What to Do in a Slower Market

Interview with Dagmar Sands, FIABCI-USA President

Making money in slower market can be challenging. For over 30 years, I have been both a real estate practitioner and consultant. I know that when the market changes, you need to maximize your business efforts. Even simple steps can make a huge difference in your earnings!

After a recent meeting at the International Real Estate Federation (FIABCI), I asked Dagmar Sands, FIABCI-USA President and CEO of Real Estate International Inc., Atlanta, to share her top strategies for making money in this market. Dagmar recommends that, as the market adjusts, you should first update your business plan. Go back to using some of the basics you used earlier in your career or try some new ones to build your network:   

- Join groups online. Invite new people to learn about what you do! Go to www.meetup.com and start your own group. You can call it “Investors Group of _______” to attract investors you could not contact on your own. Join discussion boards, such as FIABCI’s, and post what you want to share.  

- Use tech tools. Plant seeds today to harvest later. Tell everyone what you do! It's called shameless self-promotion, and it works! Send broadcast e-mails to clients and others. Use blogs and podcasts. Add video and audio programs to your Web site. Hyperlink with other professionals. Add your listings to www.kijiji.com , www.loopnet.com, www.PropertyLine.com,  www.HeartSmartProperties.com and www.Craigslist.com. It’s free and can result in huge exposure! If you have a storefront office, add a plasma TV so that after hours you can display properties from yourself and other professionals.  

- Give speeches about your business at a Chamber of Commerce, consulate office, or local board function.  

- Do more door-to-door calling. Hand-deliver material to clients and prospects. That personal touch makes a difference.

- Create new partnerships. Work with banks and credit unions to help sell their foreclosures. Partner with veteran investors who are investing in China for high-yield returns. Do joint ventures with syndications with developers.

- Read how-to books. Endorse and send books you love to clients and others as gifts. Add a personal note. I endorse the “The World is Flat,” “Never Eat Alone” and Dr. Margot’s books, “Commercial Real Estate Career Education and Resource Guide” and “7 Steps to Find Your Perfect Career.” Most people keep books so it is a great advertisement.

- Write articles or a newsletter of tips on market conditions. Send them to current and past clients and ask for business referrals.

- Attend classes. Use any extra time to take your continuing education credits. Take a course in a new business area that is offered at a conference so you can both learn new information and meet people.

- Start your own local Investor’s Club and hold monthly meetings.

- Attend C.A.R. functions and monthly CREW meetings. They are a perfect way to build your business network and reconnect with members you haven’t seen lately.

- Advertise your unique specialties (i.e., entertainment facilities, international properties). One FIABCI member specializes in clients from Israel. Another uses auctions to create urgency and sell properties for higher amounts.

Dagmar Sands is very successful in the real estate business. She follows the philosophy: Don’t be afraid to be a “purple snowflake.” Try Dagmar’s strategies. You can make a great deal of money in a down market if you stand out, show you are unique and set yourself apart from your competition!  

Dr. Margot Weinstein, CIPS

Dr. Weinstein, CIPS, is CEO of MW Leadership Consultants and a practitioner, consultant, educator/trainer and writer. Contact her at www.drmargotweinstein.com or by e-mail, drmargot@drmargotweinstein.com.