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When Will the Market Come Back?

By Phil Hanner

Real Estate Agent with Keller Williams

February 20, 2009 04:22 AM

I was recently at a meeting of about 25 Realtors. One of them said her business was slow and she could not wait for the market to come back.

I was shocked. I do not understand this mentality. The market never left. I see so many people in the real estate business sitting on their hands waiting for "something" to happen. The market has changed but it did not go away. This reminds me of the 1% rule: 1% of the people make things happen. 2% watch and understand what happened. 97% stand around and say "WHAT HAPPENED?"

I have been closing a house per week since the 1st of November. I have 3 properties headed for closing and one in negotiation. I closed one yesterday. Some are my listings and some are my buyers. Will this last for me? Who knows.

Property is only worth what someone who CAN pay for it WILL pay for it. It is very simple. I have sold properties from $17,000 to to several hundred thousand.

I do listing BPOs for the owners of foreclosed property. I do CMAs for my buyers. I give them the info they need to make a good decision. All of this research take a ton of time but it accomplishes two things - it educates me and my buyers about the market. And, it shows my buyers that I will give them more information than any other agent they have worked with.

Many of the buyers I have worked with say their former agent told them not to get involved with short sales or REO property. Others have told me their agent would not make an offer because the offer was too low. Who are they to say what is too low? That is for the seller to decide, not the buyer's agent.

Listing agents have properties priced all over the place. Similar homes, next door to each other, vary in price by over 100%. Since being licensed I have only done short sales and REOs. I see what "traditional" agents do and to me it looks like being on vacation.

If you have been waiting around for something to happen - here is my 2 cents. People need to change with the market. Every day the gazelle wakes up and hopes he is faster than the slowest lion. Every day the lion wakes up hoping he is faster than the slowest gazelle. Point is when you wake up - you better be running.

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John Mulkey

TheHousingGuru.com - Waleska, GA

Housing Guru

Great reminder, Phil. Some people can be successful in any market; it just depends on how you view the market and what you're willing to do to participate.

Feb 20, 2009 04:26 AM

Richard Lecinski

Long Realty Company - Oro Valley, AZ

I have been very busy. There are buyers out there you just need to find them.

Feb 20, 2009 04:28 AM

Michael S. Mackey

CENTURY 21 All Islands - Mililani, HI

REALTOR ABR, CRS, GRI, RSPS

Waiting for the maket to come back? Those are the agents whose share of the business I hope to make mine!

Feb 20, 2009 04:30 AM

Chad McDowell

First Time Home Buyers, Pre-approvals, Fixed Rates - Bothell, WA

FHA and VA Mortgage Loans Snohomish County, WA

Thank You! Great Post! I swear people feel sorry for me that I am still in the mortgage industry, I dont get it. Times are changing, but that just makes it different, no bad. Good luck and continued success, Phil.

Kim Southern- "Sold" with Southern Hospitality

Century 21 In the Mountains - Ellijay, GA

Greetings from the North Georgia Mountains!

Phil: LOVE the lion/gazelle analogy! You are so right...I am busier now than I have ever been. If I hear another agent complaining about the market being dead, I think to myself, "Then you're in the wrong business..."

Great post!

Feb 20, 2009 04:31 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

HA! If I work 12 hours a day for the next year, I would not catch up. This is a business where one must be nimble and quick.

Also a business where one must get up and "go to work" every morning and make things happen.

Bruce Brockmeier

Internet Marketing Consultant to REALTORS® - Yorba Linda, CA

Coached By Crouch

I have been closing a house per week since the 1st of November. I have 3 properties headed for closing and one in negotiation. I closed one yesterday. Some are my listings and some are my buyers.

Hi Phil,

That's impressive. Keep up the great work. Congrats on being in that 1%!!! :)

Feb 20, 2009 05:01 AM

Mary Strang

Viroqua, WI

Boy do I agree with your post! So many are not able to work in this market and are missing the days when only a pulse and being able to get to the front of the line to make a sale was required. I believe in working hard then and I am still doing fine, working very hard to keep my business full of closings and happy clients... no complaints other than the days are a little longer now, but I now also get Sundays off!!!

Feb 21, 2009 03:51 AM

Karen Hurst

RICOASTALLIVING.COM - Warwick, RI

Rhode Island Waterfront!

Hmmm, I think if anyone has waited this long, they are either out of business or on the way!! I am so busy I can hardly breathe! Guess I am lucky cause I never had those "good times', its' been all work for me since I started! But I am doing pretty well and loving it.

Feb 21, 2009 01:55 PM

Rob Arnold

Sand Dollar Realty Group, Inc. - Altamonte Springs, FL

Metro Orlando Full Service - Investor Friendly & F

I agree. The market is always selectively good. If you aren't busy and having closings and income, then you need to re-focus on what is working. The only thing now is that because some of the prices are so cheap, the commission from one closing often doesn't cover that many bills. I have 3 closings next week and each one will net me about $1500. That's simply because 3% * a $50,000 junker house doesn't net that much. It is good to have closings though. I know so many people who have nothing this month.

Feb 22, 2009 02:16 AM

Phil Hanner

Keller Williams - Daytona Beach, FL

Phil at http://www.findahomeinportorange.com/

Thanks to everybody for posting. Rob - I sold a junker last week for $19,900 - not my buyer so all I got was part of the listing side. My net was only a couple of hundred dollars. Why waste my time? Investor buyers love these and it is a good way to get them to work with me in the future.

Looks like everybody posting here is BUSY. Keep up the good work.

Feb 22, 2009 02:28 AM

Christopher Webster

EXP Realty, LLC - Columbia, SC

Columbia South Carolina Real Estate For Sale

I have closed @ least 1 property per week since October and 95% are either Short Sale or foreclosure. I am busier now than ever in last 6 years.

Mar 15, 2009 03:20 PM

When Will the Market Come Back?

Comments(13)

I have closed @ least 1 property per week since October and 95% are either Short Sale or foreclosure. I am busier now than ever in last 6 years.

Phil Hanner

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