By Tim Harris
The university’s focus in this real estate market is to be your source for all things real estate. We know for many of you out there in this market you’re struggling and we’ll do everything in our power to help you.
Yesterday, I laid out what our graduate students business plans will be and what the elements are that will be. At this point its, what is it they’re working to complete or what is it that they’re going to learn.
Remember, we’re making 30-day business plans in this market. There’s no sense in making anything longer than that, because we have to stay vigilant on what the market is doing this year and in doing so, we have to re-assess every 30 days. With that in mind, here’s what I suggest you do.
The things you have to get done should be prioritized around the things that will get you paid first and that’s what makes the most sense. When you’re making the list of things to get done, what you should do is focus on the things that are going to earn you money the fastest.
It might be prospecting, organizing your office, which is something everyone should be doing. No plaques, trophy’s or anything on the wall, everything should be clean so when you walk into your office you’ll know this year is all about a new beginning.
Let’s talk about things you’re going to learn. At Harris Real Estate University we teach real estate professionals and investors, but you have to be tuned into the fact that in this marketplace virtually everything you do in your real estate business, working with buyers and sellers, everything has changed.
You may have known how to handle objections a few years ago with regards to the marketplace, but do you know how to do that now? How often are you coming across sellers in your marketplace that are going to lose money on the sale of their homes? Statistics are telling us across the country that up to 60% of all homes for sale now, when they sell, will be for less than the mortgage amount.
In many cases, I’m sure you remember selling a few years ago for significantly more than what they’re selling for now.
Over the past weekend we went to open houses and we were talking to realtors about what’s going on in their businesses. Their problem is they don’t know how to compete and don’t know what to say to sellers in the marketplace like this, so you have to learn how to do short sales and learn the mechanics of it.
Not every seller in the market will have to do a short sale there are alternatives, but you have to know how to help them otherwise you won’t be doing business with 60% of the sellers out there and that’s a huge niche opportunity for those of you who are willing to step up.
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