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Weather The Storm

We all know the challenges with the real estate market today but for those many people who call it their profession it has been the perfect storm. With sales and prices falling and the large number of short sales and foreclosures this has causeda lot of competition for business. The factor in Northern Virginia that makes being a real estate agent more challenging is the number of licenses issued at the end of the peak. I read a report back in 2006 that said in Prince William, Loudon, and Fairfax Counties about 13,000 new licenses where issued in 2005. This has caused a perfect storm for those of us who make a living by selling real estate.

I do believe that this also has hurt the housing market because of all the inexperienced agents looking to just get paid. Those of us who are passionate and in this business for the long haul have all lost out due to the onslaught of agents. I know I have lost several listings and buyers to agents that where "related" or "friends " to my prospects or past clients. These people where giving their business to others to get them a deal, well those days are over. In this market it takes a good agent that works hard and smart to get property moved. I am personally not worried since 2007 has been one of my best years and I can easily prove my worth to prospects.

The agents that got their license in 2005 have mostly dropped out by this time in the game and many others are leaving. Those of you who are agents and hanging in there, the storm is almost over and the sun is starting to break through. The agents who were in it for the quick buck have left the building or are headed toward the door.

With this being said I have decided to make it my crusade to strengthen the licensing laws in Virginia. the reason for this is to keep the people looking for a quick buck out so our industry does not get hurt further in future up swings. I also think this is good for consumers so they get a better quality agent. This will not get rid of all the Idiots out there but will keep many out when the next real estate up swing comes in the future.

Posted by Joey Remondino Broker, GRI, E-Pro on 01/01/2008 07:22 PM

Comments (6)

licensing

6 Comments on Weather The Storm

I agree is so many ways but so often would rather train a new agent than take one that has experience and bad habits.....

01/01/2008 07:24 PM

by Julie Chapman Realty Homes Brunswick Georgia

Hey, Joey, I got my license in 2005! Granted, of the seven agents in my month-long training class at my office, there are only 2 of us left and the other has started another business with signage (there was a definite void in the market). I am in this for the long haul and the fact that my business has increased so much during probably the worst real estate crisis Michigan has seen in a long, long time, well, I think that proves I am doing something right and am devoted to this career. I wish I had broken in earlier but there is a LOT to be learned in challenging times and I expect to sail when the climate changes. I am all for stricter licensing requirements. Professionals need to be recognized as professionals. Overall the public has no clue what we know in order to do our jobs well.

01/01/2008 07:41 PM

by Susan Walters (Keller Williams Realty, Ann Arbor, MI)

Julie--I agree, the challange is finding a new agent that will listen. Thank you for your comments

Susan--Congradulations, you will be in a good position when the market turns around. Thank you for your comments.

joey

01/02/2008 08:04 AM

by Joey Remondino Broker, GRI, E-Pro (StoneHouse Realty Inc)

I got my license in 2007. Great time to start right? I figure that it's a great time to learn the ropes and have my skin harden. In the end, there is still plenty of customers and plenty of opportunities. It's just a matter of taking one step at a time and move forward one yard at a time.

01/02/2008 12:32 PM

by Scott Wall (StoneHouse Realty, Inc)

Joey, you do make a good point though. While during the boom a lot of agents got in the business for what they thought was a quick buck. I do not know about your area, but this past year has been a big year for agents going inactive or quitting all together. So, for those of us that have stuck it out and worked on developing our skills and our reputation

01/08/2008 06:51 PM

by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInGreaterBirmingham Team of Powell Properties)

Stephen-Yes and with our dues needing to be paid this month in my area I wonder how many will bite the dust this month. Thanks for the comment.

01/08/2008 09:18 PM

by Joey Remondino Broker, GRI, E-Pro (StoneHouse Realty Inc)

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