I was surprised to learn today that a major player in the Atlanta real estate market is no more today.  Out of respect for the brokers and agents I am not naming the company.  They were one of many real estate offices in Atlanta and nationally caught up in this current downturn that have to make tough choices.  I expect many real estate companies to follow suit by the years end.   This particular company was a major player in the market in Cobb County with two offices and over 157 agents showing up on the MLS roster.  Over the years the company and their offices won loads of awards for service and production.  Whether or not the company will change names, cease to exist or morph into another franchise remains to be seen, but one thing is for sure.  The landscape in Atlanta real estate is changing rapidly.  Fewer sales, too many foreclosures, fewer agents receiving full commissions means someones bills are not being paid.  Brokers, closing attornies, home inspectors, appraisers are all in this boat together, and I am sure they are all feeling the pinch.  The sad thing is that as independent sub-contractors don't collect unemployment.  We do not show up in the ranks of the unemployed, and we do not show up as a statistic of the ailing economy.  However we are in the front line trenches in this battle.  News like this is always sobering.

Jim Crawford REMAX

RE/MAX Greater Atlanta  770-238-0122 Direct

Or  888-992-5546 Toll Free Office

Atlanta Real Estate & Atlanta Homes for Sale

 
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21 Comments on Atlanta Real Estate Office Closures

SEP
30
479,924 Points 50 Featured Posts Outside Blog

Jim - I think in order to "survive" this company is to keep expenses low. Some larger brokerages have huge overhead expenses.

9:18pm • #1
197,432 Points 7 Featured Posts Localism Sponsor Outside Blog

Sorry to hear this Jim.  It's scary to see what the results of the economy can do to our markets.  Readjusting our expenses this year actually saved our office.

9:25pm • #2
602,960 Points 80 Featured Posts Outside Blog

Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY)  Loreena,  it is not so much the expenses, sales are off over 50% from a few years ago.  There are too many agents and not enough deals to go around. The number of agents went from about 8500 in the late 1990's to 12-13K in 2002 then we jumped to over 47000.  We still are showing over 33061 agents as of this evening in GAMLS, and yet the sales levels are the same as in the late 1990's.  The reality is we have 25000 agents too many.  Something has to give.

9:38pm • #3
602,960 Points 80 Featured Posts Outside Blog

Kay Van Kampen, CDPE, Broker, Springfield Missouri Real Estate (RE/MAX Solutions)  Kay you and your office were very smart.  Most in or industry today are in total denial of what is taking place and how long this will last.

9:39pm • #4

No surprise seeing offices of any size close. It is more disappointing to see those that have been around more than a decade close. We all are seeing car dealerships, retail outlets, and other business' close. Real estate is no difference. When things were good people were buying everything, much they could not afford and that includes Realtors. "Change' has arrived and people cannot survive on 'hope' so they must pick up and move on to hopefully greener pastures. I too am seeing the local agent ranks shrink even as more arrive. Most of the new ones will not be here in a year and more that have been around a short time will depart with them. During the RE boom it looked to be easy money forever. Today there are still many more on the rolls than even a normal market will support.

9:40pm • #5
1 Featured Post Outside Blog Hit Router

Jim, Mom is right....did I just say that?!?  Told tell her.  LOL  Cutting our overhead and changing our structure is the only thing that turned our office around.  We are blessed to have some amazing agents who stepped up to the plate and banded together like a true team.  I have said all along....I will sacrifice everything I own to keep our doors open.  As long as we have our office, and a real estate license, we will always have the ability to get back on our feet.  I can sell real estate if my credit is shot, or if I'm living in a duplex, but without the license and the office...I don't stand a chance.  Thankfully, God has seen fit to provide.  Good luck to you!

9:49pm • #6
153,042 Points 4 Featured Posts Localism Sponsor Outside Blog Hit Router

This is sobering news indeed Jim.  And, the numbers you cited indicate this is merely the tip of the iceberg.  Good luck as you continue to fight your way through the chaos. 

11:18pm • #7
OCT
01
602,960 Points 80 Featured Posts Outside Blog

Lina Robertson, ozarks-realestate.com Springfield MO Real Estate For Sale (RE/MAX Solutions)  Thank you Lina.  Despite a bad year for most, we are doing pretty good.  We are way ahead of last year.  We saw this coming and pulled in expenses a long while ago.

1:07am • #9
280,719 Points Outside Blog

Jim, here in the New Orleans area one of the larger brokers have scaled back by closing and consolidating offices. Your so right about unemployment figures. The powers to be want to claim 9.75%. I think it is about 15% when you include everyone not on Unemployment. In addition, those of us who are getting by are not out spending like year past.

8:45am • #11
602,960 Points 80 Featured Posts Outside Blog

Frank Rubi Kenner/Metairie LA Real Estate (Frank Rubi Real Estate) - There are loads of offices in Atlanta that have consolidated also.  We live in very different times, and it is not over by any means.

8:56am • #12

We definitely understand.

1:59pm • #13
248,073 Points 3 Featured Posts Outside Blog

Jim,

It's always sad to hear news like this. The mortgage and real estate slump in Vegas has also taken a toll on lots of different firms. Rapid changes is true.

3:42pm • #14
157,973 Points 3 Featured Posts Outside Blog

What still amazes me is how many agents and offices who are still in denial and refuse to look at the stats.

4:45pm • #15
602,960 Points 80 Featured Posts Outside Blog

Joan Snodgrass Tri-Lakes Realtors, Shell Knob, MO (Tri- Lakes REALTORS)  I personally know a lot of agents that think this will all be OK by next spring.

11:11pm • #18
OCT
02
105,809 Points

Hello Jim, you've reported previously on too many agents in your market and indeed the inevitable is taking place.  I'm sure sometimes it will be larger "hits" like this, and not just branches closing.  We've had in our area many of the majors consolidate branches and tighten-the-proverbial-belt, as we have as individuals.  Best of success!  John

9:48am • #19
479,924 Points 50 Featured Posts Outside Blog

Jim - I used to think that (as you explained) but somehow I'm not necessarily buying the too many cooks for the pot mentality. You have been doing great but that doesnt mean you took the pie away from those around you. They just needed to go create their own business.

10:57am • #20
OCT
03
Outside Blog Hit Router

Jim:

It is sad to see it continue. Many are weakened by the downturn. It has seemed to stabilize in Bergen County now. Lets hope that the economy picks up.

Richard

9:56pm • #21

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Jim Crawford ~ Atlanta Real Estate-ABR E-PRO

Atlanta, GA

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RE/MAX Greater Atlanta

Address: REMAX Greater Atlanta, 1585 Holcomb Bridge Road, Roswell , GA, 30076

Office Phone: (770) 238-0122

Cell Phone: (770) 664-9516

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Atlanta real estate broker associate, real estate columnist for www.RealtyTimes.com, real estate speaker. Real estate marketing, Internet marketing for real estate, real estate coaching Feedjit Live Website Statistics


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