Home : Blogs : Lola Audu~Real Estate Broker/Owner Grand Rapids, Michigan Real Estate : All About Grand Rapids, MI Real Estate Blog

The 3 Biggest Hurdles Your Real Estate Career Will Face As You Head From Here...to There!

"If the grass looks greener on the other side of the fence, you can rest assured that the water bill is higher there too." Maya Angelou

ship in a storm In the world of real estate, my experience is not necessarily considered the norm. Prior to starting my own company, I have only worked with 2 other Brokers. So, I'll be upfront in stating that my expertise does not come from a lengthy history of jumping ship.

However, almost 15 years in the industry has allowed me to observe and experience some of the ramifications of changing the address on ones business card and wall license.

As our profession rapidly shifts course over the next few years, I think that one of the most important issues for agents will be in the area of alignments and relationships. In fact, I think that success in the future will be not just about WHAT you know but WHO you know and WHY the connection matters. Let's look at 3 of the more popular reasons why agents remain on the move.

Underestimating the True Cost...

For many agents, the search for lower costs is the biggest reason to consider a change in venue. Brokers in some markets have found themselves tripping over one another in their race down to the bottom. But has the lowest cost always been the best deal for the agent?

When I observe poorly trained agents trying to put piecemeal transactions together, I'm struck by the true cost of LOW COST. Low costs which results in a lack of supervision and training may be the most expensive agreement an agent can enter into if it results in a career which is placed on a short circuit due to avoidable, expensive mis-steps and mistakes.

Real estate is one of the rare professions in which many operate under the assumption that money does not necessarily track with expertise. This fallacy has severely impacted the level of trust the consumer has in the validity of our services. It takes time to really know something well...approximately 10 years to gain true expertise according to Malcolm Gladwell in his new book on the subject, The Outliers. Those who understand that anything of VALUE costs someone something will spend more time figuring out how to increase their personal skill level so they warrant the trust and compensation levels that they desire.

Burnt Bridges...

The problem with a burning bridge is that this results in severely limited options. Unlike a broken fence which can be mended with time and effort, a bridge which collapses into the teaming waters below requires considerably more effort and expense to rebuild. Bridges provide a means of mutual exchange across the divide. When this connector collapses, so much is lost.

Sometimes an agents' departure from a broker seems to presume that they will never see the other party again. In the shrunken, close-knit world of real estate, this is highly unlikely. It's really easier to be cordial than to be mean-spirited. A parting of ways between individuals can be about business without being personal. You never know when you will need to cross the divide which you thought you had turned your back on forever.

The fact remains, no broker will be perfect. If they've contributed to your life and career, Thank them. Even if the experience has been less than ideal, this can serve as a catalyst to move your life forward in a positive way if you embrace the learning experience. To this day, I remain grateful to the leaders who invested in my life at critical points.

Not Understanding the times...

To say we live in extraordinary times is an understatement. Jeremy Conaway of RECON Intelligence Services, one of the leading visionary minds in the real estate industry has likened what is going on in the real estate industry today to being on a ship which is in the process of going through a storm which threatens to ship wreak. Eventually the ship will come ashore in some fashion, but the key question is WHERE it will be. Certainly not in the place where it set sail. And then there is this question..WHO will still be on the ship?

If you're an individual who thinks that your career is merely a matter of chance and coincidence, then what happens and why it happens are not issues which really concern you. But if you're someone who cares about the direction you're heading, it's important to take a look at where you are and where you want to be.

The relationships you invest time in building NOW, may turn out to be some of the most important decisions you've ever made in your career. The landscape may remain barren for some time to come. Expecting a re-bound which magically takes us back to 'normal' is unrealistic. Become a student of the industry, avoid the temptation to walk around with a blind-fold on. We will all need both eyes open and vigilance in order to survive and thrive.

Picture is courtesy of Gray Monk's photostream on Flickr.

Lola Audu, CRS, GRI e-Pro ~ Audu Real Estate

Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. We've had the privilege of helping hundreds of clients succeed in their goals of purchasing and selling property including demonstrated success in the negotiation of Short Sale Transactions. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511.

