Living With Blinders On

By
Real Estate Agent with InActive Agent

  

I suppose it will never end, it's simply engrained in American salesmanship culture. I've just been reading the still never-ending supply of blogs and postings that are chock-full of self praise for the writer, and loathing for other agents that are leaving the business. It's sort of a "Hey, wait, you gotta stick it out and suffer along with us" mentality. They seem to find it audacious that many agents would actually come into a business when it's good, and step out when it's bad!

Now let's think about how absurd that is. If you had money in the stock market, and it's plummeting with no end in sight, what would you do? You would either pull it out all together (cutting your losses), or you would shift it from a losing stock, to one that will hopefully recoup your loss. You would not sit there and say "ride it out baby, you gotta take the bad with the good".

Life is full of ups and downs, twist and turns. Currently the economy is in a free-fall, and it's going to get a lot worse before it gets better. America is in crises, and you can pull those blinders closer to your head and pretend it's not happening, but it is. It's going to take a bit more strategy than just buckling down on your prospecting, farming, and cold-calling.

I've heard agents writing optimistic post's about how great business is because they had 18 people come through their open house! Wow, that's great, eighteen families viewed it in a single day, and not one wanted it, fantastic! I guess telling people "It's a great time to buy!" isn't cutting it (imagine that). All of the little lenders are gone, and the major lenders are in crises; that's not going to get fixed over the summer. Without a near perfect mid-score and hefty down payment, there will be no loan for your buyers.

You will see even more builders going belly-up and selling entire tracts dirt cheap, you will see condo buildings sitting half full buried in litigation. You will see real estate offices and banks shutting their doors for good. You will see all of this.

Those things are reality folks; it's not about being optimistic, or pessimistic, or grabbing the bull by the horns, its fact. Some will survive, many will not (even the Titanic had survivors, but it had a few more floaters). To survive, many of you better diversify and find other sources of cash flow to ride this crisis out. As my Grandfather once told me "You've got to go where the money is, it's not coming to you". Where that is for each of you, depends on you and your alternate skills.

However, if you choose to sit as ladies and gentleman, and listen to the band play, that's your prerogative.  Just tighten those blinders up a bit, it'll be less intense and go faster.    

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Rainmaker
296,438
ARDELL DellaLoggia
Sound Realty - Kirkland, WA
Blinders on is not as bad as head stuck in sand.  The are degrees of focusing and ignoring with blinders that may work...but head in sand is like head up butt :)
Apr 16, 2008 01:27 PM #1
Anonymous
Anonymous
Mike
Head up but can be messy as well.
Apr 16, 2008 01:31 PM #2
Ambassador
2,406,950
Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital
Michael, a lot of agents don't make money in a market like this because they do not develop strategies that are appropriate to it.  But that's not true across the board.  I for one am loving it and earning more than I have in many years.  I think an agents should stay who are good at it and who love the business.  I don't think it's so much the market as how we respond to it.
Apr 16, 2008 02:14 PM #3
Rainmaker
45,154
Michael Creel
InActive Agent - Bellevue, WA

The number of homeowners stung by the U.S. housing market jumped last month as foreclosure filings grew by more than 50 % compared with June a year ago.

According to Realty Trac Inc, Nationwide, 252,363 homes received at least one foreclosure-related notice in June, up 53 percent from the same month last year, but down 3 percent from May. One in every 501 U.S. households received a foreclosure filing last month.

Foreclosure filings increased from a year earlier in all but 11 states. Nevada, California, Arizona, Florida and Michigan continued to have the highest foreclosure rates. Economists project 2.5 million homes nationwide will enter the foreclosure process this year, up from about 1.5 million in 2007.

Jul 10, 2008 06:31 AM #12
Rainmaker
45,154
Michael Creel
InActive Agent - Bellevue, WA

Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55 percent from about 175,000 in the same month last year and up 8 percent from June, RealtyTrac Inc. said. That means one in every 464 U.S. households received a foreclosure filing last month.

Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 77,000 properties were repossessed by lenders nationwide in July, the company said.

Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan had the highest foreclosure rates. Foreclosure filings increased from a year earlier in all but eight states.

The combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.

Aug 14, 2008 07:53 AM #13
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Rainmaker
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Michael Creel

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