If we were to make a 2014 Real Estate overview, we would say the year saw some of the best housing market interest rates coupled with some of the lowest prices on the realty market. Although many realtors and real estate agents were able to take advantage of these factors, many more failed in a realty market that was exceptionally profitable for others. So let’s take a look at some of the major failings of real estate agents and realtors in this 2014 real estate overview.
Going At It Alone
Many real estate agents and realtors have a bit of success in a company or a partnership and decide to go at it alone. However, a substantial portion of the housing market failures of 2014 were “achieved” by people trying to be independent. Certainly, it was a buyers’ market and there were plenty of home buyers, but the information and exposure by working with a partner or a realty company cannot be understated. Partnering with a real estate agent directory like The OFFICIAL Real Estate Agent Directory® exposes your house listings to a wider local, and national audience, significantly increasing your chances of getting more interest, and eventually, getting a better price. Granted, you may gain more profit when you sell a home by yourself, but statistics show that partnerships sold more properties than independents, and selling more properties, even if you have to give up a piece of the earnings pie, inevitably means more sales, more profit and more experience in the long run.
Learn the Business First
In 2014, start-ups, branches and independents had the biggest failures in 2014. The major realty companies raked in the profits, while everyone else got the leftovers. Now, that doesn’t mean that “everyone else” wasn’t doing their jobs, and in some cases, branches, independents and start-ups flourished. But the main reason that the others failed was a lack of understanding of the business end of the housing market.
Every real estate agent and realtor needs to master the business end of the realty business before they strike out on their own. Know the basics and implement them for a successful business. The realty market is based on tried and true basic techniques that have worked since selling real estate began. The nuts and bolts of the realty business will never change, and these principles work for the big realty companies as well as they would work for independents. Master the basics, learn what a successful business model is, and use it. Those that tried to reinvent the realty business in 2014, paid a big price in limited sales and profits.
Quality Over All
Real estate agents and realtors that offered quality house listings had a higher rate of success in 2014. When you sell a home, professional looking pictures and compelling property descriptions sell more than sloppy looking presentations, no matter how nice the property really is.
In many cases, realtors just want to “get something up” and put in as little time as needed to showcase a property. The reality is that, by taking a little extra time to make the presentation as appealing as possible, it will go a long way when you sell a home. A thoughtful description that is grammatically correct, coupled with pictures that attempt to fully capture the area and the uniqueness of the property, went far to sell a home. Sloppy pictures and dull descriptions all played a part in why real estate agents and realtors failed in 2014.
2015 may become a banner year for real estate as a whole, but learn the basics, offer quality house listings and don’t go at it alone until you master the business, or you may end up failing while everyone else profits.