Steve Morris Says: Second Half of '09, Light at the End of the Tunnel (part 1 of 3)

Reblogger Nick Libert
Real Estate Agent with Exit Realty--I'd love to service your Chicagoland referrals IDFPR # 471.016048

Thought this was a great summary of both where we are at in the industry and the unique advantage of Exit!

Original content by The Team at EXIT Realty

Steve Morris, Founder & CEO, EXIT Realty Corp. InternationalSteve Morris, Founder & CEO of EXIT Realty Corp. International said in the most recent edition of the EXIT Recruiter Newspaper:

Traditionally, a career in real estate has been built on one's ability to generate listings and make sales. In other words, it's always been a two-dimensional platform even when it comes down to doing a rental.

Listings are either easy to get and hard to sell or hard to get and easy to sell depending on the market. They have always been a sound basis for spin-off business and the true foundation for domination in the marketplace. In fact, if you want to convert your selling from a job to a career, then specialize in taking listings. You list to last. Listings are worth their weight in gold. They are stock on the shelf and the true pivotal point of people to see, things to do and places to go. Those who control the listings, control the action, productivity, success and profitability of the industry.

Real estate is a rhythmical business that is emotionally based. The purchase is made because the customer loved the property. Granted; rationale, logic and practicality are part of the equation but the feeling factor predominates in almost every case. This causes demand for product. Supply and demand determine the rise and fall of the market and sometimes this shift is so severe that it results in whiplash.

Previous to EXIT Realty, an agent has only been as good as their last transaction. Individual results are predicated and limited to one's focus, energy, strategy, determination and desire. It all depends on you. In this regard, if you, the agent slow down, your productivity slows down, if you stop, it stops, and if you step off the tracks, it's over.

This is also true when the market slows down. The gaps between closings widen and cash flow stifles. Under these conditions, the old system renders many real estate salespeople helpless. There is no leverage.

Building a future one transaction at a time is a laborious process when the blood pressure drops in the industry, as the buyers market becomes an absolute reality. It is slow and uncertain.

The market in the U.S. was marvelous for seven years because the fish were jumping in the boat. The demand for property was tremendous and prices rose accordingly. Everyone worth their salt made a good buck. But then it all changed radically. The Subprime fiasco and all corresponding ramifications sucked all the blood pressure out of the system resulting in a recession. Wanting to buy was instantly replaced with having to sell. The impetus of growth was stilted. The marketplace caved in.

And what does it take to survive in a real estate environment jam-packed in foreclosure, short sales, desperation and doubt?  to be continued tomorrow


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