Changing Times in Real Estate-It’s All About Location

By Bob Corcoran

RISMEDIA, Feb. 28, 2007-Well here you are sitting in the middle of a very different market than the one you were enjoying just a couple of years ago. Back then, tight inventories were spoiling you rotten. But today, inventories have swelled.

And of course, all that inventory means it's taking longer to sell homes.

So how do you succeed? It all comes back to one word, a word that has become synonymous with real estate: location. Pay close attention: no matter where inventory levels are in the market you serve, you can always count on a great location selling.

Location means better commutes, better schools, better shopping, better recreation, and all things considered, a better life. And most certainly better demand for that property.

In real estate and indeed, in all business in general, you have to always consider the word value. What value do things have, and what value do your services have? In real estate, location adds value. Always has, always will.

Location is adding even more value than it has in the past. Just look at the prices at the pumps. Those costs alone are sending reverberations throughout our entire economy. And in real estate, rising fuel costs relate directly to location because consumers will now weigh their commutes to work more carefully.

But some analysts are taking it a step farther-and I agree-that what we're seeing is a fundamental shift in consumers returning to some serious core values. They're placing more emphasis on a better quality of life versus just big homes out in the suburbs.

Times, they are a changing. It's not just about the home itself anymore. It's about the life consumers can carve out near their home.

Location offers a life. Is there value in that? You bet.

So as you decide what listings you take, consider more carefully than you ever have before what surrounds the property, the school district, the commute to work, shopping, recreation, dining, mass transit – all of these are growing in importance. And the Realtor who fails to see this I think will suffer.

Ask yourself these questions:

1. Do you take listings with great locations?
2. Do you market your listings consistently?
3. Do you turn down listings that you know are overpriced and not marketable?

Any "no" answers mean you're likely lacking a solid strategy to build an inventory of saleable properties.

Make location the top reason for taking listings and you'll lower the number of days on the market and give your income a boost.

And taking overpriced listings with poor locations is a waste of time. Do you want to spin your wheels trying to sell a house you know is overpriced and doesn't offer true value?

So when you take a listing, make sure it's priced right for today's market. And even though the market may not be where you want it to be, don't feel pressure to take a listing based on prices from two years ago.

Educate your sellers about today's market-talk to them about what's going on out there and all the factors at play, and work to make the whole package attractive and tempting.

By understanding the times and knowing how to navigate them, you'll be the professional your clients expect, and you'll be more productive along the way.

Bob Corcoran is a nationally recognized speaker who is founder and president of Corcoran Consulting & CoachingSM, (CorcoranCoaching.com), an international consulting and coaching company that specializes in performance coaching, and the implementation of sound business systems into the broker's or agent's existing practice. You can reach him at 800/957-8353 or Info@CorcoranCoaching.com.