17: Identifying Opportunities in a Slow Market

In this episode, Rebecca Green and Kim Borcherding discuss how real estate agents can identify opportunities in a slow market. They emphasize the importance of targeting downsizers, leveraging databases for market insights, and building referral networks to enhance business. The conversation highlights the need for education and resources for clients, particularly seniors, and the potential for investment in various markets despite current challenges.

Takeaways:

• Focus on downsizers as a key market opportunity.
• Educate clients about the real estate process and resources available.
• Build trust with seniors by providing valuable information.
• Leverage your database to understand market trends and opportunities.
• Explore investment opportunities in markets outside your own.
• Utilize referral networks to assist clients moving to different areas.
• Stay proactive in seeking opportunities in any market condition.
• Offer seminars and classes to educate clients and build relationships.
• Understand traffic patterns to better serve your clients.
• Always look for deals, especially in down markets.

Chapters

• 0:00 Identifying Opportunities in a Slow Market
• 6:16 Leveraging Your Database for Market Insights
• 10:55 Building Referral Networks for Success

Transcript

Rebecca Green (00:01)
I'm Rebecca Green and I'm here with my co-host Kim Borcharding on how to real estate today. We are going to do a short episode today and we're gonna tap into something you can do right now to seek opportunity in the current market because it has been a little bit slow in a lot of markets for lot of agents. So Kim, I'll let you go first. What are you seeing as an opportunity? Okay.

Kim Borcherding (00:25)
Okay, I have an idea Rebecca and I've been

I've been telling agents and I'm waiting for somebody to really execute this okay so if you are an agent right now and you're a little slow in transactions and You're looking to drive more business this year in my opinion. I think this is brilliant

Rebecca Green (00:41)
Okay.

Kim Borcherding (00:41)
Okay. So when

you look at the demographics of who's actually transacting in real estate right now, okay. So profiles of people, okay. You don't, you have, yes, some kind of first time home buyers, you know, who aren't in the, who don't have a 3 % interest rate because that, that markets, the move up buyer is really slim. So I'd be like, okay, I'm not focusing on move up buyers. So you have first time home buyers.

But really the other big opportunity is the downsizers guys. I was just at Tom Faire a few weeks ago and he talked about this as well. The silver tsunamis, what he referred to it as. It's the boomers, it's our seniors, it's our downsizers, it's our people who have, are in homes, have a ton of equity. They are ready to move on to the next phase of life. And they're not that concerned about

Rebecca Green (01:13)
Yes.

Hmm.

Kim Borcherding (01:36)
the prices or the interest rates, maybe they're cash buyers, again, whatever this, that is the market. And if I was a savvy agent, I'd be thinking about, how do I get in front of those agents and how can I market, sorry, those agents, those clients, and how can I stay in front of them? And I think a brilliant idea is, tell you this myself, I'm helping my parents and as they're kind of phasing through their,

Rebecca Green (01:38)
interest rates.

Yeah.

Kim Borcherding (02:06)
a new season of life. And they need guidance in terms of how to do that. They may have been in this house for 30 years, 20 years. They have not done a real estate transaction in a long time and they need education about this. And here is a tremendous opportunity to add massive value by educating them. And what that means is talking to them about

tax implications, gosh, talk to them about the actual process. Talk to them about where would they move. Guys, I'm doing this right now with my mother. She lived in a place, she needs to move somewhere else. She doesn't even know where she would move to. And maybe it's a senior home, but maybe it's not. But it's also, maybe it is a senior home.

I think providing them resources, how about an estate attorney? Guys, there are estate taxes that far too people talk about and that varies by state guys. Oregon happens to have actually a pretty high estate tax. so like helping people be strategic about this phase of life and so educating them. So if I were to do it, I would be building out.

Rebecca Green (03:05)
Yeah.

I know.

Yeah.

Mm-hmm.

Kim Borcherding (03:25)
seminars and classes in person online by bringing in finding an accountant, know, or a tax advisor who specializes in this and it can help kind of coach people and you can collaborate with that. Maybe bringing in, you know, state CLP, like different people that touch. Let me tell you, you know what, you know who also this demographic needs?

Rebecca Green (03:48)
Yeah.

Kim Borcherding (03:53)
they don't even know how the heck they're going to get out of their giant house that they've lived in for 30 years with all their belongings and move into this condo in Arizona, whatever that looks like, house organizers. Guys, there's people that you can hire that help these seniors kind of consolidate their life and downsize. It's a big emotional process. So just bringing in all kinds of people to help coach and advise and then building trust.

Rebecca Green (04:04)
Yeah.

Kim Borcherding (04:23)
with this demographic because they need help. Like I said, I have these seniors in my life. They need help, they need guidance, they're looking for resources. And if you could be that resources that kind of cuts all the right people in front of them to have educate them on this next move. Like I think that's brilliant. Also, yeah, showing them examples guys like.

Rebecca Green (04:26)
Love you.

Kim Borcherding (04:51)
Okay, you want to downsize, here's what different senior living places look like. And let me tell you, there's independent living and there's assisted living and then there's 55 and over communities and here is a range of 55 and over communities and do you want to stay in state or do you want to go out of state? Gosh, maybe you're partnering, tapping your friend in Arizona where there's a ton of senior communities and showing that off.

Rebecca Green (05:12)
Hmm.

Kim Borcherding (05:17)
I don't think we have any of these in Oregon, at least in the Portland area, but Dell Web, have you heard of Dell Web properties? So these are these retirement communities that look incredible. I was like, sign me up, guys. Dell Web, like talk, like I like that, yeah, that's where I wanna live. Somewhere that's really social, yeah, so I don't know. But I do think it's great idea, do classes in person.

