There are approx 2,169 Las Vegas Foreclosures for sale in the Las Vegas area per the local MLS.
This is for homes without contracts on them.
Foreclosure sales pending and homes with contracts on them are at .... 2,594
401 Foreclosure sales have sold so far this month.
This year approx. 15,400 foreclosures have sold in the Las Vegas area.
There are approx 5,056 Las Vegas Short Sales for sale in the Las Vegas area per the local MLS.
This is for homes without contracts on them.
Short Sale pendings and homes with contracts on them are at .... 7,089
248 short sales have sold so far this month.
This year approx 7,900 short sales have sold in the Las Vegas area
We are diving into the holiday season. The 2011 National Association of Realtors conference will be one of the last opportunities to network and poise our business toward success.
I hope you take this opportunity to learn about how the National Association of Women REO Brokerages (NAWRB) can help enhance your business. Stop by our booth #1678. We will share with you our innovative ideas for 2012.
Considering the cost of purchasing a home it would make sense that buyers would take necessary precautions to see if the home has any problems. A home inspection can point out any problems, if they even exist. The following list represents some pointers to consider when ordering a home inspection.
Review Credentials of the Inspector
It is wise to choose an inspector with engineering qualifications. The inspection process may discover some problems that would be best suited for an engineer to review. If that is the case, and your home inspector has no engineering certifications, then you could end up paying for the inspection of the home as well as an inspection by an engineer. A Professional Engineer designation is offered by the state and governed by a state board as well. You may ask for the inspector's designation before hiring him or her to look at your home.
Be Part of the Inspection
Do your best to coordinate the inspection with time that you are free. These inspections will typically last one to two hours. Going along to look at the home can give you a chance to see the home through the inspector's eyes. While it is a given that you will receive a copy of the report, and hopefully accompanying pictures, being present when the home is reviewed will allow you to hear and see the inspector's reaction to the condition of the home. It will also give the inspector a chance to actually show you an area of concern and perhaps provide some suggestions for how the issue can be resolved.
If Something is Confusing, Ask Questions
Home inspectors are trained professionals. They understand the structure of a home along with its working systems such as the plumbing, electrical and heating/air conditioning system. This means that the inspector may use terms foreign to you. Ask the inspector to explain any observation or issue that you do not understand. Buying a home does not mean that you have to be as knowledgeable as a general home builder. However, you should feel comfortable that the home is safe for living and that there are no immediate problems demanding expensive repair. Conversely, if the home is in need of serious repair and you have the ability or resources to fix it then you could negotiate with the seller to lower the home's price.
It is important to try and remain impartial about the home inspection. If the inspector finds some significant problems that will require a great deal of work and expense to rectify then it may be wise to consider buying a different home. However, it is also a good idea to remain rational. If you are looking at a previously owned home then you should expect that the home is not perfect and may need attention in a few areas. Just like buying a used car can mean saving some money in place of some small sacrifices, getting a used home can save many buyers some money if they are not afraid of doing a little clean up and some simple projects like a little painting or wallpapering.
Tips on your first Home Inspection - Original Post
Wisconsin Short Sales
Today I got a call from an agent about a short sale I have listed. In talking I mentioned the current owner is not in default to which he countered "but he must be." I am here to tell you from experience, from closings, from approvals in my hand your client does not have to be in default to obtain an approval for a short sale. If the mortgage co tells you they must be ask them to show you in writing where this is their policy so you can show your client 9 out of 10 can't and this will get you past this hurrdle..
Myth #2, I get all the time, "once I short sale I can't get a mortgage to buy for some time." INCORRECT!! In July of 2011 I executed and closed a short sale on my listing and the same client was approved to purchase a new home and closed 3 weeks later. There is no rule that says you can't, if you keep your current mortgage current and the person negotiating your short sale gets an approval that say lender is going to except short sale as mortgage paid in full. We supplied the payoff (actually both it was a first and second) and credit showed always paid on time client upgraded to bigger and better house for same payment and maintained good credit.
