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Why Do Realtors Get Depressed When Opportunity Is Knocking?

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RISMEDIA, November 21, 2009—Now is the time for real estate professionals across the board to take advantage of the opportunities today’s market presents. Having weathered the economic downturn, opportunity is now knocking at the door, and now is the time to make sure you open it. Here, Brian Buffini, Founder & CEO, Buffini & Company discusses why now is a great time for Realtors to take advantage of the opportunities they are being presented with.

Brian Buffini
Founder & CEO
Buffini & Company

Over the past 15 years, I’ve presented to over 1.5 million Realtors at live events and Buffini & Company has coached over 60,000 real estate and lending professionals. I mention all this only to underscore the fact that I have a pretty good feeling for the mindset of the typical agent and our studies have repeatedly demonstrated similar characteristics throughout the industry. One such characteristic we’ve noticed is that those working in the real estate industry tend to get very focused on the problems at hand.

When the market is raging hot, there’s no inventory. When the market gets cold, there’s too much inventory. When the banks are taking too long with our short sales, we can’t get a deal through. When the deal’s closed, the banks aren’t releasing their foreclosures! And today’s major challenge? The appraisal mess.

If I could help agents in any one way it would be this: there will always be problems in this industry—that is why we get paid the big bucks.

Yes, things have been tough; incomes are down and the transactions are taking twice as much work. However, there’s also the other side of the coin. House prices are down…significantly. There are somewhere between 300,000 to 400,000 fewer Realtors to compete with, and housing affordability is the best it’s been in decades.

Now, if you were looking at another industry that had that set of circumstances, I think it’s safe to say the salespeople would be in seventh heaven. If Nordstrom’s reduced its prices by 30%, cut financing by a third and there were half as many stores competing with them, you’d see their salespeople out celebrating in the streets.

But when faced with the same situation, what do we Realtors want to do? Throw in the towel!

No matter what your current circumstances may be, if you’ve survived this economic downturn, you’re already a winner. It’s time to take full advantage of the opportunity this market presents. There will be close to five million transactions in the real estate business next year. Why don’t you go get yourself a bunch?

Opportunity is knocking. Make sure you open the door.

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