Event Coverage
Sales are Out There, Realtors Just Need to Focus, Get Information to Buyers
At SILVAR's Los Gatos/Saratoga Tour Meeting last week, one Realtor stood up and reported receiving six offers on a $3 million dollar home which had only been on the market for five days. There was also talk of lenders holding back, but Realtors were hopeful as demand picked up, the market would improve.
District Chair Briane Crane acknowledged, "The market, in general, has been off. Nationwide, the market is off by 25 to 30 percent in total sales, but we are fortunate our market has held its own."
In fact, he said there are Realtors who are actually beating the market and report more sales this year than last year. Crane introduced the top producer panel composed of Marlaine Griffin, a Realtor with Intero Real Estate Services in Los Gatos; Tom Gallagher, a Realtor with the Sereno Group, also in Los Gatos; and Susan Perry, a Realtor with Coldwell Banker in Saratoga. Asked to describe this year, they uttered words like "unbelievable," "opportunities" and "increased business," and then they proceeded to share their experiences and give advice to their colleagues.
Realizing the market was not what it used to be can be quite overwhelming for agents, said Perry. "I stayed focused and devised a system to work."
Her system included digging into her data base and making at least 10 calls a day. Since a lot of her business is done by referral, it meant touching base with old clients, making cold calls, sending out a mailer once a month and taking education courses that could motivate her and help grow her business.
"They say the smallest deed is greater than the grandest intention," said Perry. "And it all paid off."
Gallagher and Griffin did the same things and stressed agents need to formulate specific goals and stay the course with a business plan.
"When the competition gets tough, you need to sharpen your pencil," said Gallagher.
"Perseverance is the key. You are your best asset," added Griffin.
All three also attributed much of their success to their managers, who gave them valuable advice. "The managers have been at the trenches, they know what to do," they said.
Working in this type of market has meant longer hours and doing more education of clients.
"You have to educate your clients so they know what they are dealing with," said Griffin.
"We're not in a recession here," said Perry. "Silicon Valley is doing very good. They need to know real estate is long-term, that they are buying a home more for their enjoyment. They shouldn't worry; it will all be all right."
She added, "Now is a good time (to buy a home). I remind them that historically, real estate picks up in the spring in Santa Clara County, so you want to buy now."
Gallagher indicated, "If you put county data and foreclosures in perspective, they will realize how strong we really are in Santa Clara County."
DataQuick Information Systems, which monitors real estate activity nationwide, reported in the nine-county Bay Area, of a total of 3,242 Trustees Deeds recorded, or the actual loss of a home to foreclosure, Santa Clara County's share during the third quarter of 2007 was 410, compared with 1,159 in Contra Costa County and 674 in Alameda County.
MLSListings Inc., the multiple listing service of Santa Clara County, shows sales in the third quarter of 2007 actually increased in Los Gatos, from 65 to 77; Saratoga, 76 to 86; Sunnyvale, 164 to 172; Campbell, 50 to 75. Sales were holding their own in Monte Sereno, Cupertino and Mountain View, with sales staying the same or down by five or less compared with the same period last year.
Griffin stressed, Realtors need to cater to client's needs more so today. "I ask them where they want to go. I tell them they don't need to worry. I will fly the plane …and when it's over, I want them to say it was a great flight!"
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.
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