This point brings me to myth #3 "it doesn't save me any to short sale I should let my house go and save my money." NO NO NO! See above scenario if you bide your time and pay payments till your agent can negotiate a short sale for you, you can save your credit by paying your payments and getting that payoff showing paid zero balance! Just because a bank didn't go after your friend for his foreclosed home doesn't mean they won't come after you and garnish your wages, freeze your bank accounts, or harass you till you can't stand it any more. Problems don't just go away a short sale is a proactive solution to an economy induced problem.
Myth#4 I make to much money I will not get granted a short sale....you can make 500k a year and still be granted a short sale on your house and here is why. You bought 123 Apple St for 700k 4 years ago now it's worth 200k as it stands with you in it, looking nice and clean and put together. HOWEVER if 123 Apple street is foreclosed and then has chance to be stripped down or vandalized the bank knows it will then only be worth 100k so they are better off letting you short sale then risking another foreclosure on their books which will be supported when appraiser goes out and does BPO. This also disproves myth#5 that "I owe way to much compared to what home will sell for bank will never do it." I closed a home that had a $750k loan on it but appraised only for $295 so bank allowed the short sale after they did their bpo and we sent copy of FHA appraisal.
Myth 6 my agent is a "short sale expert" I'm here to say I have been doing short sales since 2006, I was taught by a bank how to structure and execute them and still I am not an expert and I'll tell you why. You can not be an expert at something that changes with every file, every day. You can be very good, you can be excellent but not an expert. There is no such animal for short sales.. I give the example that a short sale is like a snow flake, every single one is different! I have closed one in two weeks YES TWO WEEKS but in the same token I have had one take eight months. The eight monther was a first and second for a divorced couple with a husband that claimed bk on the second but none the less it took eight months to get to closing. I am great at them and many others are too but be wary of the self proclaimed expert as often they over promise and underperform.
These are all just my experiences as stated earlier there are many others out there and every file differs but I think education is important as many agents are telling people they can't when in fact they just don't know yet that they can! :-)
Avoiding Problems with Your Mc Farland Escrow Account
If you are using a mortgage to purchase your first home it is highly likely that the lender will request that you use escrow in order to handle the annual homeowner's insurance and taxes on the property. This is reflected by an additional payment on top of the interest and principal payment that you make on the home loan. Ideally, the lender will review this account every year to see if there are overpayments or underpayments and change the escrow accordingly.
Unfortunately, we don't live in a perfect world and companies do make mistakes. Here are some important facts to help you understand the basics of an escrow account.
Taxes
Property taxes are usually reviewed one year after a home has been purchased. At this time the property will likely get a new assessment, which can drastically increase the tax amount. For people that are buying a previously owned home this will usually not be an issue, although you should look at what the current assessment value is. If you are buying a brand new home, or if you have just built a home, then the previous tax amount was based on an empty lot. The existence of a new home will greatly improve the lot's value and subsequently change the tax amount.
Insurance
Before finalizing the loan you will be asked to provide proof of insurance from a licensed insurance agent. The location of your home may dictate a few extras that might not be prevalent in other areas.
For instance, if you are considering the purchase of a home that is close to a river or lake then you may be in a flood zone and subject to flood insurance. Homes that are located in extremely rural areas may be subject to higher premiums if there are no fire fighting stations in close proximity to the home. It is vital that you speak to your Realtor® before buying a home to see if there are any conditions about the home that would result in a higher insurance policy.
Reviewing the Escrow
Every year your lender should mail you a letter that goes over the escrow account for the previous year. It should list all of the payments you made to the escrow account as well as any amounts disbursed from the account to cover your expenses. You should also contact your homeowner's insurance agent and the local tax assessor's office to see if there are any upcoming changes for your tax bill or your insurance bill.
