Random Clapper

Top Five Challenges a Realtor® Faces this Spring...

A list of challenges from Realtor Roundtable at Remerica Hometown One

-Saleable Listings:  As the number of active listings is at about ½ the total it was in spring of 2008, the buying pressure has increased, causing large volume of saleable listings owned by humans and banks to be sold.  We need new listings to meet buyer demand!  Yes, can you believe what we are saying?!

-Quality Listing Leads:  As all top Realtors know, you have to be constantly communicating and empowering your sphere of influence and your past client base.  When you are referred to a family member or friend as a trusted advisor, we do the right thing.  We, as Realtors counsel, advise and tell the truth.  This means telling many would be Sellers to stay put!  This decreases the conversion rate from lead to listing, but in the long run will make for a very loyal client base of potential listings and therefore, sales.  Continue to reach out, continue to be passionate and this challenge will take care of itself.

-Appraisers, Underwriter and Loan Officer Communication:  I write this note with 5 appraisal problems on my desk.  The level of talent, communication and professionalism in appraisal and loans is horrendous.   Never has there been experienced such transparent ineptness and weak spines on the part of the funding and valuation arm.  There are very few exceptions. (and I will here from all of them)  Constantly facts are ignored, good comparative homes are skipped over in appraisals, adjustments for improvements missing and values continue to come in comically low!  The market should be the appraiser's guide, not the banks heavy handed suggestions.  Recently 3 homes came on the market in Canton, MI within a city block of one another.  In 3 days there were 40 showings and 15 offers on these 3 homes.  Guess what, all three didn't appraise.  Declining market?  What declining market?  Give me a break!  Let the market start slowly growing again!

-Multiple Offers, Unrealistic Buyer Expectations:  This one makes you crazy.  A great home hits the market, priced perfectly and of course there are multiple offers.  You advise your Buyer Client that they should come in very strong with an "at or above asking price" offer.  The Buyer Client laughs at your crazy thinking, thinks you are from another planet and that you have never watched the negative news on channel 7, and proceeds to put in an offer of 10% under asking price.  Guess what!  They lose!  The home sells for $1000.00 over asking price. (see challenge #3)  Bottom Line; Real estate is not played out on National TV; it is played out on the LOCAL level with all sorts of variables.  Maybe the market is getting slightly healthier... you better ask a local Realtor, not Katie Couric. (She has National news to tackle)

-Trust / Fear:  With so many new faces on the real estate scene; bank owned property, low accountability and unscrupulous practices by some of these so-called professionals, the trust level is very low among agents, mortgage reps, appraisers.  The reality is that the "good" will prevail in the marketplace, over the long haul.  The reality is that most of the "fly-by-night" easy money, unprofessional people will be gone soon.  The reality is that there is always a great Realtor who can be trusted, who will be profitable and who will lead the way.  Fact:  The consumer is demanding competency and integrity at the highest level EVER out of their Realtor.  We can answer their call; we have been answering their call.  That is why the bad behavior is sticking out so much!  As Realtors we will conquer our challenges and build the best relationships ever, with our communities!  No doubt about it!

The first step in overcomming challenges is to identify them.  The second step is to put them in to perspective.  The third step is to work towards eliminating them.  The fourth step is to learn from them.  The fifth step is to look beyond them with a new vision.

Have a great Spring and Summer in all you do!