Posted by Lola Audu~Real Estate Broker/Owner Grand Rapids, Michigan Real Estate on 08/11/2009 12:58 AM

Comments (80)

real estate, real estate agents, real estate brokers, real estate industry

Post is included in group: Real Estate Trends
Post is included in group: Bloggers Choice Selections
Post is included in group: Fraiche Aire
Post is included in group: The Art Of Marketing You
Post is included in group: Realtors®

80 Comments on The 3 Biggest Hurdles Your Real Estate Career Will Face As You Head From Here...to There!

AUG

Hi Lola,

Great post. I have been in real estate for 10 years, and I know that this is what I love to do. It sounds like you have heard something that sounds like the real estate industry is about to drastically change. What have you heard?

Lola - These are great recommendations on how to survive in real estate. These are three hurdles, but there are many, many more.

Lola. I believe that agents who move from broker to broker are folks who have not yet learned that they are in business and their capacity to generate and close transactions lies within themselves, not their employing broker.

We see it here too. Usually folks leave for the better deal with a Broker. Some meet with Brokers, get a good deal. Go tell their current Broker and voila get their fees reduced.

Some do it with the promise of "what we can do for you."

Not a good reason to change. You have to learn to generate your own business in the sales profession.

Lola: My dream is to someday be my own broker and hopefully my ship will sail calm waters. .

did anyone tell you how close you resemble to Michelle Obama? . .

Lola - you are right on target, that's for sure. But I also feel that sometimes ... just sometimes ... a change of venue is healthier than remaining in a brokerage that has set an agent 'adrift' with no backup. But longevity is always key ...

Great post - So much good info - thank you for sharing!

I love this post! I copied it and sent it to an agent I know right now who is agonizing over a move decision. She will love this. Well written and so destined to help people in a transition right now.

Lola, Like you, we have only worked for two brokers. We have never really understood why some agents are constantly on the move. This is a very good, thought provoking post. Thanks for sharing it.

I loved your last line- while all changes are not bad changes sometimes they are necessary for a variety of reasons, thinking there is a magic bullet is paramount to trading the cow for a handful of magic beans.

I had 2 brokers as well before going solo - must be a magic number! :)

When considering that MOST of the best--or worst--careerlong habits we develop as RE practitioners are learned at the first brokerage or two . . . it's a good case for staying long enough to learn something--and choosing the right brokerage early on.

A lot of agents 'have been in the business 20 years but it's really the same year repeated 20 times' . . .

Loved the quote. I have not been a wanderer either in 20 years. I have recently been trying to quantify the expenses of my franchise and I keep coming up with a poor use of expense in my business plan. My decision will not be a bridge burning, and it will be on evaluating start over cost versus the current built in cost.

Thank you for this post Lola. We've had agents leave, as everyone has, to go to the discount brokers or other outfits. What they usually don't do, in addition to really examing the true costs/expenses of the new broker, is measure the intangible costs. Like the ones you mentioned here. Great post and best of luck to you.

Crystal, Thank for starting off the discussion here. The real estate industry IS changing right before our eyes. The past 12 months bare little semblance to what my career consisted of a decade ago. Witness, short sales, foreclosures, credit tightening, an economy in crisis, mergers and acquisitions & the incredible rise of the power of various technologies. The landscape will not be the same when the shaking of the earth settles down....No special knowledge here, just the power of observation.

Troy, you're right this list is not exhaustive. Would love to read your thoughts on some of the hurdles you perceive. Thanks for your comment.

Lola, I loved this post! Our office reevaluated our current commission structure and made the scary decision to quit paying our agent's fees. We were fearful we would lose agents once they were told they would have to pay their own bills. We did, however, offer them incentive.....sell ONE home per month, and we would pay their fees. It reallly seemed to light a fire under them. Our office has done a complete 180 turn, is thriving while others are crumbling, and there is new enthusiasm that can be felt when you walk in the door. Everyone needs incentive, and everyone needs a benchmark. We are now the top producing company in our county, with much fewer agents.

Lenn...true wisdom here: " believe that agents who move from broker to broker are folks who have not yet learned that they are in business and their capacity to generate and close transactions lies within themselves, not their employing broker."

The belief in 'magic' often accompanies a desire to not face facts and reality. Reality is taking responsibility for ones OWN actions and results. They ARE related

Missy, your comment echos what Lenn said. It's interesting that when the tables are turned and consumers want to negotiate the commission downward, the race towards the bottom is being resisted. The argument used is that we (real estate agents) provide something of value which should be acknowledged in the compensation package. If brokers are forced out of business due to the inability to make a profit, the industry may find itself at the mercy of outfits which don't provide very much support and guidance. This is not a bonus in the long run for agents or consumers.

