BrokerageIndustry News

A great time to buy … for agents?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

In the past year the mantra "it's a great time to buy" has been repeated countless times by real estate agents and brokers throughout the country -- and it appears a portion of them have heeded their own advice. However, the types of properties that real estate professionals buy and the strategies behind the purchases can vary widely. For some, such as Carl Williams, the volume of single-family, distressed properties on the market represent an opportunity to purchase significantly reduced-price homes as a personal investment. Market breeds new landlords Williams, who is a broker and chief executive officer for the Saturn Group in Detroit, has purchased two distressed properties this year for less than $10,000 apiece. He performed rehabilitation work on the homes and has since rented them out. Similar to Williams, Mike Rosen, an agent with Frankly Real Estate Inc. in Fairfax, Va., closed escrow on a distressed townhouse in February, performed renovation work, and...