A Season in Time

I missed the Brokers’ Open last week while attending a conference on Mortgage Planning in Las Vegas and I came back with great info and lots to tell you about. Today I want to share the most exciting parts:

• The market is expected to continue its contraction from $3.9 trillion in 2003 to $3.0 trillion this year while inflation (rates) continue to rise… THAT IS GOOD NEWS
• Over the course of 2007, the number of loan officers should drop from 480,000 to 250,000. That means 230,000 less people dropping rate sheets on you, 230,000 less people attempting to buy your business rather than earn it and 230,000 less people trying to explain yet another convoluted loan program with “assisted this” and “deferred interest that” when they can not get THE PAPERWORK RIGHT ON A BASIC 30YR LOAN, OR EVEN RETURN A PHONE CALL… (and that is very good news).
• By the end of 2007 the number of Real Estate agents will drop from 2.7 million to 1.4 million… AND THAT MAY BE THE BEST NEWS OF ALL!

Let me share with you one of the most important things I learned last week: there are no bad markets!! There are seasons: times of contraction and expansion, times to sow and times to reap. But for the successful Real Estate agent it is never a bad market; just a change in positioning.

If you do not have a plan for the seasons, if you are not sure how to dial in your success, that is OK. See me after the rally, or see Katie of Lisa. I have strategies and plans to grow your business. Who is going to be successful during this time of transition, this change of season? That is a mystery here at the Mystery House Tour. I will tell you one very good indicator though: people whose professionalism demands that they make time each week to preview properties in their area and know their inventory! I congratulate every one of you that shows up on a regular basis. Enjoy the change of seasons, enjoy the Rally and most importantly: enjoy the Ride.

Filed under: LIFE THAT POPs, REALTORS, Change, Economy

Changing Markets are Not the Problem

In a lot of my discussions with Realtors lately the same theme comes up over and over: “the market has really changed”, “the market is changing”, and “it is difficult to make a living with this market change”. It seems that each person I talk with has a different theory on why the market has changed, how long the changes will last and what it means for the future of the industry. The more I heard though, the more convinced I became that we need better accuracy. As a matter of fact, what we need is truth-in-advertising. Subtle changes in a statement, even one word, can make a big difference in how we define a problem and ultimately in how we solve it. So in my recent seminars and at last week’s Brokers’ Caravan I began introducing many Realtors to a shift in perception. When we say the market is changing we are not saying anything! I do not mean to imply that the market is not changing. Quite the contrary, the market is ALWAYS changing. This is a dynamic business that is forever seeing new innovations, fluid interest rates and varying confidence levels in the customer base. As a matter of fact, think back a year or two ago to when rates were rock bottom and homes were flying off the shelf. That market was rapidly changing as well, but we never heard anyone complain about it. These days, when we say that “the market is changing” what we actually mean is: “this market is getting a lot harder”. Now that is truth in advertising and, more importantly, it leads us to a solution. By acknowledging that the new market requires better strategies, more diligent follow-up and just plain longer hours, we create the solution to the very problem we are defining.

THE POWER OF DARKNESS FLEES
FROM THE LIGHT OF AWARENESS

By defining the difficulties you face in today’s current market, new solutions and programs can be implemented. You might even conclude that this is the ideal time to be in the Real Estate field. This is when all those who got in for the easy ride and do not have the knowledge, integrity and hustle it takes to be good are getting out. They are moving on to the next get-rich-quick scheme. In the mortgage field we are seeing the same thing with all of the quick-buck brokers that steered their clients into ill advised Neg-Ams, striving for greater commissions rather than their client’s best interest. This is the time to be increasing your market share and laying strong foundations. What you sow now you will reap during the next cycle. And there is always a next cycle because this is a market that is always changing. See the market for what it is, practice truth-in-advertising, and realize that no matter what is going on out there, business will always grow for those that practice strong systems and “do the right things right”. There is always a way to get to your destination. Be flexible and remember: If the wind stops blowing, start rowing.

To Your Success,

Sean Purcell

Filed under: INVESTORS, LENDERS, LIFE THAT POPs, REALTORS, Change, Economy, Success