Thank you so much for checking out the Real Estate Podcast. Right now, we’re going to discuss the speed of Real Estate.
Bob Nelson: I’m Bob Nelson, Real Estate Investor and Broker with Pacwest Real Estate Investments.
Marcia Edwards: I’m Marcia Edwards Residential Broker with Windermere Real Estate. Let’s talk to something that you and I have had to acclimate ourselves to. The jump rope sped up, so to speak.
Bob Nelson: Boy did it ever.
Marcia Edwards: Yes, the speed of Real Estate is exponentially shifted, and you’ve got to have you’re game on and the resources ready for yourself if you’re gonna move in this market place.
Bob Nelson: Specifically, you’re referring to the internet. People have the opportunity to access most of the inventory for those that put the inventory where it is going to be observed.
Marcia Edwards: If you accurately portray the opportunity in behalf of Seller, the Realtor should get a lot of feedback quickly. I used to tell Sellers, you know, at Day 59 we’re meeting again, we’re having a strategic planning session if we haven’t sold the home, to understand what has failed. What has fallen short. Now I say, let’s have that conversation at 20 days.
Bob Nelson: Right.
Marcia Edwards: On the 21st day we’ve gotta change, shift our strategy to meet the market. That’s because we’ve got all the information we need. Everyone that should know about the property does know about it, and it’s decision time.
Bob Nelson: Well, they’ve made a decision and they voted no. They look at it and they say, you know, with the money that I have, and the assets that I’m after, this one just doesn’t qualify. I like it potentially, I’ll maybe like the location, maybe I like the appearance. It just doesn’t do what it needs to do for me, for me to take my valuable capital base and put it into this property.
Marcia Edwards: I have more feedback as your resource, at that 21st day, or after there’s been exposion on the internet, I can understand where people have spent their time looking at this property. Which photos drew them in, and how long they were there, and if they’re returning. Because, if I’m getting no feedback at all, we’re at least 10% off in price possibly. It’s extreme, the problem. If we’re getting showings, or activity online but no showings, 7-5% off on price. If we’re getting showings, I’ve got the most information, I can talk to my peers and say, why did the Buyer not choose this home? Did they choose another home or is there something that pushed them away from this property. Then we have great data once we’ve got people coming across that front threshold.
Bob Nelson: Well it’s interesting, because our competitive Brokers, who are representing the Buyer do have outstanding information. Why did this person not like the property? There’s always an odd-ball, that’s fine, give me that information. I’ll either accept it, or say you know that doesn’t make a lot of sense and I’ll compare it to other input that I’m receiving and ajust accordingly.
Marcia Edwards: That’s how you move in this fast market in Real Estate. I’m Marcia Edwards Windermere Real Estate.
Bob Nelson: I’m Bob Nelson Real Estate Investment Broker with Pacwest Real Estate Investments.
For more expert insight and analyses of the investment real estate market, listen to more podcasts by clicking on the button below.