We have recently have published an article on realtor career and in this post we would like to elaborate on some of the important issues in regards to the current state of California’s real estate market and real estate agent’s income.
With the rise of unemployment in our state and the drop in real estate value many agents started losing the enthusiasm and necessary drive to succeed in today’s market. It is understandable but is it productive? Hardly.
Attitude the corner stone of business success and it is especially true in realtor business. Is market dead? No. Real estate transaction numbers have declined but the real estate business still goes on. What we experiencing now is less profitable situation where attitude of sellers and buyers has changed. And perhaps it is time where real estate agents start adapting to these changes.
As a realtor you have to identify new market trends and that will give you solid clues on who your prospects are and what are their motivation. First, this is a frugal market, therefore it is not the luxurious lifestyle that drives buyers, but a real estate bargain. Second, unemployment is high and income has been reduced for many, there are many people who looking at short sale as the solution to their current situation. Third, tax incentives have created a wave of home buyers who want to become home owners of affordable properties. Many of them are first-time buyers. These three factors may help you to define your target market and your specialty.
Now, more than ever a real estate agent has to understand that they are in business for themselves. That means you have to take a close look at the fees you are paying to your broker, on real estate agent commission splits, on how much broker given leads really costing you, on the expenses that come out of your pocket, on the time you spend driving to the broker office and back, the gas you spend on commute and the time you waste in the office.