Fernando...may your dreams come true. :)

Carol, sometimes change is necessary. However, the manner in which that change is negotiated may also have as much of an impact as the change itself. Real estate agents need to be more proactive in owning the results that they are achieving. There is no magic pill or perfect broker. That's the plain truth.

Norma, thanks for reading.

Fernando...may your dreams come true. :)

Norma, thanks for reading.

Thank you Erica. I hope it provides some food for thought as she makes a significant decision.

Yvette, my first broker used to joke that some agents moved so much that their customers were constantly trying to find them. :)

Allison..."thinking there is a magic bullet is paramount to trading the cow for a handful of magic beans." <yep>

Lola, I just wanted to say that this is an excellent post and well written. I am going to forward this to a friend who wants to move to another brother and has asked me to go with her. I am happy where I am and do not plan to move, so hopefully, this post will help her make up her mind. Thanks,

Congrats on your feature. I completely agree that you should not burn a bridge no matter how bad the circumstance was. You never know who might be the agent on the other end of your transaction.

Lola

As always your post is thoughtful, insightful, and we are blessed with some important points to consider reagrding making brokerage changes. I have only changed once, and that was due to my relo to CA from Boston. I know that if I ever decide to make a change, these thoughts will be top of mind as part of the assessment process.

Jeff

Candace...your comment about 'repeating the same year 20 times' is sadly true. Our educational requirements have not kept pace with the changes in the marketplace. When the consumer was less informed, this was easier to hide. That will not be the case in the future...

Joe, I appreciate your comment because it does point to an important consideration when considering a change. When choosing a brokerage or franchise model, it is very important to evaluate exactly WHAT you're procuring for the expense you're incurring. If the results/investment does not move you forward but tends to maintain the status quo, IMO, you're actually in the process of moving backwards. Best of luck to you as you consider a variety of options.

Jerry, you know I think that in many cases, the intangible costs may turn out to be the most costly ones. I remain eternally grateful that I left in good terms. I would not be who or where I am today without my path intersecting with the brokers who guided me at various points in my career. It was not always easy, but that's just part of the mix. Thanks for stopping by.

Years ago my father (also my Broker) said to me "Get into real estate because you never know who you'll meet , who will offer you an even greater opportunity!" It turned out to be prophetic !!!

Lina...it intrigues me that RAISING you standards and requiring more of your agents in terms of time and investment was the KEY to increased profitability for them and you. More brokers would do well to study your playbook. Best wishes for continued success & thank you for sharing your insights and experience in this thread.

Lola, as fast as the world is moving nowadays, and the real estate industry changing, it is almost unpredictable at all to see what might be the best business models in real estate five years from now.

Lola

This is a very well written post. I agree with Lynn. We have to take personal responsibilty for our own actions and be intentional each day in assessing where we want to go and how to get there.

Rebecca, there are many things to consider in making a move. I do hope this post helps your friend to make a good evaluation of her options moving forward.

Integrity Funding...Exactly! :)

Jeff, Thank you for stopping by. I plan on stopping by your blog later as your latest post looks very interesting. :)

Michael...your father is a wise man. :) This business is all about relationships...that's one thing which is unlikely to change even though the method of creating these relationships will.

Gary, that's true. But, I do think that certain principles will remain as useful guides as we navigate a changed marketplace. While the methods of delivery of data and service may change, issues of character, competence and professionalism will continue to be be important foundational aspects of our profession.

Anna, thank you for stopping to read today.

Great post Lola, I'd add one thing to your ship analogy though - what shape will the ship itself be in, intact having sailed safely into port, or awash on a shore of jagged rocks never to recover?!? That's a bigger picture issue then simply what one Reatlor has to worry about, but then again, it's a bigger picture issue that ALL Realtors have to worry about!

I've only been in the business for 4 years, but I've already come across many who have been around much longer who don't seem to have moved along since they first started... using old clauses, not ensuring legal protections that years ago didn't need ensuring and simply being too care-free. So it's more than just time that will bring you the expertise required to professionally sell homes - there's that annoying element of continued effort and learning we all need to pay heed to as well!

Thanks for your thoughts - I'm keeping them close to heart as I go forward in my career!

I like your points in the post. There are so many hot heads out there who burn bridges. It takes quite a lot of self control for some not to burn those bridges. You never know who is going to be on the other end of a future transaction!

