Real estate is a fluid condition in which opportunity meets with expectation that converts to assets.
It’s a down market.
Inventory is very tight.
Rates are so high.
The truth of each one of these statements is that they are never static conditions.
Every market is ALWAYS moving, but recognizing its direction is the difference between an amateur and a professional.
So how do you maintain a professional attitude?
1. Maintain a positive attitude. Positive means that there are always opportunities, and the student of every market is always ready to learn.
2. Track the trends. One of the old stock market analysts who was a mentor to me, Ralph Acampura, said, “The trend is your friend.” No one ever picks the perfect bottom, and for sure no one ever recognizes the top. Millions are made in the middle.
3. Every person you meet is coming to you on three tracks: confidence, concern or comfort. Each one of those represents a mindset and an opportunity. Not everything is a problem. And not every question needs an answer.
Connections are more important than answers sometime since everyone is looking to get their answer in front of everyone. Most people are always selling, instead of listening. You won’t sell if you don’t listen.
Sometimes people need to know who are the best people I want to be on my team?
4. And the reality is that everyone has to move sometime. Those are turning points where you need to be of value and a resource.
So here are some thoughts to always keep in mind so that you’re always on your game.
Every market needs to be approached differently. You want to find out if and where they’re looking to move and what are the issues surrounding that transition. If you don’t become an asset to them in their transitional process, you will miss the opportunity in assisting them in their transactional process.
It’s all about logistics and location. You might be able to say over the course of the last year, I’ve been able to help more people than I thought possible, considering the fluctuations in the market. You got to do your homework that’s all I can tell you. If you know where you want to go, sometimes that’s half the solution.
Know your numbers: how many transactions have you been involved in within each neighborhood over the last year?
Don’t Presume You Know
Assumptions is a poor strategic plan.
Every move we make needs to be carefully calculated to eliminate obstacles.
In real estate, every month has its own dynamics that have to be accounted for. There are no straight answers, especially when it comes to pricing a home, marketing a home and identifying the right buyers. Make sure your connections know that you are a student of the market, no a know it all!
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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