Magic Bullets

You already know that there are no magic bullets to fix the economy.  It's a complex organism, beyond the comprehension of most mortals, and is quite able to resist the efforts of one person or of a small group.  Rather, it goes through phases, usually several  years in length.  The heights and depths of these phase extremes can be influenced (or exacerbated) by national policy positions.  In face, most efforts toward "economy management" seem to be more addressed to minimizing peaks and valleys and to keeping a steady track.  Hmmmm - how's that been working for you?

Nevertheless, we are now past the last low point and are on our way to the next high point.  It looks like there is quite a ways to go yet, the economy being the behemoth it is and not willing to turn on a dime (pun intended).  Still, nearly all realtors will tell you that things are better than two years ago, that they are busier, and that there is more buyer interest.  Another market I follow, the industrial printing business, is seeing the same thing.  More people are buying products that require printing (packages, labels, advertizing etc.).

It is comforting to believe that individuals (Mr. Bernanke, for example) can move the economy.  In fact, while policies and long-term strategies imposed by the Fed can make the peaks and valleys better (or worse) than if we did nothing, and while Mr. Bernanke's statements and actions can easily swing the stock market on a day-to-day basis, the ECONOMY is not holding its breath, waiting on a pronouncement.

My approach at the moment is to be grateful for the improvement, to look forward to several years of progress, and to put aside some savings for the next rainy season.  Will the next trough come 8 or 10 or 20 years out?  Can't say.  But it will come, and those who do not have a long term view and who begin to assume that the good years will stay forever (remember 2000-2007?) will be the ones who suffer the most.

To quote Proverbs out of context:  "Where there is no vision, the people perish."

Getting Better - Numbers or Sentiment?

We hear all kinds of facts and figures on the economy, and particularly for the real estate market.  Slightly better, getting better, maybe better, past the bottom, trouble ahead, could get worse, yadda yadda yadda.  When the numbers indicate a slight improvement that generally can't be felt, people don't feel better.  Sometimes "better" is still not "good" - a quote from my sister is that "it's better than a sharp stick in the eye."  Now there's a different perspective.

This week the South Carolina Realtors June market report shows some data that points to "better" - maybe not to "Good" but definitely to "better."  Here's some of the info reported in the paper:

New listings - down 8.3%
Pending sales - up 7.3%
Inventory levels - down 15.7%
Median sales price - up 1.9%
Days on the market - down 4.8%

I'd like to feel better about the direction.  It would be nice if the mood in the country was more optimistic.  Not that I'm wishing for a return of "irrational exuberance" but it would be a happier feeling if more people were able to think about "getting ahead" rather than "catching up."

Ultimately, the numbers really to tell the tale.  Gradually, continually improving numbers over a few years will really get us to a good place.  But, to use another family quote (from my mother), "I want some patience and I want it now!"

Appropriately Persistent

Everybody who's job it is to sell a service to a client by persuading the client of your value runs into the question of how much follow-up, networking, checking-in etc. is the right amount.  At some level, follow-up by phone or email is perceived as "appropriately persistent" and is generally welcomed by potential clients.  They like your energy, your enthusiasm and your willingness to stay engaged and not give up.  Those are qualities that clients want in service providers (after the deal is done and you're actually working for the client). 

This is an issue not just for photographers, but for realtors, builders, bankers, lawyers and Indian chiefs, as well as anybody else where the world doesn't beat a path to your door.

However, there is a level at which "INappropriate" persistence can be reached.  Now, the client sees you as a yapping puppy dog and a pain in the (pick a place).  The problem is that what is accepted as appropriate is different for different clients.  In order to feel good that you're going far enough, you have to go too far on occasion, at least in my experience.  Perhaps those blessed with exceptional intuitive insight to the human condition can read situations better and faster than I. 

It's true that being too pushy CAN cost you business.  But being too passive WILL cost you business.  I suppose everyone's got to find their own way through this marketing morass.  Paying close attention to all the cues clients give you will help find the right place to be -- but you've got to listen at least as much as you talk.  Like most things, it's all about balance.

It's good news for Somebody.....

In the January 2012 issue of Printing Impressions magazine, there's an article by Vincent Mallardi (Printing in a Mobile World - 2012 Hot Markets) that pegs Real Estate as the #7 hot market for PRINTING.  He claims that residential housing sales will "continue to sink" and the 2 million empty homes, not yet on the market, are foreclosed and repossessed.  He expects 350,000 or so homes to sell in 2012, but at reduced prices. 

