Hi folks. This post is about finding your MoJo. As most of you know, my market, Poinciana FL has one of the highest foreclosure rates in the country. I heard it could be as high as 1 in 7 homes. That's about 15%. So needless to say it has been a very difficult year for selling real estate, thus far. BUT......I'm starting to get my MoJo back!!!
About 3 months ago I decided I needed to quit my whining about the market and make changes in my business. Based on what was happening in the market I had 3 areas that I needed to concentrate on:
1. Picking up some REO listings.
2. Working short sale listings.
3. Expanding my Investor base and increasing Buyer activity.
Unfortunately, my attempt to break into the REO business, proved to be an effort in futility. Being a one man office, as I am, this just wasn't going to work out. In my area there are a handful of Brokers that handle REOs and they pretty much have that part of the market tied up.
So, I decided to put all of my efforts into working short sales and picking up Buyers. And you know what? My MoJo has come back. My attitude is much better and business is great. In fact, I have so much business that we are looking to expand!!! We are taking our office virtual and are looking for at least 10 REALTORS® to join Tutas Towne Realty by the end of the year. If you work the Central Florida area and are looking for a change give me a call.
Now let's briefly talk about these short sales. First, they can be very frustrating. The Lenders are getting much better but are still too slow for my liking. BUT....short sales are so much easier to deal with when it comes to working with the Sellers and getting the properties under contract. So that balances out the frustrations in dealing with the Lenders.
One thing I have been doing, that saves a lot of time, is that we do not negotiate the listing price on my short sale listings. What's working for me is to price the properties very close to market value and then reduce by $10,000 every 7-10 days until we hit the sweet spot and the offers start rolling in. Then we just pick the one most likely to close and go under contract.
Another thing that helps is to make contact with the Lender at time of listing. Be nice. Remember they want the same thing you do.....a successful sale at a reasonable price. Be very straight forward with them and ask them right up front how they want you to handle the deal. If you ask....they will tell you. What I'm finding is that the Lenders are leaning more towards simple right now. I'm currently dealing with 6 different Lenders and 3 of them do not even care to see the Seller's financials. They took the information they needed over the phone. I guess they have finally decided that those 100 page short sale packages were just bogging them down.
Anyway, this post is getting too long, so I'm going to stop. My point is to make changes in your business if you must. Get out of your comfort zone and go after the business that is out there. Your market will direct you to where you need to be focusing your efforts. We can't change the market but we can "work" the market we are in. Sometimes you just have to lose your MoJo to be able to find it again. Never give up.
OK that's it for me. I just reread this post and I seem to be rambling today. I must have eaten too many of those darn brownies!!!! What do ya think?
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Blog Boy...
I like it. I thought that whole Rambling thing is part of your Blogging Style.
I mean really...Your Blog is entitled "Broker Bryant's Real Estate Ramblings" :)
TLW...ROAR!
Oh...
I forgot to mention...That you can get away with Rambling. You've already forewarned them with your Blog title :)
P.S. I'm pooped. Could you go do some ghost commenting for me? :)
TLW...ROAR!
Hey, rambling isn't so bad... is it? I seem to be afflicted that way... and a few others now that I think about it. Good stuff BB... if you're not where you want to be... make some changes until you get there. Sound advice no matter what the market.
I think I'd like some brownies. Hey, you asked what we thought and that is what I am thinking.
BB, Excellent! That's great to hear that it's working for you and your finding your niche again in this market. Best of luck!!
As long as we're asking for stuff... I'll take a martini. It's 5:30 somewhere, right?
I'm asking someone to spend a few days with me and help me understand short sales. Wine and Martinis will be provided. I don't back but I make a really good Buffalo Chicken dip. Short sales just seem like too much work for me and guess what, I'm not doing that much so I guess it's time to put my thinking cap on.
Hi Amanda!! You are a doll!
Hi TLW!!!
Hi Jesse Darlin.. thanks for the pair of shoes. Very nice.
