With markets settling down to a slower pace after the mad rush to get into contract by April 30th, many realtors and economists are questioning whether we need another helping hand from the government to get a our business going.  What's good for real estate is good for the economy - of course.  I agree that real estate sales create a lot of business activity and consumer spending but I disagree that another tax credit like we had the past year would be the best way to go.  Looking at under contract statistics for the past 18 months, it looks like all the tax credit did in our area was to bunch the sales together in a 6 week period leading up to April 30th.  When you match where we are this year at this time as compared to last year the numbers are pretty flat.  You could argue that things could have been worse without the credit but looking at other economic indicators we have improved over last year's picture.

What the real estate industry needs are job creation programs, creating real jobs that will last. When the jobs picture improves, the real estate picture will improve as well. From earnings reports that have been released recently many large corporations have been doing well and some are flush with cash.  We don't need the government to give them any more money.  In this country it is small businesses that really drive job creation - what small businesses need is capital - capital the banks are reluctant to give them.  More government lending programs tied to job creation would be the best use of government resources for our real estate industry. Let's push for this long term solution for our short term problem.

Is the real estate market in Long Island improved or not?  Depends on what town you are in -hot towns are Syosset up 29% this year over last year this time, Bethpage up 21% on relatively small inventory numbers, North & South Bellmore up 48% again on relatively small inventory numbers and Elmont up 17% - right here in Plainview the market is practically flat with a small 1% improvement so far this year. On the down side Hicksville under contracts are down 17%, Wantagh down 13% and Levittown down 9%. Overall Nassau County is up 7% over 2009 year to date numbers. Suffolk County is practically the same, up just 8% over 2009.  If you had looked at the numbers at the end of April the picture was much rosier on all fronts. The last week of April was the last week to get into contract for the tax credit and what a week it was.  There were more under contracts in that one week than the whole month of May. Up to June 15^th the month of June is 19% down from last year June this time.  Where do we go from here?  From reported activity from agents on the streets, there are buyers out there but there is no deadline to impel them to make a decision.  Also there are more trade-up and downsizers in the market now and that makes for more complicated deals.  One closing gets linked to another and if one deal stalls - 3 or 4 others wait for a resolution. So for real estate agents on Long Island it's more working more for less reward and as usual listings are most important because those sellers are the new stock of buyers.

Our Company (Century 21 Prevete) just had its annual awards dinner/dance and it reminded me of how important it is to recognize the achievements of your team members.  We are all in this business for the income that it brings us and our families. Still we look for  the accolades of our colleagues. They know how hard we work to get listings and put deals together.

Awards and recognition should not be left for an annual event.  Giving your team members recognition for their good efforts is an important part of the team leader's job.  Sometimes the deal doesn't go through and the agent did everything right.  We have all had one of these deals.  A reminder that we are doing our job and that the rewards will come in proportion to our effort and skill can be an important part of our getting back on the horse and riding on.

Contests can be a great way to recognize achievement.  It is important that they are structured so that the same people are not always winning the prizes.  We've had a non masters contest, reserved for those not in the top echelon of the company.  This gives a new agent or middle level agent the chance for their day in the sun.  This coming month we will be holding a listing improvement contest - where agents will get points for all the listings they write above the number they wrote last May.  This lays a level playing field where all can compete.

In NY State real estate salespersons and brokers are required to take 22 ½ hrs of continuing education every 2 years.  Many agents sign up for training just to fulfill this requirement.  Although they fulfill the requirement they get little benefit from it.  There is a lot of good training available from the local board, at conferences and conventions and from professional trainers. Serious agents take advantage of these opportunities when appropriate to their circumstances.  Training given by the office team leader is in a different class.  A team leader who is listening to the daily stream of concerns and challenges that their team members are facing has a distinct advantage over outside trainers. The subject matter tends to be more relevant to current concerns and it certainly helps that the trainer knows the student on a day-to-day basis.  Follow-up to the training can be given on an individual basis.  This reinforces the lessons as no outside trainer can.  If the team leader wants to help their team members move to the next level of success, this kind of training is essential.  Good training makes a strong team of more professional agents.

To take an accepted offer to closing depends on a lot of details. Home inspection, title & CO issues,  appraisal and mortgage issues are a minefield that must be crossed before that well-earned check lands in your hands.  This has always been true but in this challenging market, it is the number one complaint of agents trying to make a living at the bottom of the market. The more control you have over these details, the easier it is to get the job done.  Your team of vendors who you can trust and who trust you with their referrals is a powerful tool that can make a good agent great.  How do you assemble your team?  By business networking, by listening to the recommendations and horror stories of fellow agents and by trial and error.  Over time you will develop relationships that make the minefield and little less arduous.  Your clients will appreciate the expertise of your team and so will you.

