Hi folks, it seems like just yesterday that my business consisted mostly of listing properties for Mr. and Mrs. Regular Seller. I spent a lot of my time preparing print ads, brochures, virtual tours and making sure I got the properties disseminated throughout the Internet. When I wasn’t doing these things I was busy arranging showings, negotiating deals, talking with my Sellers and fielding Buyer calls. Life was good. I was busy helping folks move up or move on. It felt good to help and everyone I had contact with seemed to be in good cheer.
Now those times are just a memory. The market has changed and so has my way of doing business. I jest with TLW in the mornings saying “I’m heading off to work to try and pull some money out of my &*%!”
But, I have to say….. I LOVE this new market! It has taken me a while to find my groove and I have had a couple of setbacks BUT things are really starting to come together. My entire focus has shifted. My new focus is now Short Sales, REOs(Bank Owned), Buyers and expanding my business.
Poinciana Florida Real Estate distressed Sellers and distressed properties make up over 80% of the closed transactions each month. To spend time and money looking for the very few Sellers that have equity and are able to sell makes no sense.
In fact, let’s do the math, for the last 3 months there were 185 sales in Poinciana Florida. All but 36 were either REOs or Short Sales.
How could I possibly stay in business if my focus was getting a part of those 36 closings? Let me put a little more perspective on this. There are approximately 20,500 homes in Poinciana. Mr. and Mrs. Average Seller are accounting for 12 sales a month. Finding one of these Sellers to work with is literally like finding a needle in a haystack. It ain’t happening.
Now on the other hand, depending on who you listen to, from 10% to 15% of the properties in Poinciana are in some stage of mortgage delinquency!!! Even if I used the 10% figure that means that 2,050 homes in Poinciana Florida will probably be either a REO or Short Sale in the near future.
Folks, I would have to be a fool to not concentrate my efforts on this part of the market. Short Sales may be frustrating and REOs may be difficult to get BUT, unless I want to spend my days driving Buyers around looking at $80,000 properties, I best become an expert in these areas. And I will.
So……..over the next few months and for several years to come I plan on having tons of distressed property listings. Which also means……I’m going to have to expand my business by hiring REALTORS® to handle all of the Buyers these listings will generate. I’ve conveniently placed a link down there if you are interested.
My plan is in motion and the stage has been set for a GREAT 2009!!!
OK, I wrote this post just to show you my thought process and to hopefully get you thinking about your market conditions and your future. If you are just waiting for the market to get back to “normal” you will fail. The old market is gone. What we are experiencing now is…….NORMAL! What say you?
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