Real estate is a dynamic industry with its notorious cycle of ups and downs. It is often unpredictable, even by the tycoons of the market. And when the market gets slow, whether it’s because of a traditionally slow season or due to a recession, it is important to protect your real estate business.
The question is, what are the most effective strategies to go about making that money? I had an opportunity to discuss market strategies with the infamous Ligon Brothers.
If you’re in the real estate community you’ve definitely heard of Michael and David Ligon, aka The Ligon Brothers. They are well known for their investment tactics and wealth creation methods. I was able to pick their brain and they gave me some expert advice on how to boost a real estate business in a slow market.
Hence, below I am sharing a few creative ways you can use to bring in additional revenue or to maximize your current revenue based on my conversation with the Ligon Brothers.
So let’s start with new buyer clients since they are the easiest to find in a slow market. If you don’t have buyers, you don’t have a business. Fallacies about the buying process keep many investors from exploring the possibility of buying a property. But a little education can make these would-be investors into lifelong property owners.
The main hurdle is that buyers want to wait until the market hits bottom. I would advocate that don’t wait to buy real estate, buy real estate, and wait. The real estate market is unpredictable and instead of hitting the bottom, it may go up. The real estate market can turn quickly.
To maximize your income in slow markets, I would suggest advocating and help investors find a killer deal. As a real estate investor, you know that the success of your investment lies in smart purchases. To find investors in a slow market, attend every real estate event. Keep your focus on buyer clients. By expanding your services, you can expand your sphere. During a recession, buyers are more motivated.
Likewise; buyers are motivated in a down market. But it’s hard to find properties for sale in the sluggish market. Some property owners may want to sell their homes in a slow market, which gives you additional bargaining power. You need to keep a close eye on the market, and keep the buyers in your contact.
Also; the Real Estate Owned (REO) properties also warrant the attention of investors. Real state-owned properties are a good source of leads, if not deals. Sometimes banks are more willing to sell their REO inventory at a discount rate than to hold onto it. In such cases, roll up your sleeves and get ready to dig in.
Additionally; a down market is a golden opportunity to expand your real estate business. By offering recession-proof deals to your clients, they fall in love with your business. In a slow market, with the right attitude and the willingness to take action, the new clients in the market can be yours.
To encapsulate; all markets operate in cycles, including real estate. The real estate market often mimics economic conditions and is directly impacted. But when the real estate market starts to slow, it’s time to reevaluate your real estate marketing ideas and strategies. Executing the aforementioned real estate strategies can be effective even in a sluggish market.
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