Ialso have seen so many agents leave to go to the other broker that make all kinds of great promises only to find out it is the same in a different location. Agents need to understand that the broker has to make money and with a limited amount if revenue the costs are nearly the same at each broker. Nice presentation too bad agents need to learn it themselves instead of learning from others.

Wow, I didn't realize that went so frequently. Being new in real estate maybe I'm still a little naive, but I could never imagine leaving my broker as our relationship is now. Sounds like a pain. New cards, different offices, getting use to the change....ugh. No thank you, although there are times when I'm sure cases arise when it may be necessary, but.....

Lola... so very true, that it's who you know. And I will agree with you 110% about the time of service. Even in my first 4 years of lending, I thought I knew a lot... and I did. I was very good at what I did. But that was based on mortgage knowledge on paper. I was also very creative and went the extra mile... and communicated very well. But I will agree that 10 years is a very good mark, because just in the last 2 years alone, I have even gotten better and with more confidence. And just to think that next week, it will be 17 years that I have been in this business.

On another note, I agree that the grass is always greener on the other side... well, appears to be green. It's hard to see those large brown spots with those green glasses that so many have on. lol And yes, understanding the true cost. As you mentioned, do you get good follow up or updated education with a low cost broker? In most cases not. I did like what you mentioned, about thanking that person for their help, if you had left them for better. I just recently called an ex-boss of mine, from 7 years ago, and brought this same point out, thanking him. Even though we didn't always see eye to eye, I learned some good things from him, and even more so from his boss, as becoming a better manager for myself. This was a very good post... thanks

Jeff Belonger

Stephen, your comment addresses something that's been on my mind about the condition of this 'ship' when it finally comes to shore. My guess is that things will not be pretty. We're going through a sustained period of rough seas right now. Agents are working harder and longer for less with more aggravation. There's an emotional and psychological toll which many of us don't have the time to think about...just yet. Brokers do need to consider the impact of this trauma on a variety of levels. Good insight, thanks for stopping by.

Melissa...I think that sometimes Life has fun with us by giving us second chances don't you? Although, I must admit that I don't always see it that way. It's much easier to cross a bridge than to swim across a channel. :)

Terry, what you've said in your comment becomes very clear when one becomes a Broker. There are fixed costs involved in running a business. The variable costs are linked to issues of quality and service; you get what you pay for. To expect all the bells and whistles while paying a minimal fee is unrealistic.

The problem is when this low cost option results in agents who are clueless trying to do transactions without the appropriate guidance and training because there are no resources to invest in this area. Bottom line...brokers are not in the non-profit sector. A brokerage must make money to support agent activities. That's a basic law of business which doesn't change because the grass looks like it's greener 'over there'. Thanks for adding valuable insight to this conversation. :)

Joel, jumping around does tend to be a little expensive...

Jeff, Thanks for sharing your insights. I think our industry tends to give the impression that excellence and expertise can be achieved more readily than in other professions. Learning to do anything really well takes time. When I give referrals to other agents, the level of experience is something which is high on my list of considerations.

I love the quote. It is very to the point. Everything comes with a cost that you don't see from the outside. If you lined up your problems with everyone else's - you would still take yours.

Hi Lola, Another very well written post ! Leaving an office is sometimes the best decision but leaving it on good terms is always wise. Well done.

Hi Lola

Hmmm. Lots to consider. My first broker was probably the most significant person for my entire 20+ years career. What I learned from him I still practice to this day. I believe brokers can add to the mix for agents. That's what I do for mine. And with that said - it is up to them to do something with the information and guidance they're given - 1000%! Seems to me the agents who take our profession very serioulsy are not the ones hopping around - looking for a better deal. The strong agents know it's about 'them making it happen'.

Thanks for the thoughtful post!

The bottom line is we are all self employed and "captains" of our own fate. Another blogger here said it best, "I wake up every morning unemployed". I've been with the same broker for 15 years. Oh sure he's not perfect, but neither am I.

Your analogy of a ship navigating stormy seas is an apt one. As a crew member on this ship I plan to batten down and watch as others jump off, are cast off or are washed off this ship called the real estate profession. I'll help when I can but I won't drown at sea with you. I'll see you when we reach safe harbor.

I have only been with two firms and I own the one I am with now. That being said, when I was with my first firm the Broker/Owner told a particularly troublesome agent who was making a scene while leaving, "Just remember that wherever you go, you will still be there." Truer words were never spoken.

