I don't know about any other Realtors, but I have been keeping pretty busy. While most agents around the country are struggling, I am doing pretty well. Grant it this isn't 2005, but I'll take it. You see I recognized early on that we would be in this situation (somewhere around 2005) and that the only business closing would be distressed properties and homeowners who where highly motivated by some underlying factor, ie-job transfer, death in the family, inheritance, etc.
I chose to carve out my niche in distressed properties and the fruits of my labor over the past two years is finally paying off. People thought (and still do) I was crazy to "limit" myself to such a market. Now those people are calling up and begging me for information on how to handle a short sale listing they took on that they have no idea how to close.
It never ceases to amaze me that everyday I talk to agents who are broke and sitting on the sidelines waiting for good times to roll around again. I ask them how they are handling their short sales and I get the standard reply: "I don't take those listings" or "They cut your commission, I don't bother with them." Oh yeah, then give them to me because for the foreseeable future it's going to be the only game in town.
I don't want to brag but I have it down to a science. So much so I hired a team to help me handle the short sales. I have turned the negotiation process into a minor inconvenience. Typically after an offer is received and forwarded to the bank for approval, there is a 30-45 day waiting period. During this time I take advantage and get all the ducks in a row to be ready to close within two weeks of approval. So the sales cycle is only extended by a few weeks if you do this right.
The only thing I can say is I hope everyone else keeps turning away distressed listings, heck if you send me any I might even pay a referral fee. Did I mention that the agents sending me their business aren't even asking for referral fees. They feel sorry for me.
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