consulting,
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