What are the biggest challenges in your field for 2009?

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Permalink Reply by Addy Saeed on January 6, 2009 at 4:33pm

I would say that the biggest challenge for Real Estate Agents will be to be able to manage expectations of our sellers. In Canada, where the market has fared pretty well but has still taken a hit (anywhere between 3% to 10.5% drop in GTA) the sellers still have the mind set of when the market was doing very well and have unrealistic expectations on price.

Second biggest challenge will be managing buyer expectations who are expecting to see price reductions when purchasing. I personally have seen buyers asking us to reduce the price offered by 10% because that's what the media has broadcast as the average price drop.

Obviously, there will be challenges with our earnings as well. We won't be able to sell properties that quickly and it will result in additional stress of our business as well increased cost as we will be commuting a lot more to see clients and show more properties.

Only advise I can offer is to stay persistent in what you do. Don't tie yourself to the result rather the activity so you will always feel motivated because you will feel satisfied with a hard days' work. Do have goals for the year and watch how you're progressing closely.

Hope this helps... :)

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Permalink Reply by Dave Wellman on January 15, 2009 at 10:15am

I think that in a year like we are about to have in 2009, the biggest challenge will be to develop a level of professionalism that will cause people to be attracted to you and the service that you provide. With the down turn hitting most every market in the US people who need to buy or sell will want to work with someone who they perceive to be capable in all areas of the transaction.

Gone are the days of the "blind dog with a note in its mouth" working in this industry. Truth be told, many capable agents have left or are leaving simply because of the slowdown. So those who remain need to become visibly professional, well educated, and innovative to capture the diminishing numbers of buys and sellers in the market.

As the market turns around you will then be in place to use your professionalism to build on and grow your business to new levels. It all starts with the willingness to put in the time to learn more than just how to take orders and fill out the forms.

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Permalink Reply by Terence O'Neill on February 5, 2009 at 2:14pm

Dave My Friend,
This is Profound! Down time is the time to Build the busniess, the good times are the time to reep the rewards of the efforts you put in. This is not my expresion, (heard it recently in self development call) & I agree with you. When times are tight, the Scarcety Mentality in us all will want to surface. Keeping it professional is Key. The biggest Challenge (my opinion) will be in finding a way to stand out from the croud.

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Permalink Reply by Amy Ransdell on July 19, 2009 at 4:56pm

The biggest challenge if for agents to "wear uncomfortable shoes....." and go "grass roots" again

I recently interviewed a 35 year veteran agent who made those comments to me. Afterward I started to really chew on his remarks. He is more right than most want to admit.

The market has changed. We are in a place that we have never been in before. There is not a trend in history that matches it. The problem with many in the industry is that they have gotten soft and have improper expectations. The last few years - it has been easy to generate leads, list and sell quickly, market lightly, and screen interested buyers and sellers so that you are only working with the best.

Unfortunately too many agents are now out of business. The ones that have gotten creative, made lemonade out lemons, and have taken on less "comfortable" transactions are the ones still here. After the market stabilizes, the agents that have made this market work to their advantage will be the ones left with stable businesses.

Agents have to learn to work with distressed proeprties, negotiate short sales, help homeowners find creative options, buyers that are credit challenged, investors suffering from declining values and depressed rental rates,....working a buyers market with in a credit crisis....

The challenge will be for agents to break out of the lazy days and start pounding the pavement again. Time to not expect commission, but to earn it. Time to learn new skills and take on new challenges. Time to seek out others who are taking the market by storm.

There is a tsunami of short sale listings and foreclosure sales on the horizon. As the governments housing plan continues - it is only setting the stage for even more distressed homeowners. There are trillions in adjustable rate mortgages ready to re-set, and millions out of work. It is imperative that agents learn to make short sales and REO sales as successful as possible -- even if they are tough, often come with less commission, or take longer and more work than a traditional sale.

Sorry for the emotional reply - We are just excited as our team is "moving forward" in this market at break neck speeds. We have lost many freinds and colleages to the challenges of the last year. We would like to see everyone grow with this market instead.

Amy Ransdell
The Southeastern Group
"Always Moving Forward"
www.Southeastern.managemyshortsale.com
www.ManagesMyShortSale.com

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