I love what you said and how you said it. I have seen many faces come and go from my office, always wondering where I will go next isn't very appealing to me. We need to get out our oars and start rowing, even though we are on a large ship in a huge storm.

Great post. Thanks. I have only been in the real estate business since 2007. I have only worked for one broker and can see no reason to go anywhere else. I have been recruited by other offices in town but I like it here. If I ever decide to move it will be while I am on good terms with my broker. I don't understand how anyone could burn bridges with their broker knowing that hey are going to have to work with them sooner or later. I don't understand agents who have an attitude or treat other agents rudely. In most transactions it takes both parties working hard to see everything to closing. Why would you sabotage that transaction? I want other agents to look forward to working with me. Thanks again for the insight.

Thanks for the great post today. It's very true, we need to generate business where we are, it's not the company.

Patricia Aulson/portsmouth nh

No situation is ever perfect but good manners and the golden rule have always served me well.

Kathy

Thanks for this thoughtful post. I at times do expect to get back to "normal" some day. However, the analogy of the ship finally reaching shore, but perhaps an unknown shore, got me thinking.

Lola,

I'm so glad I stumbled onto your post. Last September I left my broker at Century 21 and went to a discount broker. Three weeks later I realized i had made a huge mistake. Instead of going back to Century 21, I joined Keller Williams. Today I had lunch with "the girls" from Century 21 and they tried very hard to get me to move back. I don't know what to do. I like both places. But I don't think it is good for your career to flip-flop companys.

Great Post Lola, very well written.

Hi Lola-As a broker owner I have seen a number of folks leave and go elsewhere but the ones that have stayed are wonderful and hardworking folks. Great post. :-)

I agree with Lenn, but changing Brokers is usaually not the answer and folks need to understand that. In fifteen years I have only have two brokers and the opurtunity was brought up every year to change but I weighed everything and there was just not that much difference.

AUG

Lola,

Interesting concepts you put forth. You may even have a few good points. I haven't been in the industry as long as you, but I've been affiliated with a couple of different brokerages. The main reason that I left the previous brokerage company was not just the cost, but the value. I didn't feel that I was getting the value that I was paying for. Again, not being in this industry as long as you, I have been in the corporate world for a few decades and I have been a business owner for over 10 years. Everyone has their own reasons for being in this industry. Mine was that idea that I wanted to be my own boss and not have the headaches of the responsibility of the business itself. My current affiliation allows me that.

As for you point of longevity versus value, I could probably take up pages on this topic. Suffice it to say just because someone's been doing something for 25 years doesn't necessarily mean that they're any good at it. It just that some people are extremely good at the numbers game. :-)

Lola - Great insightful post. Who ones surround themselves with will often be the difference of success vs failure. The agents that jump from ship to ship eventually drown.

Great posts and many things to think about. I did recently change brokerages which was a tough decision for me. For many reasons it was the best move for me but there are always good and bad things everywhere. I hope to make the best of this new opportunity to increase my knowledge and skills as a real estate agent. Change is not always a bad thing.

While I agree that it is not a good idea to flip flop offices sometimes there are good reasons to do so. I once worked for a broker who made bad business decisions and began to get a bad name in the community. When consumers began to associate the firm in a negative light, I felt it was time to move on before my reputation and business was affected by association. I know of others who have changed because of what they felt was best for their clients as well as their business. Advertising was cut way back among other things and they were losing listings to other firms. Over the years, I have saw many agents that do nothing but hop from office to office and while in the past it was usually to find the lowest costs and best "deal". Nowadays this isn't always the case and it may not be as clearcut as it seems.

One must surround themselves with great people and advisors to be successful. Many Realtors fail because they think the grass is greener on the other side. I have seen it many times

I love all the comments on this post ... lots of information here!

And of course...these are three of the biggest things that some may now...understand.

Thanks Lola - for years many have tried to be the "jack of all trades" in real estate. And as untimely as it may seem - being a specialist in this market may keep you afloat. Our Realtor and Lender Affiliates focusing on the Hero segments of our community are seeing great success while supporting those who support us everyday.

Hi Lola,

Congratulations on a great featured post. In my area, it seems that every couple of years, companies "shuffle the cards" and agents move from one place to another in an attempt to better their position. I too learned a great deal from the book Outliers but there's one thing I found out on my own in dealing with people who constantly change companies - sometimes ten years of experience is really only one year of experience repeated ten times.