How to Handle Property Tax Increases
Going back to the early example of someone buying a new home or building a home, there is the expectation that the property tax amount will increase tremendously. If the increase is more than $1,000 then the lender will possibly add $2,000 to the escrow account in case the taxes increase again the following year. This presents you with three choices:
You've read about Mc Farland, Wisconsin short sales online or maybe you have heard about them on TV. Now you are wondering if this could be a good option for your Wisconsin house. In simple terms, a short sale is a process in which your bank agrees to accept a sale amount on your home that is lower than what you currently owe. There are many reasons why you might consider an option like this.
Whatever the reason you may have to be considering a short sale on your Wisconsin home, we would be happy to help you evaluate your particular situation. Rock Realty has helped many Wisconsin homeowners work with their bank to come up with a resolution. Feel free to fill out our no obligation online form for further assistance.
Tips for Buying Your First Mc Farland Wisconsin Short Sale
A short sale is a fairly simple procedure, at least in theory. A homeowner sells their home for a price below the current mortgage balance. The bank agrees to take this lesser amount as payment in full of the mortgage in order to avoid the heavy cost of a foreclosure. Here are some tips for buying your first short sale.
Short Sale prices are determined by the Market
Banks determine which offers to accept by reviewing the current market conditions. They will look at the prices of homes that have recently sold in the nearby area. This information will provide the lender with solid data for the average price of a home in that vicinity. How low will they go? This depends on how quickly they would like to sell the home. If they determine that they would prefer to sell the home now, and not proceed to foreclosure, they may agree to sell the home at below market value.
Ask your Realtor® for their Price Opinion
Before you submit a low-ball offer to the seller, ask your Realtor® for their price opinion. This is a good way for a prospective buyer to find an appropriate price range for an offer. Your agent can look at recently sold comparable homes and give an opinion on what they feel the home should sell for. This is similar to a Comparative Market Analysis, or CMA.
Multiple Mortgages Can Cause Problems
When a home has a 1st mortgage and 2nd mortgage that are held by separate lenders then a short sale could take a very long time, if it gets approved at all. Unfortunately, this type of scenario is out of the hands of the real estate agent and the seller. Whether or not the two lenders agree to the short sale offer is totally up to them.
Approved Prices are Usually Processed Faster
If a lender has already determined a price that they will accept, this can speed up the process. Usually, this is an indication that the seller has been in contact with the bank to discuss the possibility of selling the home. If an offer within that price range is submitted to the bank, the short sale is far more likely to be approved quickly.
Prepare for the Bank to say No
While short sales can help buyers get a home at a discounted price, the process can stretch out over time. The sale can get turned down by the bank for a number of reasons. This is why people looking to buy a short sale should be prepared to move on to a different property in the event that the bank denies the short sale. Keep an eye open at available homes during the short sale process. If the bank does say no, you will then have a list of potential houses that may also be an option.
While a short sale transaction may span a few months, it is a good way to buy a home at a friendly price. Talking to an experienced Realtor® about the available short sales in your area could put you in line to get a good home at a great price.
Buying a Short Sale - Original Post
Understanding your Mc Farland Wisconsin Home Owners Insurance Policy
There is no doubt that an insurance policy on a home can be tough to understand. However, going over the policy and making sure you are comfortable with the important parts can payoff down the road. Here is an overview to make sure you have the basics covered.
The Home
It is important to know that in the event you lose your home to some sort of accident or force of nature that the insurance plan will provide enough funds to rebuild the home. This goes beyond the selling price of the home when you bought it. You need to know that the home can be replaced at today's costs. Construction costs and materials tend to rise over time. It is important to have replacement cost as part of your insurance policy.
Replacement of Belongings
Besides the actual structure of the home you should also consider your belongings. This can really mean anything such as furniture, dishes, picture frames, electronics, clothes, jewelry and a host of other items.
