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.
My personal Realtor has her own little office in the downtown area where I live. She is the only agent in her office at the moment. Currently she has at least fifty bank owned properties the last time I checked. I know she is just plain swamped and she only has one secretary. I mean two people are dealing with that many properties is just crazy.
All of the real estate offices around me just keep on getting more listings from the banks every week. If they could at least sell a few here there that wouldn’t be bad. If they are lucky they can sell a couple in a month at most.
I really don’t understand why these agents are working so hard for these banks with very little compensation. I guess it is the only way to survive in this game.
Eventually the banks will have to break on their prices and the housing market will start moving again. At that point I guess the agent’s hard work will hopefully pay off in the end.
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.
Tags: Real Estate
