Are Your Agents "Hanging on by their Thumbs"?

All agents, both newer and experienced, really need to know their markets and return to real estate basics like never before.  This may require brokers to conduct sales meetings, seminars, or classes that discuss the current market realities with their agents. 

For example, what percentage of your local market sales are made up of bank owned foreclosure properties and/or short sales?  What are the current inventory levels and how long are they staying on the market?  What is your company's market share and how does it impact your agents on the listing sold side as well as the buyer controlled sale side in your market?  Do they truly understand and believe that each and every market provides fabulous opportunities for the agent willing to adapt his/her skills to that market?

We keep hearing the expression, "It's time to get back to the basics".  But what does that really mean?  Let's start with "knowing the inventory"!  How many of our agents really KNOW the inventory in the areas that they work?  I would suggest that if an agent is holding an open house in a neighborhood, that he/she should be able to field most questions without having to say, "That's a good question, I'll look that up and get back to you."  Hopefully the agent has previewed every possible house in the neighborhood, reviewed all the comparables, knows all the floor plans, and is thoroughly familiar with the history of sales, pendings, and available properties in that neighborhood.  Do they now . . . or are they considering the possibility of farming this neighborhood?

Getting back to the basics starts with an exceptional knowledge of the local market conditions and inventory.  However, are those agents prospecting the expired (or withdrawn) listings?  Do they have a plan for working with the For Sale By Owners in the area?  What canvassing and door knocking programs have they initiated and consistently work?  What other target marketing activities are a part of their regular routine? How do all of these activities tie back to an overall business plan?  How are the activities and results being tracked by the agent and by the responsible manager?

In my opinion much of this is lacking in the current market!  Too many agents are looking to their brokers for leads rather than learning how to generate their own leads! The past couple of years has tested the commitment and perserverance of many good agents.  That's why "getting back to the basics" is critical!  This is the only way to develop the skills necessary to be top producers in this market.  But those skills must be further developed into permanent habits that will sustain the agent in good and bad times.  Prospecting and target marketing offer agents those multiple streams of income, realizing that some activities generate better results than others at any given time.  However, agents with great habits continue those activities that produce long-term results as well as that are good for the short term triumphs. 

Success is derived from a balace of experience and training; the more experience one has - the more training that will be required.  For those that are struggling now - training is essential, now!  There are a number of very good training program available to supplement in-house training.  However, I place a premium on any program that develops lasting habits and not just skill sets.

Perhaps it's time to help our agents "learn how to fish" rather than depending on the broker to do the fishing for them.  Otherwise, they will be "Just Hangin' In There" and perhaps tomorrow's attrition statistic!

Recruiting Experienced Agents in the Current Real Estate Market

Are you aware of the fact that most brokerages today are recruiting 70% experienced compared to only 30% new agents?  Why is this happening?  What do we need to know about the needs and skill sets of newer "seasoned" agents that have only been in the business for the past two or three years?  Liz Boone just posted an excellent discussion of this on her blog today.  It is really worth reading!  You can find it at:

www.lizboone.com/recruiting

Real Estate Agent Recruiting in the Current Market

Just like everything else in the real estate profession recruiting is undergoing substantial changes.  In this market the bottom line is more sensitive and vulnerable than ever before.  We cannot afford the hiring mistakes of the past by continuing to recruit only using the philosophy that "it's a numbers game"!

Liz Boone, Senior Account Manager at AlignMark just posted an excellent blog on this topic this morning and should be read by all recruiters.  Her timely and poignant blog can be found at:

www.lizboone.com/recruiting

New Real Estate Recruiting Blog

There is a new real estate recruiting blog worth spending some time on . . . or even linking to.  Liz Boone is a Senior Account Executive for AlignMark and works with the Real Estate Simulator as well as the iNTELAGENT database product.  Liz brings valuable experience and recruiting insight into her current position.  She is a fantastic source of fresh recruiting ideas and information.  She is beginning to share these ideas - including how to use the latest technology - in her new recruiting blog.  So please check out her blog at:

www.lizboone.com/recruiting

I have been using this product for several months now; it is exactly what I've been looking for in a web-based software product that facilitates the tracking and follow-up of new and seasoned recruiting.  I have also been able to use the same software to develop drip campaigns and email blasts that address both recruiting follow-up as well as retention needs for existing agents. 

Hot Legislative Issues Discussion

Attend the February Political Affairs Committee meeting to voice your opinion on legislative priorities

WHEN: February 14, 2008, at 8:30 am
WHERE: GLVAR's Classroom A

The NVAR Legislative Committee has asked us to identify issues important to our leadership and members for consideration by the Legislative Committee for the 2009 Legislative Session. All issues must be approved by the GLVAR Political Affairs Committee in order to be considered by the state Legislative Committee.

If ou have any questions, please contact Tiffany James with at tjames@glvar.org or (702) 784-5038. Alternative you can contact me (Forrest Barbee) directly at 702-796-7777.

Get a Head Start on 2008 Nevada Politics

On January 19, 2008, both the Democratic Party and the Republican Party will hold their presidential caucus in Nevada. A caucus is an opportunity for registered voters within the Democratic and Republican parties to select their respective Presidential nominees.

On January 10, 2008 Political Affairs Committee we will hold our first meeting of the year  . . . from 8:30 am - 10:00 am in classroom A. If you are a member of GLVAR and would like to become politically aware or active, then we would you to consider joining the Political Affairs Committee.