Try to stay away from the “current market” clause. This means that your 5 year old couch would be replaced at a price that assumed 5 years of use. The same concept would apply to any item that you have owned for a considerable amount of time. Also, ask the insurance company about their process for allowing you to replace items. For instance, if your home burned down and you are staying in a small apartment, do you really want to replace your giant screen TV right now? If the insurance company only gives you 60 days to replace an item, where will you store the products? Does the company demand that you buy an item, provide a receipt and then get reimbursed? All of these items should be covered prior to getting a policy.
Deductible
The deductible for a home insurance policy works in the same manner as an automobile insurance plan. Higher deductibles will result in a lower monthly premium. However, a high deductible assumes that you have the funds to pay the amount in the event of an emergency. A smart financial move would be to save up a good amount, such as $2000, and then change your plan to a deductible of $2,000.
Liability
It is always a good idea to have a strong liability plan in place. For instance, if you have guests for a backyard barbecue and someone falls at the party, your liability policy should cover the expenses for the fall. This could be the cost for the ambulance, any stay at the hospital and possible rehabilitative therapy that is necessary after the injury.
Day to Day Expenses
Some insurance companies will reimburse you for your expenses while you are awaiting for your home to be rebuilt. Make sure you understand the circumstances surrounding this type of expense and how the insurance company will reimburse you.
A lot of the terminology used in the insurance plan is unique to the insurance world and may take a conversation with an agent to understand it properly. Understanding the policy before purchase will help you to feel confident that you are covered in the event of a major crisis.
Understanding Home Owners Insurance
This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening.
I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues. At thus point I have 2. It is in Belle Haven, a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are good.
Today I got a call from an investor who asked if I would represent him. I told him I do not double end deals as a general rule, and never do it in a multiple offer situation. I gave him the name of an associate who could help him. He then asked if this person would be representing multiple buyers. I was shocked. If being a dual agent does not seem right to me, representing multiple buyers is beyond all sense of ethical behavior. The investor told me he has bought and sold many homes and this practice has been coming up recently.
All I can say is not on one of my listings, no way, no how.
If you have any questions about buying or selling short sales in San Mateo or Santa Clara Counties please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Ok....so for the past few months, I have been hearing a lot
of people saying that their REO Inventory has been slashed or REO is really
slow....or...."a decrease in REO inventory" however, I would like to
suggest an alternative opinion.
First, let's talk about one of the earliest steps to
foreclosure, the NOD or Notice of Default. Now, I have looked everywhere and I
can't find a single source authority on just how many have been sent out
monthly since the start of 2011 as a nationwide statistic however, I did find some
interesting articles on many different websites that lead me to believe that
the NODs are on the rise. Granted, I searched like 20-30 different websites so,
I can't realistically quote each one however, the overall trend was most areas
have seen a steady or slight increase in the number of NODs each month. I did
see some articles where some areas have seen a decrease in NODs but, these were
really rare and seemed to be in areas where the average home price was well
over 250k.
My point above is, most of us haven't seen the numbers of
NODs drop significantly enough to see such a dramatic decrease in inventory.
Let's be honest with each other....how can we have a decrease in NODs when we
haven't really seen a correlated decrease in the unemployment rate? Yeah, I
said it.....and yes, it's obvious. If you don't have jobs...or job growth then
how can you see a decrease or even a leveling out of NODs? You can't....well,
you shouldn't anyways.
Now, what I do see happening, more and more is that many
homeowners are staying in their homes much, much longer than ever before. I
remember a time when I would do a relocation assistance negotiations and the
homeowner had only missed like 7 payments. Now, it's more like 24.....as a
minimum.
The sad truth of the matter is, regardless of how long these
people stay in their homes, regardless of whatever new "refinance"
plan the government can come up with, these people can't maintain a monthly
payment because they are too buys trying to find the money to pay their cell
phone bill, their electric bill, their car payment, car insurance, gas, bread,
milk, new shoes for little Jimmy and Susie, etc...
