A new way to do business
Letter to the Editor
By Inman News, Wednesday, August 12, 2009.Re: 'Realogy losses narrow to $15 million' (Aug. 11)
Dear Editor:
There is hope that we will survive this slowdown and all come out stronger. What Realogy is doing on a corporate level, we are all doing on a personal level. Losing nonperforming print advertising, making each contact have value, and really stepping up service is what it takes to survive.
Certainly our numbers have dropped and will continue to do so for a while -- until the number of Realtors with licenses somewhat resembles the number of Realtors who can afford to buy a meal. We have found little trouble getting what we consider to be a full commission on transactions over the past 18 months.
Sellers recognize our value and buyers are willing to sign buyer-representative agreements because they are lost in the new maze of loan and appraisal requirements.
We are finding amazing cooperation, unheard of three years ago, between agents on both sides of the transaction, lenders that are really stepping up to help, and escrow companies that are giving incredible service. It requires amazing synergy to close just an average deal today.
Without my 30 years of experience in the business, it would sure be a lot tougher. I give credit to all of the new agents who are surviving this market. They have the advantage in some ways with the lack of history of "the good old days."
In a couple of years, when we start to come out of this tunnel, those who emerge will be superstars, and the business models for real estate, lending, appraisal and underwriting will be changed forever.
Tracy Stice
Broker
Century 21 All Islands
Kahului, Hawaii
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Submitted by Joe Loomer on August 13, 2009 - 3:51am.
Tracy hit the nail on the head. Value - in any industry - is in the eye of the consumer.
So true that the newly-minted agents do not have a jaded perspective of the market - what they see is what they get. Learning the lay of the land in this market will only prepare them for a long career in this industry.
Augusta GA Homes
Joe Loomer, USN Ret.
Associate Leadership Council, Growth Chair
Keller Williams Realty Augusta Partners
Submitted by Michael Studebaker on August 13, 2009 - 4:06pm.
Tracy, thank you for this post and I share many of your sentiments. I'd go further to say that it is not only select agents who have been the pioneers in redefining real estate, it's brokers like us who are investing in new ways to support their agents who need our help for direction and focus.
Realogy's on life support. The best thing that could ever happen to you and me. Because when they bleed, we can support their best agents in order to define our brand and bring the consumer ranking of us from 28 to single digits.
Change is slow and working with lenders as sellers has got to be the most frustrating experience imaginable. The lenders are not cooperating better today than 6 months ago, I'm sorry. The agents are finding ways to make them cooperate, and leading brokerages are redefining what the word "talent" means in our industry.
Michael Studebaker, Broker/Owner
Gallagher & Lindsey, Inc REALTORS
Alameda, California
Submitted by Teresa Boardman on August 16, 2009 - 3:55am.
I have to say what you are saying about agents and lenders on both sides of the transaction are working together in new ways to server the buyer and seller and to make it all come together. It has always been about representing out clients and giving them service.
Submitted by Rob Aubrey on August 16, 2009 - 5:05am.
Another echo on everyone working together. It is certainly nice to have that attitude and hopefully it will carry 2/3 of the way up the next cycle.
I spend a lot of time explaining to agents, LOs, title people. Look it is not that important how we got where we are, what is more important is what we are going to do now. Let's remember we are professionals and we need to keep our emotions out of the transaction.
I think where things get lost is with emotion. Doing what is right for your client is certainly the first order of business. However if that idea or item you choose that is good for your client kills the transaction and they wind up not buying or selling, then you did not do what was best. There is certainly a balance.
Rob Aubrey
Keller Williams Utah Realtors
Associate Leadership Council
Chair of the
Finance and Technology Committees
www.MoreUtahListings.com
Submitted by James Martin on September 1, 2009 - 12:50am.
Nice post , thank you for sharing .........
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