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The Realtors of 2006...

This morning, I found myself speaking with a local real estate agent who started in "the business" in 2007.

Additionally, a comment of value was received by a real estate agent in a different state on a blog done- date of real estate entry: 2006.

THESE PEOPLE ARE SMART.

As a person with too much time in the real estate arena (lately, it feels that way), it's wonderful to interact with real estate people that are navigating. Loans are HUGELY problematic, relative to a few years ago- for some newer entrants, existing agents are not quite aware of the basics, due to market conditions that created a void for comprehension- anyone could get a loan.

Newer entrants, who had no connection to the "MESS", get it, and are starting OUT with the right idea: affordability is the only option. Investigating the current mortgage environment, and understanding it, is simply non-negotiable. The loan process is the key to a closing.

Back to the newer entrants: you have picked the absolute worst, but over the long haul, ABSOLUTE BEST time to get into real estate. While things are slow, you're smart enough to get educated.

It's so nice to know that the class of 2006 and forward are the ones coming up- if you don't feel lucky now, you most definitely will.

Posted by Laurie Mindnich North fork Long Island Real Estate on 12/03/2008 05:21 PM

Comments (14)

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14 Comments on The Realtors of 2006...

DEC

2008

Hi Laurie, I chat with Realtors all day long from all walks of life and from varying skill levels. The common thread of success is adjusting to the market they are in now. The other common thread to success....understand the loan process and requirements to secure a loan. Great post Laurie and some experienced insight.

How the heck are these people supposed to live between "absolute worst" and "absolute best" of times. It's a long way to lucky, don't you think.

Gary, it seems so simple, yet many are the in-betweens accustomed to not having to bother with knowledge. Out there now are people that are starting right.

Miriam, they're going to know more than 50% of the agents that fall out- they're in this thing with real estate people that don't know the first thing about financing, and understand that a step up in knowledge will make the difference. That's great for ALL of us- except those that don't think it's worth the bother to understand the process. That's where the newer entrants will survive. We all know that "thrive" is the cycle- they'll be around to enjoy it!

Excellant points Laurie....They will definately have a realistic perception of the process and the quality of a Buyer!

What an interesting way to look at it. I have a newbie showing one of my listings tomorrow. She's been in the business for less than a year. We were talking about her experiences. I asked her if she was crazy. But you have some good points.

DEC

2008

Hey, Joan- I was really encouraged by the knowledge being sought by these two- if this is what we'll encounter out there, YAY.

Lisa, if the newer agents are starting from scratch...good for them. It was so easy for too long- hard to imagine waltzing into real estate with the financing aspect secondary to the home, but we all had that recent experience. Understanding real estate is difficult when the financing component was non existant for so many transactions- I remember being completely perplexed ('80's) when a lender, in going over ratios, etc., tried to explain what a "point" meant in finance! I finally got it.

DEC

2008

I had entered the business many years ago in December...Typically a slow time. I used that time to learn the contracts, educate myself and learn as much as I could from veterans. Too many agents get in the business without the proper education of basic Real Estate law. Whenever a newbie asks me for advice, I tell them to know the contracts inside and out or you'll make a serious mistake or get taken advantage of. Either way, your client will be mad.

Craig, it's astonishing to me in NY that many real estate agents have never seen, much less taken the time to comprehend, a real estate contract- I think in a state run by lawyers (as NY real estate is) they've created this huge paranoia over "legal advice" for realtors perfectly capable of presenting a contract. We're a bit unusual here, but your advice is fantastic, and I agree.

Laurie I agree that this is a great time to enter the business because to survive good practices will have to be implemented.

Jennifer, they seem to be seeking comprehension- it's been a wild ride, and the focus was refreshing to me . How much we choose to explore just makes us better, somehow, all the way around.

DEC

Great points Laurie. I am an agent who started in late 2006. I recently had a much more seasoned agent who was surprised that I said my client wanted a preapproval letter. It seems that this agent has not yet adjusted.

Mark Duncan~ John L. Scott Real Estate, Olympia, WA

DEC

Mark, there doesn't seem to be a facet of the current market environment that doesn't offer a new lesson- much less, a front position recollection of the pre pulse only lending environment- lots for everyone to absorb, I think- taking a reminder from someone new should be admired.

DEC

The best agents I know are the ones who are constantly re-evaluating the current market conditions AND the likely direction of the market in the near future. They have set aside their ego long ago and are always willing - if not anxious - to listen to the thoughts and observations of those who are newer. These newer agents have a fresh perspective that is not contaminated by previous market conditions.

Mark Duncan ~ John L. Scott Real Estate, Olympia, WA

Thank you, Mark- I agree. With so much changing, a "seasoned" real estate agent adds much value if direction is focused on letting go of that, and presuming that a new market (with new expectations) offers much in the way of learning- often, from those that entered the new realm with the right questions.

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