"The 2008 economic crash was the worst in American history — but market fallout from the COVID-19 lockdown may be much, much worse. We’re joined today by Dr. Michael Krein, the President of the National REO Brokers Association to learn how the coronavirus lockdown may critically destabilize the housing market in the coming months…"
It's been a rough month, hasn't it?
Unlike most of the members of this forum, I'm not a real estate agent - but I have been in the real estate industry for 11 years now, and over half of that time has included work with REO / short sales. I've worked with tools, technologies, agents & brokers and MLS systems. So I know the space, and I've had a feeling for a few weeks now that we're going to be in for a whammy due to the COVID lockdown.
I was fortunate to have a call with Michael Krein the other day, and he echoed the same concern that I've felt - and he was willing to do an interview on the subject to help share his insights & opinions. I write a bit, so this was an opportunity to try and get his message out to all of you to help give you as much information as possible for planning your own business during the next few months.
I want to thank Jesse Gonzalez for letting me publish this on REO Pro - and I think we all owe him thanks for building & maintaining this forum.
I met Jesse over a decade ago now, and at the time REO Pro was a guiding light for the community as literally thousands of agents poured into REO & foreclosures with little or no guidance. He's helped a lot of agents & brokers survive - and during the up-market he kept REO Pro around because we all knew that real estate is cyclical and there would be a downturn again.
Well, over a decade later, it looks like we're back where we started: except this time we have the knowledge & wisdom of experience to make better choices. That won't change the economy, but it will help real estate professionals prosper during the downturn better more easily than last time around.
Today is Easter - so blessings to all of you, and I genuinely hope that this interview helps raise awareness & preparation for the downturn I think we're likely to see in the coming months.