Real Estate Stress Report

By
Real Estate Agent with Keller William Preferred Realty

Real Estate Stress Report....Ron Wexler Keller Williams Realty...Chicago Illinois 

 I have been selling homes since 1984. While the average agent in that amount of time would have sold around 250 homes, I have sold well over 1500. I am not saying that to brag I am just letting you know my experience before I continue.

In the absolute best of times the widely accepted "Stress Scale" goes:

#1. Death of a loved one, 

#2. Divorce

and tied for

#3 Job loss and Moving to a new home.

I have trained agents all over the United States and always included that information when I teach. I want them to know that perfectly normal, wonderful people can transform into frustrated, angry, mean, unhappy, human beings when faced with the stress involved in making a move. And that's in the best of times!!!

So what is it like out there today?

Think about it this way...except for some investors...everyone who is involved in Real Estate right now is getting beat to a pulp. Buyers don't know if they are overpaying since we have not hit the bottom. Sellers (many of whom refinanced at the top of the market and spent the equity they need to move) are getting 30-50% less than they could have 4 years ago. Lenders don't know if they are lending against a home that will go down even further and are under extreme pressure by the government with regards to underwriting regulations. Appraisers are under siege for the appraisals of the past, home inspectors are doing 30-50% fewer inspections, and lawyers are dealing with people who are anxious, upset, and frustrated. Not to mention Real Estate agents themselves who are selling 30-50% less homes on average, at prices reduced by 30-50%...meaning they are getting paid less often and when they do it's a significantly smaller check than a few years ago. All of this while every step of the sale is harder for every person involved!

So now you see why I call this the Real Estate Stress Report...Everyone is stressed at every turn and the question is what can we do about it?

First we are advising our clients to make sure they are in it for the long haul. I am teaching agents to share with their clients that there is no "try". The stress level is much to high when selling even in the best of times...either get in and be committed to a move 100%, or stay out of the market for a few years. In the past you could "give it a try", pick a price; even one that the market indicates is wrong and see what happened. Maybe you would get lucky and a buyer would love your kitchen or your beautiful landscaping enough to "make an offer" even if you were a little over-priced. With 25 homes available to every 1 buyer...believe me price is 100% KING.

Next we are sitting down with our buyers up front and setting expectations. The buyers need to know that some homes are near impossible to even buy, and others may need too much work to be worth the effort. Imagine this, the buyers have to actually have income, and some actual down payment money to buy in this market (neither of which was always important 5 years ago!)

Finally we are letting everyone know that buying or selling a home today may not be a cakewalk. We share that our team will do all it can to de-stress the process. We have 2 dedicated administrative all stars, one for the listing side and one for the pending sales side. They are highly competent and trained to get the job done. Even with that we need to have open, honest communication and lots of patience from everyone. If we say we need some document or verification it's because it is highly necessary to continue the process. If we are pricing, or staging a home and ask our client to do something its vital to create the outcome our client desires.

Our pledge is that we will get you there. Together we will get you to your desired outcome. The process will require something a little different than in the past when we did it all behind the scenes and let everyone else know the outcome.

We know that most stress is self induced, there will most likely be a storm, it will rage all around us. The other agent, their client, the attorneys, the lenders, appraisers, underwriters, inspectors, surveyors, title people etc., may all be in an out of control whirlwind through the entire transaction. Extra stress can not positively affect the outcome.

Great Agents have always been the calm in the storm...in this market environment, along with our clients we need to work together in the eye of the tornado. We will act calm and reasonable no matter what goes on around us, together we navigate the process calmly and competently!

We will get through all of the steps necessary to get to the finish line...together!

 

Real Estate Stress Report....Ron Wexler Keller Williams Realty...Chicago Illinois 

Comments (3)

TODD PICCONI 909.908.7376 HELPING YOU FIND HOME.
TODD PICCONI REAL ESTATE - Rancho Cucamonga, CA
Patient, Persistent and Positive About Your Move

Very Nice, Ron!

Thanks for a great post :)

Aug 10, 2010 06:48 AM
Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

All of this is great information - thanks for putting our stress into perspective.

 

Laurie

Aug 10, 2010 06:50 AM
Walter Hayes
Oak Creek Realty Group LLC - Carl Junction, MO
Make the Right Move!

Great post Ron. Vicki sent us all a copy after team meeting last week. I'd like to re-blog as well.

Aug 10, 2010 06:58 AM