Rebecca Green (05:25)
Yes. Yeah.

They're amazing. I want to sit there. Yeah.

Love it.

Kim Borcherding (05:47)
course then, know, drip on these people, continue to serve them, continue to provide them resources, continue to educate them, add massive, massive value. Do it online, do it on zoom. Yes, guys. And then find and then find like people, business people to help again, create a referral network with attorneys, with tax advisors, all that. So that's that's my idea that I think somebody should run with.

Rebecca Green (05:51)
Yes. Yes.

11.

Mm-hmm.

Great.

Okay, so mine is lean into your database and understand what's going on in different markets in the country. And so what do I mean by that? Your database is filled with people at different, should be filled with people in different phases of the buying and owning.

Kim Borcherding (06:19)
Thanks

Rebecca Green (06:35)
phase, right? Different stages of the pipeline. So where is there opportunity maybe outside of your existing market? For example, Florida Real Estate has tanked lately. There's an influx of inventory. It is a great opportunity, in my opinion, for buying a second home. It's a great retirement opportunity, tying into what you were saying. It's a little bit far away from Oregon, but for anyone listening in other markets, understanding what's going on

around you and understanding traffic patterns will help you have better conversations with people that are in your database. So what do I mean by traffic patterns? There is a distinct pattern of where people are migrating to and where they're migrating from. So understanding both of those markets so that you can speak to them. For example, in my newsletter this month, I'm talking to MySphere about opportunities outside of Oregon. I'm talking to them about taking advantage

Kim Borcherding (07:34)
taking advantage

Rebecca Green (07:35)
of the higher interest rates and more inventory in other markets, perhaps to make an investment. believe it or not, even with interest rates being where they are right now, I think there are markets for good investment. If you're gonna hold something for the long run, or if you're buying something that you can use for yourself and then hold for the long run and maybe do some short-term rentals. opportunity can exist not just in your own market, but in other

Kim Borcherding (07:35)
of the higher interest rates and more inventory in other markets, perhaps to make an investment. Believe it or not, even with interest rates being where they are right now, I think there are markets for good investment. If you're going to hold something for the long run, or if you're buying something that you can use for yourself and then hold for the long run and maybe do some short-term rentals. opportunity can exist not just in your own market, but in

Rebecca Green (08:03)
places.

you're in a market where the migration out is really high, you need to be pushing the concept that you can help your clients anywhere in the world with a referral. I have an agent that I have been coaching. They made $142,000 last year in referral income alone. They are in a market where people are leaving by the bucket loads. And so they've tapped into, hey, as a sphere,

Kim Borcherding (08:31)
They've tapped into, hey, as a

sphere, I've been serving you for 25 years. As a real estate professional with my sphere, I've been serving you for 25 years. Let me hope to find somebody in the next place. Let me hope you find somebody where.

Rebecca Green (08:34)
I've been serving you for 25 years, you know, as real estate professional with Mysphere, I've been serving you for 25 years. Let me help you find somebody in the next.

place. Let me help you find somebody wherever

you're going. That has been a part of their conversation with their spear for many, many years. And it's really been paying off lately as people are leaving. So I'm always a big, big believer that you lean into your spear in down markets and you get creative with what sort of opportunities you're talking to them about.

Kim Borcherding (08:50)
their conversation with their peers for many, many years and it's really been paying off lately. So I'm always a big believer that you lead in peers here in down markets and you get creative with what sort of opportunities you're talking about.

Super smart, super smart. mean guys, I'm a big believer, know, I always investing in real estate, there's always opportunity, there's always deals.

Rebecca Green (09:16)
Yes.

Kim Borcherding (09:18)
When things are on sale, that's what I buy again knowing when If you're and where and if you're looking for the long-term hold so yes Florida is is being flooded with inventory right now. And yeah, that's when you find a deal guys

Rebecca Green (09:23)
And where?

More inventory,

think, than in the last 10, 12 years. Prices have actually declined. Go to your real estate agent locally. And if you're a buyer or seller listening to this, find out what your local real estate agent knows. Ask them for help. But there are markets in Arizona, markets in New Mexico, where they have an influx of new build. that new build is the inventory levels are a bit higher than they've been in

Kim Borcherding (09:40)
Yeah.

There are markets in Arizona, markets in New Mexico where they have an influx of new bills and that new bill is the inventory levels are a bit higher than they've been

in past years and so there might be opportunity there as well. There's opportunity in every market, it's just understanding how to find it and working with the right team to find I think it's another key point. Totally, and I love referral business. I have been referring a fair amount of my business out and that is great business.

Rebecca Green (10:03)
past years and so there might be opportunity there as well. There's opportunity in every market it's just understanding how to find it and working with the right team to find it I think is another key component.

It's great. What an amazing passive income source. And the agent that I coach, she loves it because she loves the conversation. She loves, instead of seeking out houses, she's seeking out the right agent and making the match. And honestly, we know our clients, some of our clients we know so well. I can talk to an agent on the other, you know, in a different state and know immediately if it's going to be a connection or not. Her clients. Yes.

Kim Borcherding (10:21)
Tell me. Tell me.

Instead of seeking out houses, she's seeking out the right agent and making the match. And honestly, we know our clients, some of our clients...

Totally yeah, it's like you're being a matchmaker guys great money like not

actually that's not talked about that is a great point Rebecca I love that idea that it's not talked about

Rebecca Green (10:52)
Yeah, all righty.

Good. Okay, those were two quick ones. We knew this would be a quick episode. Happy season. We're moving into the busier season. Hopefully things will be picking up for everybody soon, but make sure you're out there looking for opportunity in any market.