Will you Be a Realtor through the Coming Storm??

By
Real Estate Agent with Keller Williams Greenville Central

For over a year now my office has been preparing for the coming storm. Some of you are already beginning to see the rip currents but still havent' experienced the tsunami. DOOM GLOOM...Nope..not if you're prepared.

What is the storm? The sarcastic side of me raises my eyebrow that you'd believe the media for one moment that the worst is over! Oh, but you say..I'm already doing great this year. Yup you will. So what's ahead. Now I'm no lender, market analyst or any such learn-ed creature. I'll tell you what I've been told and see if you agree that we better get the lifeboats and jackets ready and make sure there are flares.

THE STORM

1. Rip currents- Jan 1 next year will be the first of the "baby boomers" retiring and beginning to draw their promised "pension" of SSI/Medicaid/Medicare, a system which is already bankrupt and borrowing money from us and our children.

2. THE BIG WAVE- The 5 Year ARMS adjust next year. If you think last year was rough, geez peeps, that was just the 2-3 year arms. A paltry amount considering the nearly triple amount of jumbos still to go through the adjustment and/or forclosures. Speaking of:

3. Shadow inventory- Let me explain. The banks got their lovely bailout funds, didn't lend them, forclosed on homes and have NOT released a goodly portion of them back on the markets. WHY NOT? you ask. Well that would further devalue our markets right? And in a time of economic struggle and joblessness the people have to believe they have something of value still. Besides let's get real. The banks are holding them cuz it pads their portfolios so more "investors" will invest in their company. Makes em look like Brad Pitt in Fight Club if ya know what I mean.

Doom Gloom Doom Gloom.....nope... a smaller nope, but nope.

So what do we have to do to weather the storm

1. Your lifeboat and My personal ARCH NEMESIS-Embrace Tech. Ugg. See I have a generic post without frills, just words on a page. I think the pics and fun fonts are for the magazines. I'm here to learn. And I'm not old. I just have priorities and my family comes before learning IDX feeds and hyperlinks. Can anyone explain Wolfnet..never mind. Get hyper social network crazy. Yep got that one down. But I will overcome and my Tech Lifeboat will be readied whether I like it or not.

2. Prepare your Flares-Your sellers. If they cannot sell at the market value now, what happens when they are competing with 7-10  million MORE REO properties to be released like a feature film, at a later date! Christmas Eve perhaps. Happy Ho Ho. Are they really going to want to compete with those and lose every bit of equity or bring countless dollars to closing. Heck they're doing that now, what do think will happen next year?

3. Get your emergency kit ready- Really fellow Realtors. Save your money. Gone are the days of getting a great close, going out and spending on vacation, shopping or that new toy. The new toy needs to be named "no debt", a paid for home, 6 months reserves in the bank or more. Save Save. We're done with the culture of spend. Our government is doing plenty of that 4 us! Heck they think they're at the KMART blue light special with our tax dollars and the Martha Stewart linens are flying off the shelves. RUN Blue Lighters! SAVE YOUR MONEY! Do what your grama did..get a piggy bank.

Attention Passengers..following these key steps could save your a... I mean career. Get ready folks. The next tsunami is coming. Will you ride the wave in your lifeboat or be stupid and do as you've always done and coasted along just like the daredevil surfer taking on the big one. Problem is..he always ends up dead. Will you be a Realtor in the next coming wave?

Comments (8)

New Construction Ocala Florida Real Estate
Pivotal Properties, LLC - Ocala, FL
Living and Loving Florida!

I will. The key to survival is keeping current with market issues. Knowlege is key........Never stop learning and work, work, work.

Mar 11, 2010 01:22 PM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Holly, I'm getting prepared.  I started my own brokerage 5 years ago and my overhead went way down!!  That helps immensely!

Mar 11, 2010 01:22 PM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

I will definitely be a realtor through the next storm and through the sunshine. It is a great place to be. Saving is a great quality which helps one withstand some great tumult.

Cal

Mar 11, 2010 01:26 PM
Betty Knowles
Southwest Missouri Realty - Springfield, MO
Ready to sell? Call Betty!

Holly, our board of REALTORS has gone from over 3000 members to around 1100. Those of us left are here for the long haul.

Mar 11, 2010 01:27 PM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

ARM resets and shadow inventory have been popular topics in the Las Vegas market for the last couple of years. It's definitely a nasty storm.

Mar 11, 2010 01:29 PM
Melinda (Mel) Peterson
Grants Pass, OR - Bend, OR
The Savvy Broker - ABR, CRS

Riding the current wave, but definitely positioning myself for the Tsunami, and have been for years.  The 5-yr ARM's are starting to balloon this year (from 2005) and commercial real estate hasn't even begun to tank.  Sounds like we will need more than a life boat... perhaps an ARK!

Mar 11, 2010 02:04 PM
Charlottesville Solutions
Charlottesville Solutions - Charlottesville, VA

Love it, hey I just subscribed to your blog!

your friend in Charlottesville

Mar 13, 2010 12:39 AM
Lou Finnegan
Keller Williams Realty - Saint Marys, GA
Service. Performance. Results.

Hey Holly! Great post about the realities we all will face. You can hide from it or exploit it (Change, Adapt, SHIFT!). It's a time to double up: effort, marketing, branding, education, networking, and any other way to outshine your competition. Buyers for Camden County, GA gratefully accepted!

Mar 13, 2010 01:01 AM