How many agents right now are terribly busy, they say, but spinning their wheels? I have talked with other top producers in my office who say they are swamped but aren't making any money. It makes me wonder, what are they doing?
When I go to parties and people ask, "How is the market treating you?" I reply, "Great. 2008 might be my best year ever." They look at me like I am a leper. But it's the truth. This has been a good year for me. Am I supposed to feel badly about that or make excuses for everybody else? I don't know what to say. So, I say buyers are happy. Which is also the truth.
It's funny because people used to ask: "How is the market?" But everybody knows how the market is right now, especially in Sacramento. Sales of upper-end homes are slowing, but the $200,000 REO homes are hot. Almost 3/4ths of MLS sales are REOs and short sales. Unemployment rates are rising, consumer confidence is falling, foreclosures are increasing, banks are folding, long-time businesses are closing up shop, and everybody is concerned about the recession. So, instead people ask how I am doing and appear ready to offer sympathy.
Sellers are still selling. Buyers are still buying. The market isn't fabulous and prices are declining; it is what it is.
When it rains on your parade, you parade in the rain.
Photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
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The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
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Elizabeth
You are right; it is what it is. You wonder if people need to channel their energy into other thought patterns and approachs at times. I have people tell me also that they are swamped. I ask them about closings and they tell me that it is not closings but they are really busy. I have to think that if it does not result in closings, or somewhat future business then how can you be busy, and what are they doing?
Someone like you will always have the ability to step out of the box and do what works. That is why you are successful; you can do what works, and you know the difference between spinning you wheels and being productive.
I learn from you everyday.
Sincerely
Tom Braatz
Elizabeth, you are the model for other agents to adapt to today's market realities and to have confidence. So glad you wrote this piece for others to see.
Elizabeth: Love that last line about parading in the rain. Excellent! I get the same response as you do...and I use the same line as you...because this is also the best year for me too! I had sort of stalled out here the last six weeks, but am back on track to put an exclamation point on an already great year. That short sale from hell I wrote about for you got APPROVED today. All it took was asking them for a letter of rejection so I could move on with my life. Evidently, that got the bank's attention.
What better attitude than, It is what it is! Great post and keep up the fabulous year.
Hi Tom: I know what you mean. I talked with an agent yesterday who told me she was extraordinarily busy but she hasn't closed a sale in six months. I didn't want to be rude and say, "So, what are you doing?" But I wondered about it. I'd sorta like to know what she is doing so I don't do it, heh, heh.
Hi Gary: I've never had a problem with confidence because I operate with blinders on most of the time. I am focused.
Hi Chris Ann: Hey, that's great news! Congratulations. You know, I ended my book with your story, and I'd like to keep the ending just the way it was, but the publisher could have other ideas. If so, I'll add how your approval came about. You must feel so relieved!!!!
Hi Fred: Well, it's not like we can change the market, PRESTO, nothing up my sleeve. Hey Rocky, wanna see me pull a rabbit out of my hat? It just ain't gonna happen. :)
Elizabeth- I'm not having my best year. In fact far from it. But I don't walk around whining about it either. I'm keeping my head above water and keeping the lights on, advertising as much as I can and still giving each and every client (buyer or seller) the best service I can offer. I still treat each and every one of them as I would want to be treated as a client. And I have to say after 16 years in this business I have not had a buyer or seller ever tell me anything but they were happy with the service they got from Lane Realty.
Hi Elizabeth,
Our market is earlier than yours, our sellers are not into reality, even some of the brokers aren't.
Educating them can be difficult. There are buyers out there, it's convincing the sellers to be realistic that is difficult.
I am glad you are having a good year.
All the best!
Right on Elizabeth! I completely obliterated the sales / transaction goal I set for myself this year too. There are definitely ways to succeed in this market!
I think we should always answer in a way that is optimistic. People love it when you say things are bad because that is what they expect you to say. I'm glad you've had a great year!!
I agree we need to accept the market . We have had an OK year not great but we see signs of improvement. Glad to hear you are doing well.
Hi Tammy: In some markets, there is probably nothing you can do but wait it out -- while providing the best service that you can. But in some markets, buyers are buying like crazy.
Hi Kevin: What should convince the sellers is showing them at what price points homes are selling, particularly those price points that are similar to their home.
Hi Erin: You go get 'em, girl. I knew you'd have a bang up year!!! I'd like to say that I have exceeded my projections, but that would not be true because I always reach for the sky -- much higher than I am likely to achieve. Perhaps you need to set your personal bar a bit higher? Just sayin' . . . :)
Hi Barbara: Um, I think if the market sucks, you tell them it sucks. But the question I was asked wasn't How is the Market Doing? It was How are YOU doing? And, knock wood, I'm doing great!
Hi Terry: So are people asking you about the market in general or are they asking how you are doing?
I set what I had initially thought was a pretty lofty goal for this year ($5.6M - which was a 20% increase over last year's $4.68M), and as of tomorrow I will be just above $7M.
See, Erin, you set your goals too low!!! You should have set them for $10 million. LOL. However, as you may know, units in this market count a lot more than dollar volume. And knowing how hard you have worked, I would image you have exceeded at least 3 deals per month, given the REO median price range in Sacramento. That would mean you are in the top 10% of agents at Lyon. Congratulations. I knew you would do it. Now, set your goals higher next year. Perhaps you might want to consider changing offices -- you know, going where you have more access to a larger Sacramento area . . . hint, hint. :) Take care.
Elizabeth - What a great post! I continually get asked this question and when I say I'm having my best year ever I get looks of bewilderment from those who asked the question. Seems to be they would rather hear about the negativity validate all the doom and gloom they hear on the news or read in the newspaper rather than an optmistic view of at least what I've been seeing in our market.
I agree the market isn't exactly what we want, but I am having my best year ever!
Elizabeth, I'm happy that the market is treating you well. I've had better years, but I am not starving, I have a heated home, I have enough to eat, I have a few buyers I am working with. Life is good.
Hi Donna: In some ways, I don't like answering that question. Because to say that I am doing well could imply that I have no empathy for sellers who are losing their homes, and that is far from the truth. But many of the homes I sell are bank-owned homes. The buyers win, but the sellers have lost.
Hi Todd and Susan: Life is good as long as we're able to stay in this business -- so, regardless of how well you are doing, if you get up every morning and go to work, that's what counts.
Elizabeth - When it rains on your parade, you parade in the rain.
A quote for the ages. A very relevant post!
Creating a personal reality in our real estate market is more important than how the real estate market effects us. If you let the external reality negatively effect you its hard to push through that and do what you need to do to build a business.