When it comes to real estate, the trauma that lies in the rear-view mirror for some cities maybe coming soon for others, according a story in today’s New York Times. Of course, this matters to many business categories, not just builders, developers or realtors. If you sell furniture, home improvements, maintenance services—or any big-ticket items that has relied on home equity as collateral used in a purchase—this issue matters deeply to you. Click here to read the story.
Implications: If you’re in one of the markets which has yet to reach bottom in the real estate market, how could you better prepare for the road ahead? One idea might be to study those who have gone first.
If you’re in a city like Atlanta, Minneapolis or Seattle, could you connect with a similar company located in Miami, Phoenix or Los Angeles to see how they survived the worst of the real estate meltdown?
There could be no better strategy than tuning-in to your customers (and prospects), understanding how their priorities might shift, and knowing the true benefits sought when the product or service you sell is being purchased.
This NY Times article reminds us that there has not been just one single, unifying, “Great Recession”… but thousands upon thousands of individual ones.