One of the tasks a team leader can take on for his or her office is to help all the members of the team look at their careers as businesses.  As independent contractors not employees, real estate agents need the mind of a business owner.  This mentality will keep them on track to make the money they deserve for their efforts.  It will also help them better judge what kind of activities they should be busy about.  This business mindset will affect many aspects of the agent's business.  A business plan that includes a solid marketing plan is an absolute necessity for any successful business.  Time management is another skill that can be enlightened by the business owner mentality.  An employee works when the works comes to him.  A business owner works on his business constantly.  Having a scheduled day or days off, scheduled vacation time, time for family and friends can make the business efforts more effective.  No one works well with a dull knife.  All big businesses have boards of directors.  These are people outside the organization who shed light on business plans and policies from a refreshing view.  Each real estate agent should have their formal or informal board made up of business people who they admire and who are fans of their real estate business.  Your real estate company needs a team of vendors who you can trust to get the job done for you and your clients. Good mortgage brokers, real estate lawyers, home inspections, handymen, etc. are all essential to your real estate business running smoothly. Your marketing plan needs to include your own brand which you promote online through the social media and offline in your business cards, business brochure, postcards and other marketing materials.  Finally, keeping up with the industry is the responsibility of every business owner.  What training do you need today to keep up or surpass your competitors? Real estate agents who have the mind of the business owner not only get the job done for their clients but also for themselves.

Under contracts for Nassau County were up 6% over last January's dismal numbers but I would characterize the real estate market in our area as flat.  Neither the first time homebuyer's tax credit nor the new tax credit for existing homeowners has created a buzz in our market yet.  The continuing story is the lower inventory levels.  For example Nassau county available inventory climbed from a low of 7548 units to 8269 units but this was below last year at this time 9197 units.  Sellers are being cautious about making a move in these uncertain economic times and the tax credit has not made the difference yet.  On the other side of the equation, new inventory priced right is flying off the shelves with offers being made in the first week.  I expect the real estate market in Nassau County to remain flat until we get some better unemployment numbers here.

21 Prevete is one of the leading Century 21 brokers in the county.  In 2009 we ranked 19^th among all the Century 21 companies in the US. Our top agents receive their choice of cars paid for by the company.

We Offer

Full Time Management and Secretarial Support

Non - Competing Managers

We load your listings, take the photos and offer free virtual tours

Your listings will appear on all the important websites including Realtor.com enhanced

We use Showing Desk, LeadRouter and Listing Book promotions.

In House Comprehensive Training & Career Development

Dynamic Advertising & Co-operative Advertising

Progressive Commission Splits

Sales contests with trips and laptops as prizes

Many companies are springing up in our market area that speak to the phenomenon of branding the agent instead of the company.  In this new age of social media, this is definitely happening.  Each agent becomes his own company and the company name is just a nod to the licensing authority of NY State Department of State.  These companies write a corollary to this phenomenon that the office dynamics are unimportant.  It is this assertion that I take exception to.  Most agents will thrive in an environment that teaches, encourages and leads them to their best potential.  Although many agents feel that a manager is incidental to their success.  I believe a strong team leader (not a manager) is essential for agents to do their best.  On my new blogblog www.reteamleader.com I will be discussing the working life of one such team leader(me) and the strategies and activities that are employed to keep the whole team working at the highest levels possible at the time.

The real estate picture on Long Island reflects the micro-economies that exist here.  Some towns have high unemployment (9.7% in Hempstead Village) and many bank foreclosures.  Others have modest unemployment  (5.8 percent unemployment in North Hempstead Town) and relatively few foreclosures.  The general picture for the island as a whole has improved from the dire economic conditions of the 4th quarter of 2008 with Nassau county sales contracts improving year over year (2008-2009) by 15% and Suffolk county improving 14%.

Except where bank owned homes are plentiful, the story has gone from lack of sales to lack of houses to sell. In Bethpage, sales were down slightly last year, not because buyers weren't available but because homeowners weren't putting their homes on the market. Inventory all over Long Island is down from last year's high levels.  Lack of supply has not yet affected the prices of homes which were down by about 7% last year over 2008. Two pressures on prices are the buyers own estimation of value which they glean from their surfing the web and bank appraisers who have a very conservative view of housing values.

While the tightening by the banks has definitely ended the lending abuses of the recent past our advice to first time home buyers is : While you try to take advantage of lower prices, low interest rates and the $8000 tax credit you should  budget your mortgage expense as a percentage of your net income not your gross and make sure you include your property taxes in that budget.   Just because you are approved for a loan, it doesn't mean that it is a prudent thing for you to take that loan.

The first months of this year will be a time of opportunity for buyers and sellers since the tax credit was extended to contracts by April 30th and closings by June 30th. First time homebuyers can take an $8000 credit on a joint return (within generous income limits) and existing homeowners are eligible for a $6500 tax credit on a joint return(with the same generous limits) for a trade up or trade down.  Existing homeowners must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. We recommend that you don't try to beat the deadline. Give yourself 90 days to close instead of 60 and that means being in contract on your new home by March 30th.