Cleansing of the Real Estate Industry
I think the main benefit of the housing market downtown is the opportunity for all the part time and non-producing agents to exit the business. Let's face it, a few years ago, everyone and their mother was either a realtor or a mortgage person. Now, the "easy money" is over and many realtors and mortgage professionals have left the industry, either on their own or have been let go. And many more will follow. This can be looked at as a sad time, but in reality most of these folks should never have been in the industry in the first place.
The big picture is that our industry is difficult, very difficult. Navigating through a transaction is no easy task - it requires hard work and experience. Due to that, sellers and buyers are choosing realtors to represent them that have a presence in the marketplace - that know how to market a property to get it sold, that knows the market inside and out to help a buyer or a seller. One who will be able to handle all the bumps in the road and to provide the highest level of service and probablity of a successful closing is simply that much more in demand now than 2 years ago.
Frankly, in some markets, there is not a real estate glut, but simply a real estate agent glut. There has been too many agents, too many mortgage professionals, too many title companies and so forth. Now with a lot of these folks either out the door, or leaving, it will make our industry that much more competent and professional. And for the agents that remain and make it through the storm, they will come out smelling like roses with a larger market share and positioned for strong growth.
Thus, for those of you in the industry suffering through the pain, agony and ogoda, hang in there and make it through. The big picuture is that if you make it, you will be 5 times as succesful in the next year or two !
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