September 2nd, 2010
Eros Peterson, a Canadian reader, pointed out this article out to me that was in the Canadian press recently. It’s basically debating the possibility of whether or not Canada is about to have a US style housing bubble.
Eros, is convinced there already is a bubble in Canadian real estate, based on the rapid increase in prices in his Canadian neighborhood.
Having been through the nasty bubble here in the US in 2008 and 2009 I think there are some specific things to do when bubbles burst and there are down real estate markets:
- Refocus your marketing on successful real estate agents. Down markets hurt the agents businesses that are just marginal the most. So make sure your marketing is targeting to the successful agents.
- Change your marketing message to: real estate photography is more important than ever in a market where there is an over abundance of inventory. Homes need to standout from the competition.
- Shift some of your marketing to home buyers. You can do this by using rider signs or yard signs and area web sites that are targeted at home sellers in your area. Home sellers are always advocates of real estate photography!
Down markets definitely slow down the real estate photography business but it’s not game over!