Peak Appraisals News Desk

By
Real Estate Appraiser with Peak Appraisals, LLC.
Real Estate Broker/Owners and Agents

10 Ideas for Making the Best of It

1. The industry will be chaotic at least until January 2008. Be proactive to make sure your clients have access to reliable lending. Know your client's lenders.

2. Recommend that buyers use large, stable bank-backed lenders known to be in mortgage lending for the long haul and have a diversified portfolio of non-mortgage business.

· Hopefully you have a relationship with one of these. If not, consider it - or know where your lender's funding comes from.

· Integrate a pre-approval requirement into your buyer and seller agreements.

3. Focus marketing on prime buyers and homes that will draw these buyers. Jumbo homes may be hard to find financing for. This is an opportunity to get creative in helping sellers move these homes and for temporary solutions like executive rental/housing.

4. Prepare clients for potential appraisal problems as housing prices drop and lenders are more conservative. Consider alternative ways to bring value to clients beyond home price.

5. Be ready for opportunistic investors to return to the housing market once home prices drop. Consider improving search capabilities to help second homebuyers/investors search nationwide or in your market for great values.

6. Before making tough decisions, be sure to include in your review of agent and office profitability an analysis looking across all of your services - not just real estate production.

7. Be prepared to take advantage of the foreclosure market. Look for unique ways to market as the typical "subprime" buyers will no longer be the target buyers.

8. Now is the time to check into how you can use online marketing to your advantage to bring in the right home sellers and buyers. At Inman's 2007 fall convention one of Trulia's VPs published the "Top 50 ways to Market Online."

9. Use your direct messaging to your agents and indirect agent messaging via your managing brokers and office managers to keep everyone calm.

· Example: Create scripting for your agents on how they should respond to client questions when they call about whether or not they can qualify - AND - when they call with issues about an existing loan. Now is the time for everyone to pull together with a consistent, constructive message to avoid class action lawsuits.

10. Agents will continue to leave the industry. Focus on increasing individual agent productivity by leveraging your entire family of services.

Comments (4)

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Jennifer,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Oct 23, 2007 09:40 AM
Jennifer Coate
Peak Appraisals, LLC. - Olympia, WA
Thank you Keith.  I had NO IDEA this network was even here.  Wow - it's like MySpace for adults with careers!
Oct 23, 2007 09:43 AM
Mark Duncan
Olympia, WA

Hi Jennifer,

These are all great tips.  Thanks

Mark Duncan ~ John L. Scott Real Estate, Olympia, WA

Dec 03, 2008 07:59 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain!

    Much has changed since your last visit to ActiveRain.  I encourage you to take another look at the website. 

    Surf some blogs, leave some comments.  Better yet, post a Blog.

    Best to you!

Dec 20, 2015 01:45 PM