You can become the Brock Lesnar of real estate
The real estate industry changes with every new cycle, and sometimes even sooner. The good news is that if you pay attention and are willing to learn from your mistakes or those of others, you will gain a new understanding and be able to take advantage of great opportunities.
You can become the Brock Lesnar of real estate.
It’s the new reality of real estate. Mortgage companies want to see that buyers have a good downpayment, a
stable income - and a paper trail for proof. It’s not commonplace anymore for a seller to receive multiple offers on their house. Homeowners across the United States should not expect year after year of double-digit appreciation.
Moderation is the buzz word and caution seems to be a guiding principle.
Real estate professionals have been given a breather. They have been able to take a step back and evaluate their business model. They are looking to see what is bringing in the best results for their
business; hence, their clients.
If real estate agents view the practice of real estate as an entrepreneurial endeavor, they are giving themselves a talking-to and taking time to build up new skills. They are evaluating their foundation honestly and seeing if they’ve got any cracks that need to be examined.
It’s what they call transparency and it starts with a self-assessment.
I recently spoke with Roy Aronds, a Connect2Agent member and real estate agent in Carson City Nevada. We discussed the adjustments he’s made to his business and the changes in his local market.
The Internet (Web 2.0), REOs, and changes in mortgage qualifications all play a significant role in Aronds’ real estate business.
Aronds considers himself fairly new to the real estate industry. In the five years that he has been selling real estate in Carson City, he’s already had to change and learn new skillls and adapt to the new real estate reality.
Foreclosures used to be a rarity in Carson City, Aronds informed me. “I’ve had to make a change with the times.” He’s now been studying foreclosures and informed me there are ways to help save people from a foreclosure. Options include short sales and refinancing with government-tailored mortgage programs. There are different types of refinancing options available if you know where to look.
Knowledge is power.
Even though there has been an increase in REO and short sale properties in Carson City, “Housing prices have dropped to a point where buyers are purchasing,” Aronds said. REO properties are not in the same disrepair as in some of the other cities around the country. In Carson City, houses that are boarded up and totally trashed are not common.
Buyers have an opportunity to get a good deal with these properties because the banks are interested in getting them off their books and selling them. But buyers shouldn’t be confused with banks’ intent to sell and mistake it for desperation to sell.
Real estate buyers should be able to get a good deal, but they won’t be stealing anything from the bank.
Aside from Aronds’ constant market observations and studies, what else has he done to keep his business alive? He’s placed an emphasis on marketing his business online. Aronds believes the Internet is an integral part of the real estate industry today. Consumers can go online, search house values, look at listings and get a general feel for the area where they are looking to puchase a house.
Enough buyers are online that Aronds hopes when they are ready to make contact, he will be the real estate agent they choose to work with.
A large number of Aronds’ clients are currently coming from the Internet. He may feel he’s a newbie, but his adoption of the new reality of real estate is what will keep his business going. To others who are hesitant to step into the arena, I’ve only got one thing to say:
“Adjust to the market or go ahead and tap out.”
Posted by Rebecca D. Levinson
Tags: brock lesnar, Connect2Agent, real estate