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Top 5 Things a Realtor must do in October

Happy New Year!!!

As every Realtor knows, any business we do from this point until the end of the year will probably close in 2010. So, in reality, we have already started to determine our success for the new year. For those who have had a great 2009 – SORRY, your year is up. For those who didn’t, THANK GOD 2009 IS OVER!

2010 will be a year of tremendous opportunity. Some agents will have the best year of their careers and some will even make small fortunes! !

Make sure you begin 2010 right by starting with the list below

1. Last push for $8,000 tax credit

There has been a lot of press about a possible extension for the tax credit. We DO NOT know for certain that will happen. What we do know is the current program requires the buyer to close by 11/30 of this year. Let’s help as many buyers as we can.

2. Become educated about short sales

It is imperative that we become intimately familiar with the short sale process as quickly as possible. There will be a tremendous opportunity in that segment of our business for at least the next 2 years.

3. Business plan for 2010

Please don’t wait until January to start planning your goals for 2010. We are in a business that requires that we put a deal into contract months before it closes. What we do in November and December (and in many cases October) will not close until after the first of the year. Make 2010 the best year of your career by planning your work now!

4. Read more than just the headlines

We are all happy that we are beginning to see an end to the negative press that has haunted the industry over the last two years. However, we must realize that positive headlines which don’t accurately convey current market conditions can be just as dangerous. Make sure you know the ‘story behind the headline’ and that you can simply and effectively communicate that story to those who see you as a trusted counselor.

5. Understand that it is more than just ‘absorption rate’, it is also about ‘accumulation rate’

As an industry, we are starting to realize that, in order to price properly, we must look at more than past sales. We must also look at current absorption rates to determine future movement in pricing. We must also look at future inventory coming to the market and determine what that will do to pricing. How much inventory (REOs and pent-up seller demand) will ‘accumulate’ in your marketplace over the next six months? How will that increase in inventory affect pricing?


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2 replies
  1. Richard Bower
    Richard Bower says:

    Steve,
    I like the term “accumulation rate”. I am assuming that it differs from “shadow inventory” in the it includes known sellers that are committed to a time frame (next 6 months) for putting their property on the active market. How would you suggest one measure this inventory? Is the “accumulation rate” an historic measurement of a past period of time or predictive measurement with subjective input?

    Reply
  2. Steve Harney
    Steve Harney says:

    Great question!! The ‘accumulation rate’ is the combined inventory coming to the market in the next 60 days. That number will be composed of the distressed properties (REOs) and pent-up seller demand. Zillow’s 2nd quarter survey of homeowners claims that 12% of the people say they are ‘very likely’ to place their house on the market if they see signs that the market is improving. That could be as many as 7 million houses. Check Today’s Talking Point (10/1/09) to get a feel regarding the foreclosure inventory mounting. We will never know the exact numbers but we can have a good ‘feel’ whether inventory will rise in the next 6 months and to what degree.

    Reply

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