Brett Richman

Well, anyone who has been in the real estate business for at least the past five years have seen things turn a complete about-face. When I was first learning to survive in the harsh jungles of the real estate community, I was trained and drilled on three basic industry rules to keep my career from the jaws of some hungry carnivore:

1. Listing Appointments

2. Listing Appointments

3. and more Listing Appointments

And, that is no exaggeration! My first year in the business, I might not have known the tax millage rate for a particular area but, I sure could wow you with a heck of a Powerpoint presentation. The mindset for the years spanning 0 - 2005 was "get inventory", quite simply, obtain as many listings as possible and rely on the law of large numbers to make a living for you. Now don't get me wrong, we all know plenty of work goes into each and every listing appointment but, my how the times have changed.

In this market, not a month goes by that I don't turn down a listing! That's right, the same guy who would jump over hot coals to sit down over the dinner table and explain my "unique marketing plan", now has "no availabilities for your listing". This is not because I am the busiest Realtor in the south (sometimes I feel like it), it is because I do not have time for "the incurable unrealistic seller". Or as my grandfather used to say, " life is too short, I don't have time for green bananas".

My advice for other agents out there who may be struggling, spend your time showing qualified and motivated buyers anything and everything they want to see. I know, I know, I know, but seriously I am not kidding. It is more rewarding, given the current economic circumstances, to follow a buyer all around town, rather than putting a sign up in front of a property that will never sell.

Once you have a buyer client (signed buyer's agent agreement), treat them like a delicate newborn baby. Nurture their every need, Watch over them and spoon feed them until it is time to release them into the wild adventures of home-ownership. By then, you have closed a deal , earned a commission, and developed a return client, who will surely recommend you to their friends and colleges.

It seems like every day that Real Estate industry data will be released on a nation-wide basis. Sometimes, it is NAR reporting existing home sales for the month. Other times, it is CNBC report anouncing "new home starts" for the fiscal quarter. And yet other times, it some "market report" from one obscure data-collection service, or another. But, what can really be taken from these so-called "industry-wide-snap-shots"? To the average homeowner, buyer, or seller the answer is simply, not much.

These reports are based on information gathered on an extremely large sample size. This is normally to assure an accurate result of any empirical data. Unfortunately for us, this completely nullifies the accuracy of this data to the individual.

Real Estate markets are so localized, homeowners should consult a R.E. professional who specializes in their neighborhood. You will notice, that I did not say, "your city" or "your town", this is because factors that affect the property values of house on the other side of town, may not have any bearing on your property at all!

National R.E. statistical data should be taken with a grain of salt. Trends that critically affect the value of a condo in Miami or Las Vegas, may not have any significance at all to home-owner in New Orleans. The same can be said for trends that are prevalent in different sectors of the Real Estate market (i.e. Commercial/Industrial-vs-Residential).

So in closing for this week's post, I am asking you to please do not panic when you hear scarey data spewing from the mouth of a talking head on T.V. Instead call your local agent or broker, and ask him/her, "what's going on with the value of MY property".

It is very rare that a two-letter word like "OR" is so powerful. On a recent trip to Miami, driving down the street, I came across sign after sign reading, "FOR SALE OR LEASE" As a broker, who represents clients closely, and often times gets to know them well or even become friends, I couldn't help but to feel so sorry for the owners. You see, that this little, seemingly unimportant word, "OR", represents a very very bad situation. These owners/sellers are in such a bad place financially that they would walk away from that piece of property anyway possible. The "O" in the word "OR" is like a little life saver, the last gasp of a drowning property owner. I know what you are saying, "these people over-extended themselves and they deserve it", and in many cases you are probably correct. However, in business I never deal from a position of weakness. But, once that "FOR SALE OR LEASE" sign goes up, you have already lost all negotiations. You had better hope to get out of there with your head still attached. Good Luck!