If you haven’t yet taken the opportunity to get distressed property training and seek out homeowners who are struggling to pay their mortgage, it’s not too late. The Certified Distressed Property Expert, Short Sale and Foreclosure Resource and Five Star Professional designations are excellent options. Connect with seasoned agents who’ve been working distressed properties over the years for guidance. Attend REO conferences, and network with the right players to get your foot in the door.
Because low inventory is an issue for several major markets across the country, home prices of traditional and REO properties are rising as demand outpaces supply. In other words, if you’re having a tough time getting traditional listings, you might want to consider working REOs, because they’re selling quickly and at higher prices than in recent years.
Hopefully, we’ll get to a point in the near future where distressed properties won’t be as prevalent. But there’s still much progress to make before we get there. We must do our part as real estate professionals to help those who still very much need our skills and expertise to get them through tough times. Make sure you’re that agent.
Margaret Kelly (CRB) is chief executive officer of RE/MAX, LLC. For more information, visit www.remax.com.