Most agents’ business has suffered in the last year or two. If you were to listen to the media talk about the Housing Market and Economy, you’d think the world was coming to an end. But, like anything, there are opportunities in the current market. Let’s look at other businesses that are thriving right now. Collection Agencies are thriving. Credit Repair Companies are doing well. This is because the people that want to buy a home need good credit to get a loan.
Foreclosures Lawyers are doing well. I’m sure they are very busy. And, so is the Repo Man. That is something I’ve always wanted to try out for a week or two. Mainly to see what it’s really like and for the excitement. Unfortunately, my wife won’t allow me to do it. The point is, businesses that adapt to find the opportunities in the market are surviving, and some are even doing better than last year, or during the boom.
Here is a case in point. I was surprised to read the other day that McDonald’s Revenue was up. Something about how people weren’t able to afford more expensive restaurants, so they went to McDonalds. I’ve always eaten at McDonalds every once in a while, and have noticed that their food quality has increased dramatically in the last 3-4 years. Here is what is interesting.
According to Yahoo Finance, McDonalds same store sales rose by 4.5%, compared to the same month a year earlier. I didn’t take the time to see if Burger King’s revenue was up at the same time. Either way, the fact that McDonalds is doing better backs up the logic I am trying to make. The article did make it sound like their competitors were hurting. To quote, “More proof of how the fast food leader is thriving in a downturn that has eaten into sales at its competitors.” How does this relate to our business?
The homes selling in the MLS (both yours and mine) today, are selling for different reasons than two years ago. In 2005 and 2006, people sold their home to: buy a bigger home, move closer to family, get a bigger yard for their kids to play, sell an investment property, etc.
Listings sold fairly quickly, partially because of the increased demand investors brought to the market. You could do well as an agent during those times because enough people were moving. A lot of past customers, friends, family, and their referrals bought or sold with you to make you a good living. Today, this had changed. Much fewer transactions are happening. The people selling today, are the must sells.
They are the job transfers, foreclosures, and other sellers for whom it is more important to sell their house, than get the price they feel it should. How do we find those “must sell” sellers? Look at the Expired Listings and the Pre-Foreclosures. Sure, you have to sift and sort thru them to find the diamonds. It takes a little more work, but it’s worth it.
If you get a listing, get it competitively priced, it will sell, and you’ll collect a commission. It just takes finding a motivated seller.
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Ben & Chris Curry The Short Sale Agent's Advocate
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