In short, yes....your inventory maybe shrinking...hell, it
my have even dried up but, it's not because no one in your service area is in
default, it's likely because the servicers and investors in your area are under
some type of regulations or "understanding" that if they don't want
to loose their FDIC insurance or be audited by the FDIC, they better slow their
roll on foreclosure and keep people in their homes....at least until after the
election that is.
Wisconsin Short Sales
Madison Wisconsin Short Sale Realtor®
Janesville Wisconsin Short Sale Realtor®
Beloit Wisconsin Short Sale Realtor®
Although it is hard these days to still find a true no money down mortgage loan, there are a few programs that come pretty darn close. Take the HUD|FHA $100 sales incentive program as an example. The loan officers over at Inlanta Mortgage have brought this newer mortgage program to my attention. I have included some excerpts from their HUD FHA $100 Down Mortgage Program blog post below.
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Just like every bank out there, HUD has also seen a rash of foreclosures over the last few years. When someone defaults on a FHA mortgage, HUD may end up owning that property since they insured the borrower against default. HUD is not in the business of owning or renting properties so they came up with a unique sales incentive in order to sell these homes.
HUD has offered a program to allow for a qualifying borrower to purchase a single family home with only a $100 down payment requirement. The borrower can finance the cost of the home + the 1% UFMIP as long as the value is supported by an appraisal. The home buyer may increase the offer and ask for a seller credit to cover closing costs and then would only be required to bring $100 to close. This is a great deal if you can find a property that is eligible. We have a link we’ll post below to get you to HUD’s website where these eligible homes can be found in your area.http://hudhomestore.com/HudHome/Index.aspx
The requirements for this program:
Home must be an approved HUD home
Single Family Residence
Owner Occupied
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I'd be happy to help you find the perfect HUD home for you! Don't forget about our home buyer discounts available. Call me at 608-921-8536.
I received this email today. Just passing it on.
"Morgan Stanley has annouced the sale of Saxon Mortgage Services to Ocwen Fiinancial Corporation. Ocwenn has agreed to acquire Saxon for the base purchase price of $59.3 million. The deal also includes an estimated $1.4 billion for servicing advance receivables outstanding.
The transaction is expected to close in the first quarter of 2012. According to Reuters, Morgan Stanley bought Saxon in August 2006 for $706 million.
This will mark Georgia-based Ocwen’s second major acquisition of a residential mortgage servicer in less than a year’s time. In both cases, Ocwen took the servicing businesses off the hands of investment banks.
In June, Ocwen agreed to purchase Litton Loan Servicing from Goldman Sachs.
In September of 2010, Ocwen completed its acquisition of HomEq Servicing, the U.S. mortgage servicing business of Barclays Bank."
Is anyone else up here in New England running into this scenario? A property listed far below the Current value( LP $150,000) thats about a mile to the Ocean. I contact the Listing Agent as soon as it pops up on the MLS, I am informed that the Seller will not accept my offer(I understand that the Seller can accept any offer they want). This Short Sale remains Pending for 6 months and eventually Sells for $105,000, Who is this lucky Buyer....You guessed it, the Short Sale Negotiator "is" the Buyer, the Short Sales Neg. secretary has recently purchsed 10+ homes, the Short Sale Negotiator owns a Investment Company that has purchased 10+ homes. And we all know this property was flipped in 2 days for a nice profit(probably assigned the sale from day 1). Any comments?? We all know the lender has no clue what just occurred.
I have received my short sale Certificate from Five Star
I am now listed on the REORedBookcom.
The Redbook was passed out this year at the Five Star conference to all the attending asset managers.
Below is from the Five Star website:
"We are looking for the best. The lender and servicing communities are calling for highly qualified, performing, experienced REO agents. And we're answering that call. All members of the FORCE must qualify through fulfilling the following:
REO Certification: We require the Five Star Institute REO Certification for membership.
