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Listen to Matthew Ferrara’s recent interview with the Massachusetts Association of REALTORS exploring ideas on how to use technology to cut costs, grow market share and innovate in today’s challenging real estate market. Jump start your productivity in the new year with some straightforward and easy-to-implement ideas for leveraging technology to make 2009 a great year to be in real estate.
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America has become so obsessed with its financial crisis that people are forgetting the basic lessons of economics. You remember economics, don’t you? It’s the science of how markets work. Yet everyone is acting like it’s a “strange reason” why companies are losing money, people are losing their jobs, customers are fleeing their products and services. We all know that “customers are sitting on the sideline,” but nobody is willing to really ask why. We all just assume it’s because “credit is frozen,” whatever that means. And everywhere we turn, people are saying somebody must do something – fast, soon, now – because the market downturn is assumed to be “a fluke” – it’s “happening” to good companies and good people through no fault of their own. As if the laws of supply and demand – and the customer – didn’t apply to the “modern” economy.
Nobody is asking the basic question: Should these companies fail?
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Ask any broker today what his “number one” problem with the market conditions, and he’ll tell you either there’s too much inventory or it’s all overpriced. Granted, if sellers want to put their homes on the market, nothing can stop them, with so many “for sale by owner” options out there. But that still leaves the issue of the overpriced homes that are represented by brokers. And that begs the question:
Why are brokers hiring sellers to sell their own homes?
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In the news today, the real estate market soared as buyers finally concluded that the prices of houses on the market accurately reflected their needs and desires, plus their ability to pay, given the broader conditions of the American economy. When asked how quickly they might begin making offers on current inventory, John Q. Public, spokesman for the Common Real Estate Buyer (CREB) said, “Looks like we’ll see a lot of offers being made this month, now that REALTORS have stopped trying to get our members to pay too much for their next home. Looks like the managers in most offices have finally started taking control of their companies and rejecting overpriced listing agreements from their agents.”
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Been having a great discussion with the fellow over at 4REALZ.NET over the new REALTOR.COM Home Estimator tool just released – and quite quietly, we might add, since even we techhies missed the press release (so we suspect the public did too…. and about half the REALTORS who don’t even know REALTOR.COM exists…)
