In this part of the San Francisco Bay Area there are countless stories of the troubled real estate market -- foreclosures, short sales, agents leaving and on, and on. You've probably heard it all already.
The biggest change brought about by the Internet is availability of property data to the consumer. Many years ago, several companies toyed with the idea of making the old MLS/listing books public by printing them weekly or monthly and placing them in grocery stores, either as a giveaway (like yellow pages are today) or in a coin-operated dispenser. The fellow I spoke with who was considering this said he had to drop the idea because brokers/boards didn't want consumers by-passing agents to get information and wouldn't co-operate. Today, consumers are bypassing agents to get basic info and agents have to offer something more than property data to stay in business. That is probably the biggest business model change brought about by the Internet. As Max Pigman talks about in his tech seminars, "your REALTOR for life", "I provide great customer service", and similar slogans no longer work with today's consumer. Great service is assumed, and agents who say a client will want to work with them for life are considered arrogant. Consumers are seeing hard property data and want agents who can show specific examples of their success. They also want an agent with an easy-to-use online interface.... more
After all the Government and Media hoopla and promises the best way to deal with the situation at hand in the current climate really is a Short Sale! Most people will not qualify for a a loan mod, can not pay the bills, the banks will not accept a deed in lieu and foreclosure is the worst outcome; that leaves the Short Sale.
If you want to work short Sales as a Realtor it takes perseverence and patience. The banks have rules and rules that do not make sense and paper work in triplicate, just to do it over one more time and then you got to wait for ever and then you need to hurry and get the next thing done yesterday.
a sign of the time; Zeitgeist!
Love it or leave it! If you stick with it most will close eventually.... more