This is a business of relationships, and it seems to me that there's generally a cooperating broker on the other side. So, why would you want to burn any bridges?

Lola,

Excellent post! Standards are the missing ingredient in our industry. I just read a post where the writer said the consumer was in charge. Right--and that's been true for several years, but the industry has refused to admit it! Now, with marketing and communication delivery systems changing so rapidly, it's really, really true. Now, the consumers can make a determination at a glance on whether an agent is competent, and I don't think the consumer will accept that agent schlepping around at 3-5 transactions a year.

From the broker perspective, putting standards in place will save our commissions and serve the consumer. Personally, I turned around 2 offices and a region by putting standards in place. Now, I help brokers do that--and are they ever resistant (afraid to lose agents, don't know how to do it, don't have training/coaching programs in place, etc.). Standards places pride and excellence back into the industry, gives all of something to work toward, and creates team synergies that just can't exist otherwise. We need all the 'teaming' we can get today to stay ahead of the game (and ActiveRain is a perfect example of that). By the way, OUtliers is a wonderful book that all brokers/agents should read, because it lays it on the line about what creates competence.

My best,

Carla Cross, Carla Cross, Seminars, Inc.

Nicholas...so true. Our problems seem large until we see what others are dealing with in many instances.

Bill, the devil is in the details...how we do something is often just as important as WHAT we do. Certainly true in relation to the topic of this post. Thanks for stopping by.

Anna, appreciate your insights. I think that even situations which don't turn out great can still be good learning experiences. We can choose to learn from our leaders or not, but it's a wasted opportunity if we don't.

Amen to reaching safe harbor David. :)

Damon, I LOVE what your broker said...bottom line, we can't run away from OURSELVES; so when the issues need to be addressed from within, ignoring the truth simply adds to the problem. Many issues that agents face can be addressed by more training and hard work. All things which are within our PERSONAL control. Thanks for your comment.

Great ideas...makes one think about things BEFORE jumping ship so to say...

Bridget, I agree. The storm is here and we need to focus on getting out of it by working hard. When this ship finally docks, it may not even be in the same vicinity as where we were at the start of this journey. It will require a number of adjustments.

Lebron...good thoughts. Leave in PEACE, not in PIECES. :)

Patricia, understanding that early in my career has made all the difference in the world. Thanks for sharing that simple truth here today.

Kathy...Agree. :)

Brien...I'm glad this post made you think. Things will settle down, but I sense that there will be a 'new normal.'

Ann, thank you for stopping by. Change is never easy & sometimes it is necessary. Best wishes in your career.

Duane, Thank you.

Pat, you're a lucky broker. Best Wishes for continued success.

Charles, interesting observation. Thanks for sharing your personal experience here.

Good thoughts. Even when you leave a situation you should try to leave on good terms with all involved. Do not make it personal or about them.

AUG

Lola: what a tremendous post. I love the Maya Angelou quote - What an amazing woman!

Interesting about that 10 year mark, probably is true.

This is very well written post Lolla! I been in real estate business only about a year so I'll keep in my mind as I go forward in my career. Again Gr8 post! Thanks!

AUG

Greetings,

Great post - observations so accurate. Thanks

AUG

I can't agree more with you Lola. Especially about NOT burning your bridges. The Real Estate world is smaller than most people think. We will likely do business with the same people many, many times. Be civil, honest and upfront. It will help us later on.

I have been with 5 brokers over 25 years. I stayed with each as long as possible, and learned something from each, but in changing times we have to go with a broker who is in a strong position. Coldwell Banker Select Professionals has been one of those who provide a high market presence and excellent agent support.

NOV

I am not in the industry but am very interested in learning from you professional people. So I like you to answer the questions bellow:

In your opinion what will be the biggest challenge to the real estate industry ( sales and finance as well builders)for the next few years? And why?

Also, what effect will the new refinance and modification programs enacted by the federal government have on real estate values and the home affordability/availability of credit for first time buyers?

Thanks, and am looking forward

DMPTRZ@YAHOO.COM

NOV

Thank you for your question. There are a number of challenges which the real estate and related industry will face. Some will be fairly localized and others will be impacted by broader factors such as government policy and issues with credit and financing.

One of the biggest challenges currently facing the industry is the ability to respond appropriately to rapidly changing market dynamics and to implement the training and technology necessary to support today's consumer. At a time when revenues have declined significantly, it takes courage and fortitude to make the right investments to position for the future.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?