HOWEVER, he expects strong growth in printed home-buyer guides, as well as in printed signage and marketing materials. If it's any consolation, he says that commercial real estate is in worse shape.  He's just really excited about the growth in print!

I've got a foot in both camps.  As a real estate photographer, it doesn't sound too encouraging.  But, as a part of the printing ink manufacturing industry (one of my other hats), I can see a sliver of a silver lining in the cloud.

My experience is that larger, nicer homes are still moving.  This is good for me because those homes respond better to good photography.  I've also seen several hotels asking for photography, and several are undergoing interior renovations.  It just goes to show that casting a wide net when seeking opportunities is a Good Thing, because nearly every event is good news for somebody.

Business Plans

A Business Plan is simply a structured way to increase the real chances of putting food on the table.  A random transit through life, careening off the guardrails as we barrel down the highway toward the end of the road, is a good way to go hungry.  Unfortunately, there are just enough lucky stiffs who actually do quite well with no plan whatsoever to make a lot of people think it can happen to them too.  These are the same people who play the lottery.

Our business plan was to establish a core business by marketing to realtors, builders and hotels.  This we have done.  We've established a foothold and done some business with each group, and have developed a degree of brand recognition in the local housing/hotel industry.  I confess, there's a little less there than I planned for, but between the economy and my still-growing understanding of where I fit, I suppose I could explain that.

The niche I hoped to fill was with wide-angle panoramas and 360° panoramic videos.  I take pretty good still shots, but the panorama seemed an area where I could differentiate myself from other photographers.

The second part of the plan was to market on-site portrait services to families and groups, including churches and businesses.  This has begun, albeit slowly, and I can see this growing to be a complementary income stream to the real estate work.

There are further parts of the plan too, but let's wait until later to discuss them.

I've pulled back the curtain on these "private" plans for one reason:  when you see me nudging into areas beyond real estate, it's not a sign of a plan change - I'm in real estate photography for as long as I can see.  That's my core business.  However, I need to try to push into the other market areas that are in my business plan - it's that food-on-the-table thing.  If I get fully booked for real estate, real estate gets my time.  If there's extra time, though, I've got plans for other markets in addition.

Thumbtack

Classy Real Estate & Family Portrait Photography

I'm experimenting with Thumbtack.com, a referral service where people searching for a service can be connected with people providing that service. I'm hoping that there will be tons of people seaching for real estate photography or portrait photography.

They have a reasonable rate for photographers like me to purchase the leads so I can follow up directly with the service seeker. I'm excited about exploring this new way of finding potential customers!

Special Correspondent?

It's important to bring value to your community whenever you can.  This is kind of a core philosophy of mine, not that I'm always successful at it.  By "your community" I mean whoever your audience, your network, or your customer base is.  In an attempt to implement this concept in a creative way, I volunteered to write a regular feature article for our local newspaper (the Fort Mill Times) on taking better pictures - it will be called Photo Finish.  This seemed like a way to share what I've learned, and get a little publicity (or notoriety) in the process.

So, I met with the editor and he agreed it might be a good idea.  He gave me a contract to sign (they're a McClatchy paper), which I did and have submitted the first article.  It's not been published yet, but this looks like it might be fun.

Everyone was crystal clear that there was no money involved, and that's fine.  The contract, though, did have an interesting section.  It allows me to describe myself as an independent contractor, a freelancer, a stringer, or as a "special correspondent."  From now on, you may think of me as "Special Correspondent to the Fort Mill Times"!  Lest that go to my head, feel free to think of me also as a photographer trying to make a living....

Balanced Marketing in Bad Times

It's 2012, and it's still rough out there in the Carolinas real estate market.  Some realtors seem to be at least static, if not growing, but others are really struggling.  One realtor told me recently that they had only one listing.  One builder told me that they had started only one house in the last several months.  Now sure, there's some style, work ethic and hustle issues, as well as simple skill, that can separate people within a given profession.   For those with fewer listings than others, I wonder where the right amount of marketing investment lies.

You bet I've got a horse in this race.  Realtors and Builders that are reluctant to spend marketing dollars don't buy photography.  On the other hand, wouldn't some level of marketing investment (photography or not) help sell what little they do have? 

Everybody's got their own issues and must make decisions that are right for them.  Still, when I hear that "things are very slow" or "I've only got one listing" or "My listings are not expensive enough for professional photography", three things fill my mind: 
1) Wouldn't aggressive marketing be a better strategy than passive (or no) marketing?
2) These people are SO underestimating what great photographs can do, even to mediocre properties, and
3)  How much do they think I charge anyway?  (my price list is open for all, and my wife assures me I'm not charging near enough)