At the start of each year, Silicon Valley Realtors are always eager to hear top brokers weigh in on the state of the housing market and receive advice on how to make their real estate business successful. At a Realtor district meeting last month with nearly 90 members of the Silicon Valley Association Realtors in attendance, some of the region's top brokers and managers in different ways conveyed the same message to the agents: Like any other business, you can be successful if you focus and work hard.
The brokers indicated compared to the past, much of the real estate agent's job has gone away. Buyers can now search for homes on the internet, so today, Realtors need to up their game and show their value. Scott Chase with Intero Real Estate Services said agents need to be "problem solvers," educate their sellers and uncover their clients' concerns.
"Real estate will always be local. There is so much noise right now. Focus on the fundamentals, have a plan, and execute your plan,' said Chase.
Michael Dreyfus with Golden Gate Sotheby's International Realty Palo Alto said Realtors are more pressured to be experts. "Have an opinion, a strategy, lead, focus, get an expertise. It's hard to lead if you are all over the place," said Dreyfus.
Agents need to understand the competition and what they are offering, said Rainy Haike, executive vice president and COO for Alain Pinel Realtors. "Understand what you do that's different. Know your value, plan, and take action. Don't procrastinate," said Haike.
Chuck Nunnally with Keller Williams Bay Area Estates Los Gatos, believes nothing has changed in the business other than technology. He stressed while technology is good, "real estate is still a people business."
"Prospect, know your presentation, work your plan, plan your work. You have to go after the business," said Nunnally. "You can be successful if you want to. You just have to work at it. Leverage, up your game, know your market."
Tim Proschold with Sereno Group Los Altos said Realtors should not to be discouraged by Silicon Valley's expensive housing market. Compared to the rest of the world, homes in the Bay Area are still cheap. "We have more open space, so don't discount it," said Proschold.
Proschold also advised told agents to focus and stay in front of your people. "Have a system in place, work your sphere of influence."
Nancy Robinson, regional vice president with Coldwell Banker Residential Brokerage, said with stiff competition, agents need to show their value. She emphasized the importance of having a business plan in writing. "You need to up your game from a marketing perspective and presentation perspective," said Robinson.
Despite a notable market shift characterized by fewer sales, slightly longer days on market, and some price reductions, the brokers are positive about Silicon Valley's housing market.
"It's never a bad market. This is a great area with a booming economy. It's a great market for someone," said Dreyfus.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.