As part of our continued effort to better understand the real estate environment and share knowledge during these challenging times, we asked a group of trusted advisors, industry leaders and overall smart real estate folks to share their observations about what’s happening in the marketplace.

There are some notable changes from Q1:

• Lack of management experience is a big factor – lots of confusion about what to do next.
• Increased pursuit of any and all types of “efficiencies”. How can I cut cost and still do more.
• Continued financing hurdles for those that want to buy – especially on home sites.
• Buyers perception is that you can get 25% – 40% off at present.  They all want foreclosures or short sales….then it’s tough to get them financed.
• Pre-development communities are stagnant or dead.
• New development ownership and private capital on the rise.
• Interested prospects want completed communities – show me the clubhouse, let me play the golf course, what time is dinner?
• We are using the web and social networking much more. Must be targeted rather than mass media.
• Most prospects are jumpy and just won’t spend cash or go further in debt.
• On site agents have to relearn the art of selling.
• Follow-up is the key! Must be more frequent and more creative.
• Sales consultants have to be just that — consulting on financing, timing, market competition and they better be well versed in the competition too.
• A strong, trusted brand even more relevant than ever before.
• Developers lacking a positive and strong track record are dead in the water in this environment. People will not trust un-proven developers.
• Still watching for signs of positive consumer confidence – starting to see some now!

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