ALL ABOARD!
Realtors, hang on for a wild ride…..
There is no doubt that our real estate markets are in a full blown recession. In most real estate markets property is depreciating at 2%+ per month. For example, in California property has depreciated 30%+ this year alone. Even if your market has yet to feel the effects of this massive shift in our economy..know that its coming your way.
Be clear, we are not anywhere near the “bottom” of this real estate downturn. Markets will get much more challenging for sellers. More foreclosures, more short sales, more depreciation. 2009, 2010 and maybe even 2011 we will see even greater real estate market turmoil….
Nationally our economy is entering into the worst recession of our lifetimes….
……..one of the richest people in the world now agrees with us….
Microsoft Corp. co-founder Bill Gates said the U.S. economy is headed for a “fairly significant recession,” and that the unemployment rate may peak at more than 9 percent. To put that into perspective, our current unemployment rate is less that half that now.
Agents need to buckle down and be financially, mentally and emotionally prepared for real estate markets (and the nations overall economy) to be in a recessive state for some time to come.
Clearly one of the best opportunities in this market is knowing how to easily list and sell Short Sales. Get started now by downloading your Free 7 Part Agent Short Sale Secrets crash course. Instant free download now.
Don’t make the same mistake that so many fellow agents are making…holding out hope that the ‘Clouds Will Clear’ anytime soon. Agents who are waiting for the market to improve won’t be in the real estate business by the time this economic cycle has ended.
Here’s the thing…when you accept the challenge to get your business and personal finances in order you will thrive in this market. Our students know that this is not a sellers market, this is not a buyers market-this is an agents market. Agents who have the skills and knowledge are making tons of money in this market.
How do I know? Well, simple. HREU has literally hundreds of Realtor Coaching clients who are having their best years ever. Yes, they are helping more people and making more money than they ever did in the previous ‘Hot Market’
Learn what these elite agents know and you will experience the success they are enjoying.
Start here….
10 Step System to Thrive In This Market (Same system used by our Superstars)
1. Wake Up. Stop spending money out of habit. For the next week keep a log of everywhere your money goes. Be totally awake and aware whenever you grab for your wallet. Start questioning yourself on every purchase.
2. Know How Much You Cost to Exist. You are spending money every day-even if you never leave your house. Your housing expenses, your utilities, your food etc. Know exactly how much you are spending per month (see point 1) and then divide by 30. That will tell you exactly how much you cost to exist every day. Bet its more than you think.
3. Go Through Every Bill and Question It. True story: We had a Realtor call us the other day asking to enroll in our short sale program. Her challenge, she was broke. We suggested that she should go through all of her monthly bills and question them. Start with your insurance, price shop. Cut back on Starbucks. Is a cup of coffee really worth $3? She did this and found $1800 that she could completely cut out of her monthly overhead. You need to do the same.
4. Drop Your Spend-y Friends. You know who they are. These are the friends who always want to “go shopping.” People who live to spend should be kept at an arms length in this market. Some people see all of their worth in how others see them. Ask yourself if you think this way as well…become aware of your thought regarding your consumption.
5. Stop Thinking of Yourself as a Consumer. When was it that us Americans went from being called ‘citizens’ to being called a “consumer.” You are not what you consume. You are not what you drive, what you wear. Define yourself by your own terms.
6. Track Your Time…Hour by Hour. For the next week, now that you are tracking your expenses, track your time. Keep a log of what you are doing hour by hour for the next week. Be honest with yourself about where your time is going. Here is the thing, chances are you are ‘working’ 8+ hours per day but, only doing things that will result in a pay check for 1-2 hours per day.
7. Pay Off All Your Debts. Imagine what you would feel like if you had no debts. Most agents work because they have to. They have so much legacy overhead. Meaning, they are paying off the luxury bling-bling lifestyle that they may have been living from the past sellers market. Pay that debt off.
8. The More You Learn The More You Will Earn. You already know this to be true. But, man is it ever true for this market. BE the go-to agent in your office, in your market for short sales. Be the local short sale expert. Learn the exact process to take REO listings. You already know REOs are controlling the market..be the agent with those listings.
9. Save Money and Protect It. Now that you are in control of your spending, have paid off your debts…start saving. Simple savings plan system. Take 10% (or more) from every penny you earn. If your Mom gives you $100 for your birthday save $10. You get a commission for $10,000…sock away $1,000. Pay yourself first. When you get that commission check go to the back and transfer 10% into a savings account then pay the other bills.
10. More Intensity vs Simply More Time. Yes, you will have to work hard in this recession. Chances are you will have to work harder now than you ever have to before. But, be careful not to confuse ‘Time Spent Working’ with ‘Instensity’. In other words, focus on what you are getting done during the day vs simply how much time you are spending. HREU Superstars Don’t work in the evenings and Don’t work on the weekends…why? Because they are working intensely durng the day. Are you?
Going forward every agent must know how to list and sell REOs or Bank Owned homes. Get started now by grabbing your FREE copy of our newest book, Agent REO Secrets. Instant free download now.
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