Many economists are predicting the worst recession since the Great Depression, even worse than the Great Recession of 2008.
Very soon, the only way to make consistent money in this new economic reality is to transition to short sales. Those of you who were in the business from 2006-2011 remember this well.
Realtors negotiating short sales on their own, know it can take forever. You’re on hold for hours with the short sale lenders. You have to chase your clients for their financial documents. Nine times out of ten, the short sale bank’s value comes back too high and you end up being stuck with a property that is too expensive to sell in today’s market. You can put in months and months of work only to have your listing expire or lose the house to a foreclosure auction. What’s worse is that short sales are a time sucker. Every hour you spend on hold with the lender means less time you have to find new business. Having to do the negotiations yourself is like trying to run a race dragging an anchor behind you.