Experience in REO: For our prospective members who can prove, through verification by FORCE staff, five years of active REO business, completion of the Five Star Institute REO Certification test will be accepted.
Licensing: We require that our agents be properly licensed REO agents or brokers in good standing, and we verify member information and references prior to accepting new members.
Continuing Education: Education is continuous, and mandatory. Members are held to that standard and must log in and participate in Webinar education monthly.
Local Multiple Listing Service Membership: All FORCE members must be active and participating members in the local MLS system in which they intend to broker REO as a member, and be in good standing as verified by FORCE staff.
Errors and Omissions Insurance: All new members must carry errors and omissions insurance with coverage limits per incident, per industry-accepted standard in their local market and provide proof of such coverage prior to formal acceptance.
Liability Insurance Coverage: FORCE members must have active liability insurance policies in place, providing for minimum coverage per incident at an acceptable rate per their local market. Proof of active coverage will be verified by FORCE staff.
Industry References: Prospective members must provide REO and real estate industry references upon applying to the FORCE. References are checked by dedicated FORCE staff prior to formal acceptance to the FORCE.
Code of Conduct: We require that FORCE members abide by our Code of Conduct.
Commitment to Excellence: We require that FORCE members uphold the highest professional standards."
I have received my REO Certificate from Five Star
Below is from the Five Star website:
"We are looking for the best. The lender and servicing communities are calling for highly qualified, performing, experienced REO agents. And we're answering that call. All members of the FORCE must qualify through fulfilling the following:
REO Certification: We require the Five Star Institute REO Certification for membership.
Experience in REO: For our prospective members who can prove, through verification by FORCE staff, five years of active REO business, completion of the Five Star Institute REO Certification test will be accepted.
Licensing: We require that our agents be properly licensed REO agents or brokers in good standing, and we verify member information and references prior to accepting new members.
Continuing Education: Education is continuous, and mandatory. Members are held to that standard and must log in and participate in Webinar education monthly.
Local Multiple Listing Service Membership: All FORCE members must be active and participating members in the local MLS system in which they intend to broker REO as a member, and be in good standing as verified by FORCE staff.
Errors and Omissions Insurance: All new members must carry errors and omissions insurance with coverage limits per incident, per industry-accepted standard in their local market and provide proof of such coverage prior to formal acceptance.
Liability Insurance Coverage: FORCE members must have active liability insurance policies in place, providing for minimum coverage per incident at an acceptable rate per their local market. Proof of active coverage will be verified by FORCE staff.
Industry References: Prospective members must provide REO and real estate industry references upon applying to the FORCE. References are checked by dedicated FORCE staff prior to formal acceptance to the FORCE.
Code of Conduct: We require that FORCE members abide by our Code of Conduct.
Commitment to Excellence: We require that FORCE members uphold the highest professional standards."
Hey guys....Anyone out there working with this company and have any feedback? I have been working with them for a few months and they just recently announced that commissions for the Fannie Mae listings were being cut to 2% on the listing side. When you factor in paying utilities, rekeys, inspections etc and the fact that they do not reimburse in a timely manner I am starting to think maybe they are the one's in trouble.....Any info from you guys would be helpful! Great site by the way!
So, how many agents are leaving the industry due to lack of
work? Have you ever stoped and asked yourself that question? Most likely not
but, I did this week because a friend of mine who owns their own real estate
brokerage told me that he is expecting that by the end of this year, his office
is going to shrink......so much so, that he may actually close his doors.
You see, many, if not all brokerages are built around
reoccurring revenue streams brought in by the agents. Obviously, I am not going
to go through every single office business plan I know of but, ultimately they
all revolve around either one of two...or both of these ideas.
Idea # 1: High
monthly fee and little to no commission split. These offices charge agents a
high monthly fee....like $500.00 a month or so and, yes...that is high in my
area. Now, these offices don't really care if the agents on their roster do any
business at all because, the broker is paying bills and making money off the
monthly fee. Normally, in these offices, the broker isn't making any money on
commissions anyways so, he is working for just that monthly fee.
