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Dropping Like Flies?

Have you noticed that agents and lenders have been dropping like flies in you neck of the woods? Fortunately, the good agents and lenders in the Real Estate business understand that there will be slow times. But how will they be slow? If you had 25 deals that went through your office a month with 30 agents and now you have 20 deals going through your office with 15 agents, who is getting more business? The good agents recognize that even though business slows down, the proportion of agents or lenders to deals that closes actually works out in your favor! During the refinance boom and housing boom, many entered the Real Estate industry, because the deals were simply coming to them. Now that they need to work for them, they are starting to drop like flies. Do I mind? Absolutely NOT! Yes, I don't like to see friends leave the business. But why would you have gotten into the business to begin with if you didn't think you had to work hard? Agents and Lenders earn their commissions, and the test holds true by seeing who sticks around. I think good, clean competition can filter out the industry (which has been needed for some time now), and balance out things. Tightening ship in such times helps weed out unproductive people and creates a better "team player" environment where things run smoother and more efficient!

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com

Blog: http://activerain.com/blogs/lendingmagician

"You find the perfect home, we'll find the perfect loan!"

Posted by Scott Gormley on 10/26/2006 11:46 AM

Comments (6)

real, estate, competition, dropping, like, flies, agents, lenders

6 Comments on Dropping Like Flies?

OCT

2006

I have been around for 30 years. The ones I new 20 years ago are still around, but those new signs that pop up don't seem to have staying power.

I "LOVE" a slowing market. I "THRIVE" in a slowing market. It seperates the men from the boys, the wheat from the chaff, the professional from the wannabe. It gives my Buyers more options and more time to think through their purchasing decisions; it demands greater marketing skills for Sellers. Bring it on!!!

There certainly is plenty of weeding out to be done. I also think there should be much higher standards for entry into the real estate profession.

Yes, real estate is cyclical - in good times, people jump on the bandwagon thinking they can make a quick buck. But unfortunately, that's all they are interested in. They don't last, they "fly away" and it's the professionals that are left standing.

i do love your photos.

Be helpful and share with other agents. I have found that "retired' agents are a good source of business. They know who the good, honest, caring agents and when it comes time to list or sell they call that agent!

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