Back to basics may not be enough in 2009

During the latter part of 2007 and through the first half of 2008  agents were encouraged  to “get back to basics” in order to succeed in real estate sales given the challenging market we found ourselves in.  Unfortunately, getting back to the basics may not be enough during 2009 for many real estate agents given the new set of challenges facing them.  Why do I say this?

The facts are for most of those currently in the real estate profession, there was never any basic training on how to correctly value, efficiently market, skillfully negotiate and successfully close a short sale transaction.  Agents found themselves learning about short sales on the fly, getting battered and bruised along the way.

For most agents, there was never any basic training on how to list bank owned or REO property.  Basic training did not include techniques for listing REO properties.  Training rarely covered what a BPO is or how to complete them and few received instruction on how to prospect to asset managers of bank owned property.

2009 will require a new set of basics if agents hope to compete and succeed in their market place.  Agents will need to seek instruction and training geared toward the listing inventory that now makes up the majority of the market, bank owned and pre-foreclosures  Agents and realty companies that understand and adjust quickly to the changes happening all around them will continue to survive and will be around in years to come to teach others that enter this business, all of the basics.