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Pam Ivey

Real Estate Downturn

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The mortgage fiasco in the U.S. has led to all kinds of real estate unrest across the country. Many of my clients are based in the U.S. and I have lost a few and my services have been placed "on hold" by a couple until the market picks up and decent commissions are being earned again. The Canadian real estate market, while still strong, has been slowing a bit in most areas but they don't expect we'll be hit like our neighbors to the South.

 

I've found that it's just not affecting the newer, little guys either. Two of my large brokerage firms, one in California, the other in North Carolina, were very hard hit. One is paying me in installments to get caught up and the other has just asked me to suspend our agreement for a couple of months.

 

I've since changed my payment policy (thanks Kristi Pavlik! :thumbup: ) so that each new client that comes on board must complete an credit card authorization form, which allows me to automatically debit their account, their monthly retainer amount on the first of each month. No longer am I waiting for late payments or no payment! Yay!!!

 

Have you been affected by the downturn in the real estate market?

 

Cheers,

Pam

 

 

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My business hasn't really been affected all that much by the market downturn. If anything, it has increased. Sure, I've had a few clients that struggled and had to be let go, but I have others that have remained strong and steady and new clients have come aboard as well. And through it all I remain positive and keep my agents positive as well. I see this as a time that they need us (VAs) more than ever.

 

Realtors cannot let this "down market" get them down. It is not as easy as it was 2 years ago where listings were flying off the market at a break neck pace. Now agents have work harder, work smarter, and be a little more creative. Thie is the way the cycle works. Veteran agents will tell you that they've seen this all before and they managed to survive. It is the relatively new agents, who got in on the latest real estate craze and thought they would easily make tons of money with little effort, that have stuggled the most.

 

Again, I believe this is a time when agents need VAs more than ever. I always tell them that they need to focus their efforts on what truly makes them money... and that is when they are eyeball to eyeball with their clients... not doing all the background busy-work that a VA can handle for them. This is also not the time to pull back on marketing efforts. If anything they need to step up more than ever to be more in front of their prospects and stand out from their competition.

 

Just my :penny:. :)


Megan Barber, PREVA, CVA, CRESS, Ethics Checked

Barber Virtual Assisting Solutions

The BVAS Connection Blog Blog for Real Estate Professionals | VA Mommy A blog for and about Mommy VAs, Mommy Business Owners and Mommy Entrepreneurs

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Well said Meg! And I totally agree.

 

It's the time the surviving, hang-in-there in-for-the-long-run producers are stepping up their marketing efforts as their laid-back competition drops off.

 

Real estate certainly is cyclical and I think you have a really great handle on your dialogue with your clients and a realistic outlook of the state of the market as it sits today.

 

Thanks for your 2 cents! :)

 

Cheers,

Pam

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I had 4 real estate clients in October and zero on November 1st, so it's definately affected my business. I picked up a mortgage broker in December for a large project but I haven't picked up any new real estate clients in quite a while. I need to stir the pot but I've been busy with a different market - one that I didn't choose, it chose me. I love real estate, though.

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Guest jkm1975

My business has remained steady through the market change as well. Crazy busy or crazy slow, Realtors need to market. It's pricey, but hopefully Realtors have been running their business as a business, and have some financial reserves. Real estate is up and down as a rule, and hopefully up, up, up is on the horizon!

 

All the best!

 

Jessica

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I see this as a time that they need us (VAs) more than ever.

 

Again, I believe this is a time when agents need VAs more than ever. I always tell them that they need to focus their efforts on what truly makes them money... and that is when they are eyeball to eyeball with their clients... not doing all the background busy-work that a VA can handle for them. This is also not the time to pull back on marketing efforts. If anything they need to step up more than ever to be more in front of their prospects and stand out from their competition.

 

Just my :penny:. :)

 

 

I totally agree with Meg. Although this down turn has been a struggle for a number or agents, I think it provides an opportunity for Realtor's to re-evaluate their business model and kick their marketing efforts into high gear and who better to assist with this than a REVA.

 

Thankfully I have not been affected by the down turn so far.

 

;)

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