Foreclosure in Reno>Question Details

Robin Coons…, Real Estate Pro in Phoenix, AZ

I am so frustrated, all this expertise and for me the market has dried up, any suggestions?

Asked by Robin Coons SRES, CRS, ABR,SFR, Phoenix, AZ Fri Mar 5, 2010

Willing to work hard with over 20 years of experience

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We need to adapt as the market changes. You have probably heard that before but it`s still true. I would like to show you what REALTY WORLD can do for you. call virgil ballard at 775-688-4656
1 vote Thank Flag Link Fri Mar 5, 2010
You will see my reply on your other question.

The sad truth is right now the real estate market is not good. People are afraid to buy because of the economy. People are aware of foreclosures that are coming. They also know that prices are dropping.

Below is a heatmap showing foreclosures nationwide for Jan 2010. Click on the map for a bigger version.
http://www.foreclosurepulse.com/blogs/mainblog/archive/2010/…

You can see the problem there. foreclosures are going to be coming in hot and heavy through 2012. It could be a year or more before they all get through the system.

I would try to market myself as a foreclosure or short sale expert. If the market is really that dead in your area I might also consider telemarketing. Not because it is a great job, but because you already have the skills they would want. You could do that part time and real estate the rest of the time. When real estate comes back big you could get rid of the telemarketing option.

The simple fact is you have to do whatever it takes to protect your wallet. If one thing does not work you have to consider another.
1 vote Thank Flag Link Fri Mar 5, 2010
It's like playing hockey ... you have got to play the game that is on the ice. It you always do what you have always done ... and the market changes direction ... you can be moving the wrong way! We had to reinvent ourselves and learn to sell what is selling. 7 years ago we were the King and Queen of development land in our market. Now ... we've reinvented ourselves and gone to all the banks that have foreclosed on those developments and listed them as REO's. What changes can you make?

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410

775-781-5472
0 votes Thank Flag Link Thu Jun 14, 2012
Funny, Joseph!
My insurance premiums are now almost $600 a month........and I have a deductible on top of that, plus a cap on prescriptions! You're right - we can't afford to have our heads examined!
If I had continued treaching for the past 25 years, instead of being a realtor, I'd be able to retire with a nice pension - probably over 50,000 a year..........then again, I could never have earned in teaching what real estate has offered me. Kind of a double edged sword there.
I think everyone who works in a commissioned business lives with the fear that the bottom will fall out...for many this economy has caused the bottom to fall out...........but I have lived through these roller coaster rides over the years.

Robin - you just have to hang in there, and do what you can to ride this out...... go back to basics.... get out your old client list and call them..........don't be afraid to ask for referrals. Maybe partner up with another agent to cut expenses, or find a new way to market yourself. Whether it's first timers or the senior market - find a specialty and promote yourself that way.
Good luck - we're all in this together.
0 votes Thank Flag Link Fri Mar 5, 2010
Robin, you are not alone.

Every day I think I need to get my head examined. If I had a "regular job", I would just show up for work and know that I will get paid. Unfortunately, I cannot afford to get my head examined. At least not until we get health care reform.
0 votes Thank Flag Link Fri Mar 5, 2010
Robin,

I know what you are saying. Unfortunately, we have to change our model to the below 250K market and work both Buyer's and Seller's. This is where they are.

The above 500K where we used to roll is fried. Anything over a million in my opinion is a waste of time and money unless they are 50-75% off and you have 6 months to 2 years to sell it. Do not list homes over 500K for less than a year if not 18 months. Get status changes of lower prices with the listing to avoid selective memory loss when you ask them to lower.

Run an open house on a home under 250K in a white collar South Reno neighborhood and you will get a lot of buyer's to keep you busy. Make sure you educate them to be happy with a good deal not a great deal. You don't want to be like a rookie agent chasing hot "best deal' properties for these herd mentality buyers chasing bank best deals. They need to be happy with a 50-60% correction and not the 60-70% ones that the bank has put out to create an auction on mls at the agent's and naive buyer's time and expense.

Make sure you have large signs pointing to it that say "FREE LIST OF BANK OWNED HOMES". Bank owned is Buyer crack now so give them what they want. You are there to get leads, not sell the house you are running open house on. Have them sign in for the list and give it the old; "it's policy to sign in for the list, tour the house etc." Don't worry about a phone #, all you need is an e mail and what they are looking for, phone #s freak them out when you ask for it.

If you can find a bank owned listing in So. Reno subdivision area, all the better. Depending on office policy; you may be able to even run another office's home. Even if it is in escrow, run it anyhow.

I hope that helps, the reality is we have been working 3 times as hard for 1/2 of the money. I do enjoy working with first time buyer's, just make them look at pictures first and drive by and look in the windows if vacant. It is strange showing homes after 20 years of being a listing agent but it is how you have to do it in this market.

Opinions are agent to agent, not intended for public distribution and do not reflect Coldwell Banker.
0 votes Thank Flag Link Fri Mar 5, 2010
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