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Succeeding Through a Corrective Market

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By Paige Tepping

RISMEDIA, Jan. 12, 2008- Nevada County, California hasn’t seen as much depreciation as other areas around the country have, so Rick DeJesus, owner of Coldwell Banker Grass Roots Realty, has implemented systems to succeed while experiencing a “routine” corrective market. Here, learn how Coldwell Banker Grass Roots Realty is embracing technology to provide agents with the latest industry news, while also meeting the needs of consumers through marketing, service and contact.

  • dejesus_rick.jpgRick DeJesus
  • Owner Coldwell Banker Grass Roots Realty
  • Grass Valley, California

Region served: Nevada County in Northern California-the area halfway between Sacramento and Lake Tahoe. Years in real estate: Since 1981 Number of offices: 4 Number of agents: Approximately 64 Average sales price: Approximately $435,000 Average time on market: Approximately six months Career path: “I started out as a planning consultant and a lot of the clients that I worked with said I should get my real estate license so I could have a more complete background when working with them. When the interest rates went up in ‘81, my partner at the company left for a different job and left me to run the company on my own. Realizing that I couldn’t run it by myself, I decided to go into real estate full time.”

Describe your current market conditions.
We are in a corrective market right now after a period of five to six years of being in an upward swing. This is part of the normal cycle and when looking at the big picture, the current state of our market is healthy. Here in Nevada County, we haven’t seen as much depreciation as other areas around the country, and our foreclosure rates haven’t been as drastic either.

What are some of the current trends you see in your market right now?
One big trend we are noticing is a declining number of Realtors. Many people came into the industry within the past few years because they thought it would be easy and they could work part-time. People are beginning to realize that this isn’t the case, and so they are leaving the industry. Another trend that we have noticed is a decline in the amount of inventory, although it is not back to where it was. Our prices are still going down, at a gradual level around 4-5% annually, but the market is beginning to head back to a neutral place with stable prices. The number of days that our houses remain on the market has stabilized as well.

How have you embraced technology to work to your advantage?
We have embraced technology with a three-pronged approach. Technology has given us another marketing avenue via the Web, as well as elevating the level of service we provide our clients. Technology has allowed our agents to stay in better contact with their clients.

How do you keep your agents up-to-speed on the market?
We are in touch with our agents on a daily basis, linking them to the latest news releases from all Web sites that have anything to do with real estate. We hold weekly and quarterly meetings that deal with market updates, the state of the economy and trends. Ongoing training occurs on a monthly basis and this is when we talk about how to respond to the market, and how to be proactive with the market as well.

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