Rainmaking after the tax credit is gone.

27 09 2010

 

Well, the tax credit programs officially end this Thursday.  And once again there is talk of starting a new round of credits to stimulate the housing market.  It’s no surprise we still need something to lead us out of this post-recession, but I’m not sure another shotgunned tax credit is the solution, for a few reasons: 

  •  The peak of sales activity during the final version of the tax credit program was lower than during the second version.  
  • The market plunged further after the final program ended than it did after the prior version.

This leads a tentatively rational mind to suspect things would only be worse for yet another tax credit program.  So what can I do today to make my own tax-credit environment, so I can make rain whether or not Congress approves another housing shopping spree?

  • Focus on housing value; it what is motivating buyers these days anyway.  Mortgage rates are staying at their lowest levels in 54 years.  Show how much more your clients’ dollars buy than 3 years ago. 
  • Focus on the value of your listings.  Most sellers expect to pay closing costs.  But if they apply that money towards lowering the buyers’ rate, it can open up the pool of qualified buyers and, more importantly, raise a huge flag over your listing that says, “Best value in the neighborhood.”  Plus, it can save your sellers 3-9x as much money, allowing them to net more money.
  • Focus on your value as a professional.  A knowledgeable, professional realtor is worth as much as a great doctor, attorney, or CPA.  What would you do differently in your business if you believed this?      
  • Focus on giving value to your prospects and past clients.  Let them know about the FHA MI premium changes, credit score changes, area housing trends, school district reviews, the list goes on and on.  But they won’t realize your value until they receive it. 

I look forward to working with the shrinking group of real estate rainmakers- agents who do what it takes to make a great living in this industry that changes daily.  I’d love to meet this week to share ways I can help you increase your value.  Thank you.

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