Our guest speaker will be Rocky Finseth, Managing Director of Carrara Nevada.  We will also be discussing additional ideas for 2008 topics and future guest speakers.  2008 is a major election year, but it is also the time to ferret out potential issues and concerns that can be be forwarded to the State Legislative Committee for the 2009 Legislative Session.

If ou have any questions, please contact Tiffany James with at tjames@glvar.org or (702) 784-5038. Alternative you can contact me (Forrest Barbee) directly at 702-796-7777.

The November NAR Convention is Las Vegas

I really enjoyed many aspects of the NAR Convention this past November.  For one, the Las Vegas venue was excellent for this event.  The exhibits and exhibitors were great; I was amazed at the fantastic vendor turnout given what a real estate year we have just had. 

My one disappointment was with the NAR MLS Committees!  In my humble opinion they remain out of touch with this millenium!  They spent the last year working on this agenda item to protect the MLS name . . . but that horse left the barn decades ago.

They also worked on  . . . and passed a measure that allows your local board to "pull the plug" on all of your brokerage listings in the event that even one licensee fails to make a timely status change to his/her listing.  Of course, adoption by locals boards is voluntary . . . for now!  That literally means that my local board could immediately de-list over 3000 of my company's listings over such a violation.  Isn't that consumer friendly!

Again, the NAR level MLS groups have worked two years on a national MLS Gateway.  Oh, but the term MLS was removed right in the middle of the discussion at the NAR Convention once everyone realized that this effort was no longer moving in that direction.  In fact, the so-called Gateway will be primarily a consumer driven database.  Meanwhile, there was no prototype database to show anyone and no real clarity on where this is headed or when!  That leave the door wide open for Point2NLS, Trulia, Zillow, etc. to build a national MLS database long before NAR can pull it together.

We seriously need the entire population of Realtors represented by their local boards, state associations, and certainly at NAR.  We need a cross-section of younger as well as newer Realtors as state and national representatives.  How else are we going to address their concerns or reach the younger generation of buyers and sellers with the technology, products, and service they demand?

The first step is easy!  If you have any time in your schedule at all . . . please consider joining one committee (any committee) at your own local board and simply get involved.  Why?  Well, because if these national committees are really out of touch . . . it's our fault for not getting more involved and making our opinions and ideas heard!

Las Vegas Stats for November Resale Closings

Let's begin with some good news! However, that will have to wait until we congratulate Lee Barrett on becoming a certified CRS instructor on his first attempt during the NAR Convention last month. Congrats Lee!!

 Now for the good news! First, the single family residential (SFR) resale closing numbers for November are pretty much on par with October . . . and that's good why? Well, we did not have the "normal" November dip from October numbers . . . and that might just be the first sign of life and hope in resale sales since it bucked the traditional end of year trend. So let's see what we can learn from the November SFR stats about the current underlying condition of the Las Vegas market.

First, download and take a look at: November 2007 Resale Market Snapshot

This table is a snapshot of the SFR listings that were available in the Greater Las Vegas market as of December 1, 2007. The listings are broken down by MLS areas; you may also want to download a map to the Greater Las Vegas MLS Area Codes.

More good news! The overall available inventory has dropped slightly since the last snapshot a month ago. More importantly, the average price of available SFR listings has also dropped approximately 1.6% for each of the last two months or a total of 3.2% for the two months combined. Also, the average sale price inched its way up as did the absorbtion rate. On the whole, the Greater Las Vegas resale market remains 14% over priced, but some areas adjusting well. For example, take a look at area codes 201, 202, 403, and 502. These areas are coming closer to striking a balance between average list price and average sale price.

There is one anomaly in the chart . . . and that is area 601! The small number of closings skewed that data slightly as there were three high end properties that closed out of the fourteen total closings. One of these was a closing with a sale price of exactly $1,000,000 that had an original list price of $1,399,000; that property sold with a 29% reduction to the original list price. Area 601 seemed to have good activity for the number of listings and a higher than average absorbtion rate, but the -12% does represent a small amount of skewing.

The one number in the report that could still use improvement is the average Cumulative Days on Market (CDOM). It has slowly increased to an overall market average of 169 days. One (actually several) events may change this next month! The December auctions!! Early indications are that the Hudson and Marshall auction held on Sunday, December 2, 2007 yielded great deals and excellent results for the properties that were included in the auction. There are several more auctions to be conducted this month, so I am really looking forward to see what impact they will have on next month's snapshot!

Until then . . . Keep Getting Price Reductions . . . and close more sales!!!

Foreclosure Help for Nevada Consumers

There is a new website in Nevada that is devoted to providing consumers a wealth of information on foreclosures as well as what scams to be aware of.  The site was put up by the Nevada Governor's office in conjunction with the Nevada Department of Business & Industry.  The website is located at:

 http://www.foreclosurehelp.nv.gov/

If you have clients or friends that are concerned about . . . or facing a possible forelosure, please direct them to the resources on this site.

No Monthly Fees at Prudential Americana Group, REALTORS!

In case you missed it, Prudential Americana Group, REALTORS announced yesterday at a company-wide sales meeting that monthly fees are being eliminated. No more monthly fees!

Additionally . . . new, aggressive split plans were announced for all sales executives.  There was thunderous applause to both announcements.  But, there were even more announcements. 

For more details on all the monumental changes at Americana Group, please contact:

Michael Hinton at 320-4397