There seems to be a consistent flow of questions regarding the future potential for the market crashing or changing to a slower pace. Expect change because that’s the constant state of the real estate market. It changes, and it changes consistently.
I’ve experienced 40 years of it changing. My production through every changing market has been consistent with the previous market. It’s a steady flow because my marketing is consistent, and I know who I need to latch onto depending on the state of the market.
I’ve witnessed agents going home and staying there until the market re-energizes. When and if the phones ring without any effort on the part of the agent, unfortunately, they’ll return.
Agents need to focus on the present market. They’ll know when the market changes, and they, in turn, must change with it.
When rates were as high as 21%, we changed the way we financed mortgages. I made as much money in that market as any other. I used Ahmanson Mortgage Co and set up the buyer with a 40 year negative amortization loan. The payment was affordable, and it resulted in a roof over their heads. When the market changed back to something reasonable, they refinanced.
When there was an extreme buyer’s market, sellers who needed to sell quickly would participate in the financing. There were sellers who were mortgage free who would gladly do owner financing. Some did that at Zero interest because they were desperate.
There have been many sellers’ markets where the listing agent would determine the true fair market value and add $20,000 to the list price. There would still be a bidding war!!
Markets change; marketing during those changed times will change; real estate agents who are not well versed with marketing will “bench themselves” until that game ends.
If you’re concerned about surviving, don’t wait for the market to tank. Connect with agents who are successful and learn what’s needed NOW to survive in the future.
We’re in a people business, and you must reach out to people, face to face. Network NOW to secure a position within your marketplace to survive the storms ahead.
Yes, there will always be storms. Depending on the state of the market, you must position yourself to weather that storm, and you can accomplish that if you’ve networked with the right people. Who your Savior is will depend on the state of the market. Be ready to tap into that source. Have your sources ready now.
Just another thought for the moment….