There is something fascinating happening in our area. Actually it is more 30 miles north of us in one of the 10 fastest growing places in the nation for the last 10-15 years. The place is a beautiful town to enjoy life, but seriously lacking on the jobs, etc.
There was a group, who, in pursuit of big bucks, came up with a way to bring Russian immigrants to the town. This is a phenomenon deserving a separate blog. Anyway, that's how the Russian community (very loose, though) thousands families strong popped up in a relatively small Florida town.
Well, when these people figured that this paradise is when you do not need to think about working any more, they in mass joined real estate. The market started booming and there was enough work. Not surprisingly, a lot of these agents worked practically exclusively with Russians from Brooklyn and other areas. They were incredibly busy making relatively easy money. I can't imagine how many people bought houses unseen just because others did, and because they were told that this was the best way to make money without doing anything and risking nothing.
At that time a smart a... like me was telling potential clients not to jump on the bandwagon, that the boom was about to end, and we sort of successfully cut ourselves from very lucrative income. We pat ourselves on the back that we were doing such a good work for them being realistic, and cautious.
When the market rapidly cooled, I thought that the agents in this paradise town will feel the grunt. And it felt this way... for awhile. I was showing a property there to my client today, and I could not believe how busy one Russian office was. They are incredibly busy, closing after closing, and they are practically all short sales. Again, they deal practically exclusively with Russians. BUT THESE ARE THE SAME PEOPLE THAT BOUGHT THE PROPERTIES FROM THESE AGENTS IN THE FIRST PLACE. I just could not believe my eyes. They screwed those people 2-4 years ago promising hefty profits, and now they get the same people to sell with them trying to get out. They don't see a problem. Now they are helping them to get out of the mess, that they helped them create in the first place.
I could not believe it. People were awarding the same agents who screwed them before. Something is terribly wrong here.
What is interesting is that is not characteristic for the real estate in this area. Membership is 43% down, a lot of people went to work for Wal-Mart and Publix, a lot of agents are barely surviving. And a few predominantly Russian offices are booming.
I am looking in the mirror. Why are we, Russians, for the dubious distinction of being able to speak Russian, would deal with agents, who were absolutely clueless of what they were doing, as long as the money kept coming, and after being screwed once, go back to the same people and award them with our desperate business again?
I do not get it. Even though I am Russian.
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