BB, I'm glad you found the path to the pot of gold at the end of the rainbow in short sales. I have heard that the REOs are tough with the banks.
It really is close to 5:30 and I'll take two martini's please.
Awesome BB...you are adapting well in this market. We who change in a changing market will stay in the game! Good luck on expanding! If you could guarantee me my 2005 price here in NY I'd move to FL in a heartbeat and join your team!
BB,
As much as it sucks if we have to adapt then we have to take any deal we can even if it's a royal pain in the SSSSS. But I look at it this way...when there is a good deal it feels even better. No pain no gain I guess.
I have found I am working hard than ever and every file seems to have a hiccup in it. But in the end hard work pays off.
Hard work will keep us alive in this market! How's the brownie's over yonder???
Broker Bryant, I am so happy for you guys. I have plenty of buyers who are looking to purchase the best deals out there and in this market that usually means REOs and short sales. I don't represent the sellers in these situations, but there are many buyers eager to get their hands on these types of homes.
I'm glad you found your mojo! I'm still looking for mine, but while I look, I just keep chugging away like the little engine that could. :)
Bryant,
"I must have eaten too many of those darn brownies!!!! What do ya think?"
I thought when you mentioned "stuffed flounder" you meant fish for dinner.
O'well take two Alka Selzer and blog me in the morning.
Bill
We all need to evaluate our business the market is not going to change over night we need to change with it good message for all.
Geeze...did you see the brownie's that I thought TLW made??? The dog sure was wanting a few...
I have been the buyer's agent on a short sale since last October...
I don't take short sale listings...and I don't think I would encourage or purposely show any more.
That is...unless the specifically asked.
My customer is ready to kill me...it's totally creating to many frustration's for my buyer, myself and the other agent...who has been fantastic (I would show and work with him again in a heart beat!)...
The bank's are crazy...should be an easy transaction with the little bit of purchasing that is going on right now...They should be happy to have a buyer...JMHO!
Karen...OH, and about those brownies...LOL!
Inspirational BB. Thanks!
MoJo is a good thing - Is that MoJo as is "The Power Puff Girls"
OR
like Austin Powers kinda 'MoJo'...
ewehh I can hear the creepy 70's music now.... yeah baby!
I'd love someone to do a retrospective study someday that looks at all the shorts sales in 2007-2008 that were rejected by the banks and see if the banks did financially better by going into foreclosure. I'm betting "no".
Another good Idea BB...I think I may try incorporating this one into my business plan...along with one that Richard Weisser gave the other day of sellers bringing the first offer!
Nice to hear that you're getting your mojo back. I've gone through a similar process over the past year and have really made progress over the last couple of months.
A lot of what we can do is determined by how we look at things and how we CHOOSE to approach them. I'm sure that there is some cliche that goes with this...attitude determines altitude?? Hey, did I just make that up? ;-)
Bob Mitchell
ValueList Real Estate Services, Inc.
TLW... Sugar crash?
BB- You are so right about REO's and it being basically closed up -which means we have to find other sources. Keeping your MoJo Meter Up just takes a few things going your way, and the rest will take care of itself as long as you always keep looking for new opportunities.
Good Luck and Sell Well!
BB I've quoted my father many times. I learned so much from him in business. Some things good some things not so good... but one thing I rememeber him saying is "Go where the money is." Simple & makes good sence. Many listing agents are learning... maybe working a few buyers isn't so bad... especially in a buyers market. This is not rocket science or brain surgery just basic sales 101. Happy Selling!
BB -- Good to hear you are chugging along and even picking up steam. Good luck with the expansion, it is great to be in that position.
Just listed a short sale yesterday. . .contacting bank today to start understanding the lay of the land.
Hey guys!!! I guess I have been a terrible blog host this week. I've just had a lot on my plate lately and have barely found the time to stop by and post and comment on some of your posts. But as always........thanks!!!!
Allison...
I love the way you do that. That one seriously cracked me up. You are soooo good at leaving me alone when it comes to Hard Core :)
TLW...ROAR!