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Input Sought From California Agents

Created by:

Bernard Gibbons, Licensed Real Estate Agent, Danville, CA

Date: January 7, Number of Replies: 2

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So now we are in 2009. What do RTers in California think the year is going to bring us and where will you be concentrating your efforts?

I know of some agents that are aggressively targeting Short Sales to list. Does this make sense? What steps will the government take to reduce Short Sales? Will we see more or fewer Short Sales in 2009 and will lenders be more or less willing to accept them?

Even assuming that Short Sales will make up a significant percentage of transactions in 2009, where do you get the leads from? Changes in legislation relating to Title Company reps mean that we can no longer be provided with lists of Notices of Default and Notices of Sale filing information any more. Not that they were that much help in any case. By the time an NOD was filed, the homeowner had mostly already either listed their home for sale or decided on some other action. Plus, you were competing with dozens of other agents for listing the same home. Now it seems to me that you need to get to these folks when they have missed a mortgage payment or two, or are in danger of doing so, but I'm not sure how feasible that is.

How about Foreclosures? It sounds like Obama has plans to help struggling homeowners to avoid foreclosure (and presumably keep their homes, thus negating the likelihood of a Short Sale).

Where do you plan to get your business from in 2009? Personally, I want more motivated buyers. There is a pent-up buyer demand now and even if the market has not yet bottomed out, the appeal of low interest rates is high and who knows what other incentives the government may offer to get the housing market moving again.

I want to list homes as well, but only if the sellers are realistic about pricing. Taking a listing at a price you know is too high is just a total waste of everybody's time in today's market.

Expired listings are another possible source of revenue but everybody and their dogs are chasing after these so I'm not convinced that the effort is worth while other than in areas where the agent has an established profile and a record of success.

I will be interested to hear any responses.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com
www.bernardgibbons.com

Please send me your referrals - I will treat them like family.
25% paid up to $1m - 30% over $1m

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Ila Josephs Licensed Real Estate Agent, Upland, CA

Date: January 8

Hello Bernard,

Buyers rule right now, and loyal, motivated buyers are my goal too, but I'm also trying to position myself for the rebound market. Here in the Inland Empire (San Bernardino and Riverside counties), there are so many REO properties it doesn't make a lot of sense to go after short sales. By the time the lender makes a decision, the buyer is long gone. My focus this year will be two-fold - working with well-qualified buyers and presenting myself as a Realtor who cares more about helping homeowners than collecting a commission. When I take a short-sale listing, I stress that my purpose is to help them reach their goals and we'll explore all the options available. If they can work out a loan modification with my help, I'll be happy too. (And they, hopefully, will tell all their friends about the great Realtor who helped them.)

I'll be doing a lot of geographical farming this year, open houses, and tweaking my website to provide lots of "free" information related to home ownership. I don't expect to get a ton of listings this year, but I want home owners to remember me as the Realtor Who Really Cares when the market turns and they are ready to sell.

Wishing you a successful 2009,

Ila Josephs

Tarbell, Realtors, Upland CA

www.ilajosephs.com

(909) 261-3541

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Sherry Hitchcock Licensed Real Estate Broker, Saratoga, CA

Date: January 8

Bernard,

I think the current market presents great buying opportunities for first time home buyers, investors and move up buyers. My focus for 2009 will be on these 3 groups. Move up buyers will need to have sufficient equity in their current homes, so typically they will need to have been there for an extended period. I expect my transactions to be more heavily waited with buyers than sellers, but most important, I agree, is to keep a long term perspective on helping clients make wise decisions. Good luck in 2009!

Sherry Hitchcock, Broker Associate

Alain Pinel Realtors, Saratoga, CA

Mobile: 408 913-7793

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