Idea # 2: Low to
no monthly fee and high or graduates commission splits. These offices make the
bulk of their money on the performance of the individual agent. These offices
will typically charge little to no commission splits however, they typically have
a skeleton staff and expect the agent to be able to handle most all issues with
little to no broker involvement.
Now, as you can
expect, plenty of pros and cons with either major model however, what happens
to these models when the number of agents in the industry or in local markets
begin to dry up?
Well, the
competition for agents becomes more fierce and these 100% or low monthly fee
offices begin attracting a lot of agents. Much like we have now in my market.
The problem is these office typically attract the type of agents that most
people should steer clear of. Now, granted, this isn't true in every market and
this is strictly my opinion however, my experience is that before a agent truly
gives up on their business they go into the Realtor Death Spiral. Yes, this is
a phrase I just thought up.
So, what is the
Realtor Death Spiral? Ok...so, here it is. It's when you have a Realtor who has
been struggling the past few quarters and is now having to make a decision. Do
I stay in the business or do I go back to do what I know how to do? You see,
most Realtors, 99% of us, didn't grow up thinking...oh, I want to be a Realtor.
We grew up thinking, I want to be a fireman, a police officer, a marine or in
my case, a secret service agent...yes, that is true. My point is, we all came
from another industry and we either fell into real estate because we had a
friend who was selling their home or it was a part time "job" for
vacation money or...whatever reason you can think of other than, I want real
estate to be my career. With all that
said, it means that many of us....almost all of us thought to ourselves, well,
if I can't make it big and live like Donald Trump, then I will go back to
teaching, being a stay at home mom or steel worker.
Now, let's look
at the graph above...yes, I pasted that in here for a reason. The graph is the
latest information I could find from the National Association of Realtors on
the number of Realtors by year. Look closely at the nose dive in the past 4
years. You see, the graph clearly shows that when real estate was good.....or
easy, people were becoming Realtors left and right. In fact, if you look at the
graph just a little closer, see how we doubled the amount of Realtors from2000
to 2006. That's right people, in 6 years, we doubled the number of people in
our industry. Now, consider that when I tell you that back in 2007, NAR release
a statistic that said something to the effect that 93% of all Realtors, DID NOT
CLOSE MORE THAN 3 DEALS A YEAR! In fact, I read at one time that the average
income of a Realtor was like $26,000.00....that's not even a million dollar in
sales in my area.
Well, I will
leave it up to you to come to your own assumptions and conclusions however, I
am of the mindset that our industry does need to do some "house cleaning"
if you will. In fact, I venture to say that as the housing bubble was blowing
up so was the rank and file Realtors and now, as the bubble is busting....those
same agents are looking at themselves in the mirror and saying, "Damn,
this is much harder, much more expensive, much more involved than I thought or
ever experienced it really was". Yes, we are going to start seeing a mass
exodus of agents from our industry, in fact, many of us in the industry have
noticed this for the past 2-3 years. I must admit, I am glad to see it.
Personally, I am sick and tired of dealing with agents who have been in the
business for 3,4,5 years, sold 3-5 homes a year, has a full time or part time
job in another industry and then complains that they want to do REO and no one
will help them get into the business or that they attended some conference but,
they had no ROI.
Our industry
needs to purge the part time agent. These agents don't do much for our
industry. Yeah, maybe they have a place and time but, it's not now. Now, we
need to get back to professional standards, common sense and the Realtors who
are here, participate, contribute and improve our opus.
Now, don't get me
wrong, people got to pay bills, people got to do what they got to do in a
country with an unemployment rate of 9.1% but, let's make sure we are all
looking at this with an ounce of perspective. Let's make sure when we see
brokerage office closing, or agents retiring their license that we stop and
realize, fortunes are made in times of recession and those who can survive
deserve to be here and reap the rewards of their commitment.
