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Quite frankly, I have taken about 1/4 of the listings that I have in the past. I won't take any seller that isn't realistic or motivated. Why are you spending your own money? That makes no business sense whatsoever. No offense, but I see this all over my town as well, and we aren't even as close to as bad as Florida is.
My area is bloated with listings of homes owned by people with absolutely no motivation to sell, who believe that their home is somehow different and imune to the market correction.
Pre-listing appointments are seller counseling sessions. It's a victory, when an unmotivated owner sees the light and decides to stay put, rather than hire an agent who will sustain everyone's fantasy.
My sellers refuse to budge on their prices, either because they can't afford to go any lower, or they are still holding out on prices from three to four[/b] years ago.
Just curious and I am not being snarky.... why did you take listings from unmotivated owners, at prices that would not sell and put yourself in a position of chasing a down market ?
I am sorry for what you are going through, but your story has a great moral for any realtor who will listen.
Tell me that you knew no way in hell would easy money like that last (or everyone would get their own real estate license, and they did) 2) that you should have lived wayyyy below that brief income level and saved every dime you could.
Because the 29 realtors I knew lived high on the hog from 2004 to 2006, and now they are facing foreclosure and bankruptcy in 2008. The problem wasn't how much they made in 2005. It was how much they spent.
Pre-listing appointments are seller counseling sessions. It's a victory, when an unmotivated owner sees the light and decides to stay put, rather than hire an agent who will sustain everyone's fantasy.
Gotta agree with you, M-A Mom. It IS a win when you counsel someone in pre-listing and they "get it," either by staying put OR by agreeing to be realistic. To reinforce that latter commitment, I insist they pay for an appraisal and agree in writing that pricing will be based on that appraisal. What good is it to list homes at a price that simply won't appraise for buyer financing?
As to the original writer's plight, I deeply (and sorely) understand and empathize. I'm getting some sales, but I feel almost as frustrated. Yet I KNOW real estate is cyclical and I've got too much invested already to give up. So, I've decided adopt a new strategy: economize (out with bells and whistles; examine closely brokerage relationship to be sure commission splits & fees are supported by return on investment). diversify (do what you gotta do to keep the bills paid, even part-time job), but don't give up the license. Keep to the core basics--and keep the faith!
I am sorry for what you are going through, but your story has a great moral for any realtor who will listen.
Tell me that you knew no way in hell would easy money like that last (or everyone would get their own real estate license, and they did) 2) that you should have lived wayyyy below that brief income level and saved every dime you could.
Because the 29 realtors I knew lived high on the hog from 2004 to 2006, and now they are facing foreclosure and bankruptcy in 2008. The problem wasn't how much they made in 2005. It was how much they spent.
I was reading through this thread (with a lot of compassion) and I was just waiting to come across the one post that was going to be like this one. These are realtors here discussing their situations. Why do you have to wag a finger at them? Leave 'em alone for once.
I've been a Realtor here in Orlando for over five years now. When I first started out, sales were a little slow, since we were coming out of the post 9/11 recession. But, as many of you know, slow periods are a great time to learn a new trade. After a year or so, I finally started getting business through word of mouth, and I started making a respectable income.
2002-2005 were great. I was listing and selling houses left and right. Here in Orlando, it seemed like as soon as you put a home on the market, you got an offer for a home that was greater than the asking price. I won't lie, I was making money hand over fist for little work. I was averaging a closing or two a week.
Then, in 2006, things started slowing down here. Thankfully, prices hadn't started dropping yet, and there were still plenty of buyers in the market. But I was starting to notice that it was taking longer and longer to sell a home. And the inventory was growing and growing.
In 2007, the subprime mortgage crisis hit, and suddenly my buyers couldn't get approved for a mortgage. I don't know about the rest of you, but it seemed like this hit us almost overnight.
2008 is just horrible. My sellers refuse to budge on their prices, either because they can't afford to go any lower, or they are still holding out on prices from three to four years ago. Buyers are being way to picky with their house choices (they can afford to), and are putting in offers that the sellers can't accept. I haven't closed a house in months, and I'm living on maxed out credit cards. I'm not sure when my next closing is going to be, and I can't find a decent part time job to tide me over.
I don't know what to do, nobody is buying, and sellers are unrealistic. I've burned through my savings, maxed out my cards, and can't find a part time job. I've heard that some hiring managers turn their noses when they see Realtors submit for jobs, and I'm starting to believe it. I'm at my wits end.
I'm just hoping I'm not the only one suffering out there.
I'm no real estate professional, but I can tell you by looking at the macroeconomics of this nation that there will be many more joining you. Great honest post. Reality is finally starting to hit home for those living in candy land. What's your address? I'll send ya $100 just for your troubles.
I wish things were different but times are tough. I keeping seeing property sell, but it must be at 2002 levels, and most sellers won't go there.
If people continue to hunker down this downward spiral will continue.
I believe that there is pent up demand, people want to buy. Fear keeps people from doing the right thing, living life like there is a tomorrow. The sooner people can see a reason to be optimistic then the downward spiral will stop.
Just like the downturn starts in one area and spreads to others the upturn will start and spread.
Today is my wife's birthday, we took much of the day off. We went for a bike ride around town. We stopped by two of the properties we sold earlier this year. Both were being updated. As a result of real estate sales, the rest of the economy gets a boost.
Here's hoping for a brighter future.
There will be a brighter future. The young single folks and married couples just starting out will get in on some fantastic deals as property values slip further. Plus, they will own more of their home outright as the value will have decreased sufficiently to make their down payment worth that much more.
Yes, the wealth will essentially transfer from the current homeowner to the prospective homeowner, but that happens to some extent in the stock market as well.
For those who owe more than the home is worth, they'll likely have their loan written down so they can sell at a deep discount, or they'll be redirected towards renting post-short sale/foreclosure.
It will work out, and the sooner we allow the home prices to collapse to sustainable levels the better we'll be. After all the pendulum needs to overswing on its way down and there's nothing that can be done to stop it.
Just to pull the thread back OT. Is there anyone is the business in the Orlando area who might be able to help the OP? Maybe as a temporary assistant/secretary/girl Friday? Anyone with some ideas on earning income immediately?
Actually, I hope you are the only one and even then I wish your weren't having a hard time...I don't usually wish bad things on people. I must also admit I am skeptical of your post...making money hand over fist with little or no work? Closing 2 per week? What did you do with it all if you were closing over 100 transactions a year with a median sales price in Orlando of about 250k?
That being said, this is the time where the cream will rise. The order takers will go away because they never really belonged anyway. So you can go out there, learn some new skills and techniques, toughen up and tighten the belt or you can walk away.
And if real estate was more fun....they wouldn't call it WORK. This is a job....pure and simple. Those who entered this business 5 years ago do not understand that premise. If you dressed nice,showed up and conversed, you could sell and/or list something. Today, it is all about work and education and taking yourself out of the deal. Buying and sellling homes is not about the realtor...it is about the buyer and seller. Once we truly have their interests at heart....the money comes...but only after the work.
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