Osceola ReVIEW - November 2008 - (Page 2) President’s Perspective By Hope Andrews Dear MeMbers: According to many credible experts, the industry is now in the last 11 months of the distressed real estate market that has plagued our industry for the past 38 months. Other experts suggest that the 11-month estimate might be too optimistic. Whether one agrees with 11 months, or 18, is not relevant to the challenge that lies before the American real estate broker. The fact is that the end is in sight. The real question is what firms will enter the coming horse race, and place well for the lineup at the beginning of the next ‘up’ real estate market? The answer is simple. The opportunities of the next up market will belong to brokerages who, well before the onset of the new market, create and implement business plans that overcome three hurdles, and focus the firm’s efforts and resources in four critical areas. It is important to recognize that the challenge of 2009 will be as much a mental health exercise as an economic or business experience. From the outset, recognize these two things: 1) The up market will return (although not at 2005 levels); and 2) when the market returns, it will be a significantly different business environment than the one that existed at the onset of the current down market cycle. If your brokerage firm can overcome the following four hurdles, it can help you focus your resources and challenges going into 2009: • The Psychology of Down It is likely that the economic aspects of the marketplace will transition faster than the mind-set of the American real estate consumer. There is really no way to measure the mid- and long-term impact that the “psychology of down,” -- the emotional impact of negative mass media, the burden of distressed properties and the stress of sliding property values -- will have on the consumer. It is sufficient to say that these forces will negatively impact consumer confidence. A firm’s recovery strategies and business plan must address this issue head on. 2 • Time to Buy Another factor in play here is the fact that earlier industry initiatives to convince consumers to reenter the market through “time to buy campaigns” may have negatively impacted the industry’s credibility in the eyes of the consumer. Combating this effect may be as simple as partnering with an entity that has a higher level of credibility. • Finding the Right Horse A firm’s business plan will be its thoroughbred as they enter this Triple Crown. This is not just one sprint. One must establish training and performance goals, study each unique track, and run well throughout the season. The winning plan will set forth the strategic and tactical objectives and initiatives that the firm will employ at each turn throughout the season. Without a unique plan, a firm can be nothing more than a spectator. • Monitor MLS Sales Pending, closings, listings and other activities, as well agent registrations. Try to verify rumors and information gained on the street. Set up a system of office drive-bys to monitor obvious activities. Figure out who is left, what they have done to hunker down, who is exhausted and who may lack the emotional energy to cover the distance. ■ Osceola ReVIEW November 2008
Table of Contents Feed for the Digital Edition of Osceola ReVIEW - November 2008 Osceola ReVIEW - November 2008 President's Perspective Knowledge Services News Membership News Education Corner Association Staff Association Executive Perspective New Affiliate Offices New Real Estate Offices Welcome New Members Osceola ReVIEW - November 2008 Osceola ReVIEW - November 2008 - Osceola ReVIEW - November 2008 (Page Cover1) Osceola ReVIEW - November 2008 - President's Perspective (Page 2) Osceola ReVIEW - November 2008 - Knowledge Services News (Page 3) Osceola ReVIEW - November 2008 - Membership News (Page 4) Osceola ReVIEW - November 2008 - Education Corner (Page 5) Osceola ReVIEW - November 2008 - Association Staff (Page 6) Osceola ReVIEW - November 2008 - Association Staff (Page 7) Osceola ReVIEW - November 2008 - Association Staff (Page 8) Osceola ReVIEW - November 2008 - Association Staff (Page 9) Osceola ReVIEW - November 2008 - Association Executive Perspective (Page 10) Osceola ReVIEW - November 2008 - Association Executive Perspective (Page 11) Osceola ReVIEW - November 2008 - Association Executive Perspective (Page 12) Osceola ReVIEW - November 2008 - Association Executive Perspective (Page 13) Osceola ReVIEW - November 2008 - Association Executive Perspective (Page 14) Osceola ReVIEW - November 2008 - Association Executive Perspective (Page 15) Osceola ReVIEW - November 2008 - Welcome New Members (Page 16)
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