How do you excel in a distressed market? According to Trish Nash of EXIT Realty Gallery of Homes in Henderson, Nev., the trick is to keep the lines of communication wide open. Read the following interview for more words of wisdom.
You’ve been very successful at adapting to the market. When the Henderson, Nev., market began its slide, you learned to excel in distressed properties. Can you talk about how you make market transitions?
When the market started to turn in Las Vegas, I started to see prices go down in Henderson and decided that I should learn about short sales. After I did my first one, I thought, “This isn’t so difficult.” So when the market really went down, I began contacting people who were underwater, and before you know it, I was doing a lot of short sales and became very proficient in this area. While working with short sales or distressed properties of any type wasn’t anything I had ever set out to do, as the market deteriorated, I saw agents who were starving and I decided that in order to survive, I needed to focus on whatever business there was. At the time, this was distressed sales. Also, up until very recently, we didn’t have any traditional sellers because they were all upside down, so we were working with a very depressed market. But thankfully that is changing. I’m still doing distressed sales today, but with the market coming back, I’m also doing traditional sales again. I was blessed to have closed 465 transactions last year. This year, the Wall Street Journal ranked me as the number 37 agent out of the top 1,000 agents in the country. In order to succeed, I find that I have to watch the market, study the market, then transition with it.