Real Estate Agents: Who Are They Working For
Due to the outrageous number of bank owned properties today as an investor I have been going into new markets. The biggest problem is finding a new agent in that market that is experienced as mine was close to home.
Every time you start investing in a new market it requires a lot of research. The best way to learn that market is to find some one that deals in that market everyday and actually lives there. A real estate agent can provide all of that information for you. The tougher part is to find the right agent for your particular needs. I have noticed that recently it has become a lot harder to even get a hold of one.
I sat down with my agent to find out why most of the agents do not respond back. she basically told me that she spends all of her time getting the bank owned properties ready to list like most the agents out there. The bank not only require initial setup time but reoccurring time and continuing updates on all their properties. Every agent out there has such a large inventory and are beginning to hire more help to stay to just stay on top.
A Realtor I know with the help of her assistant has over fifty listed bank owned properties listed. That number would be a lot if you worked in a large office, but no she is the only agent in her office. She told me that almost all of her time is just on preparing and maintaining these properties for the banks. When I was there she was on the phone with a temp agency trying to hire a couple of more people just to catch up.
The MLS listings everyday just keep on growing. I mean one might sell but ten with pop up at the same time. These real estate offices have so many listings for the banks it is crazy. Did you know that it takes the real estate office a couple of weeks just to list a property once given to them by the bank. Just imagine how many vacant properties are sitting in transition right now.
In today's market real estate agents have their work cut out for them. The banks in some areas are moving their prices down. Those agents are lucky and will actually make money this year. The areas where the banks will not move their prices down will have to keep working harder and harder. I'm curious if they can last with more and more work piling up and barely selling anything. If they can make it there is money to be made having a large quantity of listings, but you have to still pay your bills a matter what.
The heard of real estate agents is starting to thin in many areas. The amount of work without getting anything in return is hard on anyone. It will bring to light all of the hard working and dedicated agents out there.
The day that the banks start moving their prices down real estate agents face's will be filled with smiles. Finally that huge inventory of homes they list will start moving and money will start flowing back into their pockets again.
If you keeping on looking hard there are many excellent real estate agents out there that can help you. They will also make time for you in their busy schedules.
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