When the going gets tough-the tough get CREATIVE!

By
Real Estate Agent with Silvercreek Realty Group

We''ve all heard the old saying "When the going gets tough, the tough get going."  But I thought the recent changes in the Real Estate market have added a new twist to that saying.  I think the Builders and Agents that are not only surviving but also thriving are doing so by being CREATIVE if necessary. 

I recently read a blog by Dawn Rickabaugh about Owner Carry sales, where the owner acts like the bank, in hopes of attracting buyers that may not be able to qualify otherwise.

Another trend I've noticed on the rise is Trading which was addressed by Ron Pickett in his blog.  In a trade, two individuals that both want to sell, but are having difficulty doing so, can trade properties either straight across, or as partial payment.  This is especially attractive to builders, who want to continue to build homes. If they can trade for building lots or smaller homes that would make good rental properties, they are happy.  Sometimes trades are also welcome because people are just tired of the same old problems.  They realize that the property they are trading for may not be perfect, but they are happy to be moving onto something else. 

The Agents and Builders that thrive in this market will do so by being hardworking and creative! 

What CREATIVE ideas do you have for moving property? 

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Rainmaker
130,709
Bill Exeter
1031 Tax-Deferred Exchange Expert
Exeter 1031 Exchange Services, LLC

Hi Pam,

You are so right.  Creativity is a must in markets like this.  I also noticed the comment about Dawn's blog post.  Dawn will be on our radio show this coming Monday, May 5, 2008 discussing seller carry back notes and the like.  You can get more information at http://www.exetergroupradio.com.

May 01, 2008 12:15 AM
Ambassador
497,668
Mirela Monte
Myrtle Beach Real Estat
Buyers' Choice Realty

Pam, you have a very good point!  I have done nothing but re-create the business in the past several months.  Consequently, we are now extremely busy.  Please subscribe to my blog and read some of my posts about the business (not the fluff posts, which I have quite a few of).  A good one to start with is:  "Listings Made Easy; This is Awesome!"

Yes, Seller financing (I just put one together today), land sales agreements (also known as "contract of sale" agreements), leases with options to buy, Lease to own, Fractional Ownership, TIC's.  I wrote several blogs about these different transactions and I know you'll learn a lot from reading them. 

The way we recruit the lead, the follow up, the transaction...  all of it has changed and is continuing to change quite rapidly, I might add.  You snooze; you lose!

Think outside the box!  Educate yourself!  Go out there and practice!

May 01, 2008 12:23 AM
Rainer
73,244
Pam Pugmire
Meridian Idaho Real Estate
Silvercreek Realty Group
Bill   I appreciate the heads up!  I will listen-I think it's vital to get s much info about these kinds of deals as possible!
May 01, 2008 12:20 AM
Rainmaker
652,546
Bob & Carolin Benjamin
East Phoenix Arizona Homes
Benjamin Realty LLC
You are right. We all have to think outside the box and then some these days to get some deals done. All the best.
May 01, 2008 12:26 AM
Anonymous #5
Anonymous
Anonymous
Wow! Talk about creative. This is the first i have heard about straight up trading properties. This is intriguing. What is your angle on origination and or listing fees? Thanks, Keith 
May 01, 2008 12:41 AM
Rainer
28,055
Chip Jefferson
Advanced Building LLC
Creativity is abound. Im a builder but I dont want property trades. I will however take boats, guns, cars, and other things. I was offered a wife yesterday.
May 01, 2008 05:36 AM
Rainer
73,244
Pam Pugmire
Meridian Idaho Real Estate
Silvercreek Realty Group

Chip  we alll want to know-did you take the trade?  lol

Keith typically how we work commissions is both properties are typically listed already with a compensation agreement in place.  Each party writes an offer on the others property, and in the "other terms and agreements" is put the contingency of the purchase of the other property.  Of course, deals like these are very case specific, so you just need to do whatever it takes to "get er done". 

Bob & Carolin thanks for stopping by

Mirela thanks for the info-I will definitely check out those blogs!

May 01, 2008 08:18 AM
Rainer
47,484
Jolynne Photography, Creative Wedding Photography, Family Portraits, Bar Mitzvahs
Bat Mitzvahs, Senior Pictures, Event Photography
Jolynne Photography

Chip...lol.

Mirela...wow, you're quite the expert on the creative stuff, eh?

Pam - I haven't seen much of this out my way, but I'm sure it's coming. Of course, some of it is probably happening under my nose without me knowing, since I wouldn't get involved with a lot of that anyways. Way to work with what ya got!

May 03, 2008 01:43 AM
Ambassador
401,304
Virginia Hepp
Mesquite NV Homes and Neighborhoods - Search MLS
ERA - Mesquite NV Homes For Sale
Hi Pam, I recently was talking to a local builder.  He said that he took a fixer-upper in trade on one of his new homes in a small development.  I was impressed that he was that creative.  He had quite a bit of work to do on it, but was able to do it himself and break even when he sold it.  'Thinking out of the box"!  I have seen several FSBO ads recently, offering to take trade ins.  
May 04, 2008 03:32 AM
Ambassador
1,848,947
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC
Pam- Getting really good at short sales to help homeowners from foreclosure!:) Very rewarding too! Katerina
May 05, 2008 11:29 PM
Ambassador
2,032,152
Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

I also specialize in Owner Financing and Lease Options and I love them! I would say about 90% of my business in the last year has been creative financing and I'm now doing radio shows and seminars for both home buyers and sellers.

Then I am teaching classes to other agents how to do them and protect themselves and the principles to the transaction from lawsuits.

May 08, 2008 12:48 AM
Rainer
73,244
Pam Pugmire
Meridian Idaho Real Estate
Silvercreek Realty Group
Todd  That is terrific!  Do you ever get over the the Boise area to teach your classes or are they all in Oregon?  I would love to hear more about them!
May 08, 2008 10:03 AM
Rainer
41,803
Eugene Jones
Weichert Realtors

Great post Pam! Our creative minds must keep spinning and creating new ways to generate business.

May 12, 2008 03:49 PM
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Rainer
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Pam Pugmire

Meridian Idaho Real Estate
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