By Diane Flannagan

I know I'm not the only one wishing for a return to the "good ole days" when houses were selling without much effort and buyers were standing in line, regardless of the price, to buy. It doesn't look like that type of market will be back anytime soon so what must an agent do to adjust to a "buyers' market"? The first step is understanding the definition of market types: a buyers' market is generally an existing inventory of over seven months, a sellers' market is generally an existing inventory of under five months. So what changes as market types change? The way we generate and convert leads.

In a sellers' market, the product sells itself. Buyers stand in line to bid up the price of the product. Occasionally common sense leaves all together in the rush to "get a house, now." In sellers' markets, agents can afford to invest their time and money in attracting business with their marketing efforts. Marketing is reactive and relies on attracting business. Marketing is relatively passive; after all, in a sellers' market all you had to do was be there.

It is obvious that the consumer's appetite for housing and confidence have dwindled along with the economy. Housing is a big ticket item and therefore a "first hit" commodity. Top Producers have already moved their activities to more prospecting and less marketing to improve their profitability and effectively work in this market. Prospecting is seeking and is therefore active in its intent. One of my coaching clients says, "I have learned to simply ask for business without any investment in the answer. The more people I ask the luckier I get!

To survive and thrive in this market you may want to try the following:
• Learn to ask and don't get attached to the result.
• Proactive open houses – Invite the neighbors to a "sneak preview."
• Call your past clients – give them good news, they got bad news from the newspaper.
• Join a community or civic group.
• Look to social media – Facebook, ActiveRain, Twitter, etc. help you become known, especially to generation "X" and "Y."
• Develop "Talking Points" – scripts to use in lead conversion.
• Work on referral sources – especially other agents.
• Go door-to-door in your market area – there is no "do not knock" directory.
• Deliver a marketing item in person – it makes an impression.
• Give your cards out everywhere – one top producer we know puts 10 business cards in her pocket every morning and does not go home until they are all given out to people she doesn't know.

Switch to more prospecting than marketing and watch your business soar!

Diane Flannigan is the Director of Career Development for John Hall and Associates, Phoenix.