Thank God we’re in the real estate business rather than the widget industry.
During good times, widget salespeople make a lot of money. During periods of widget depression, those salespersons starve. And when the bubble pops in the widget market, everyone loses.
Not so in the real estate industry.
In a balanced market, real estate agents can make a lot of money.
In a buyer’s market, agents can make a lot of money.
In a seller’s market, agents can make a lot of money.
Even when the housing bubble pops – and I believe it will – agents can still make money.
How is that possible? The answer is simple:
Run the other way.
I recently sent out a questionnaire to area agents asking about their experiences in the current market. The responses were fairly uniform – Buyers are leaving market because of “offer fatigue”. They are writing too many purchase agreements with appraisal guarantees, waved inspections and astronomically high prices that will take a decade to earn any equity – and still losing the bid.
Many agents struggle to make great money in their real estate practice because they want to take the easy route. Right now, it’s easy to find buyers. They’re calling you for help. My advice: DO NOT CHASE AFTER BUYERS.
In a seller’s market – chase after sellers. Find ways to connect with them and list those properties.
In a buyer’s market – chase after buyers. Prepare them to purchase a home.
And when the bubble pops – become proficient in foreclosures and financing.
In the last thirty years, I’ve seen all three markets. You can succeed by doing the hard work of running the other way.
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