Archive for November, 2009
Tough times in the real estate market have made many agents look beyond the traditional residential home sales market to bolster their incomes in a declining market. It has been said that for every problem there is an opportunity and this is as true in the real estate field as any other.
Below are some alternative markets worth taking a look at if you want to add income streams to your bottom line in this difficult market.
oPerforming Broker Price Opinion valuations for banks and mortgage companies. Similar to the traditional Comparable Market Analysis, or CMA, agents are familiar with providing for potential listing clients, they are very much in demand as foreclosures rise. Pay ranges from $40-150 per report and many agents perform multiple reports daily.
oShort Sales. As property values decline in many areas of the country, more and more sellers are finding themselves in the position of being “upside down” in their homes. It is well worth the time and effort to learn the ins and outs of handling such sales successfully and those who specialize in this field are seeing their incomes soar in spite of the slow market.
oREO/Foreclosures. Only a few years ago, this was an almost non-existent niche in most markets. A handful of agents who specialized in this field dominated the market and it remains difficult to break into. REO offers its own special challenges but mastering and establishing yourself in REO can bring very substantial rewards.
All three niches above offer increasing opportunity in the present market and promise to do so for some time to come. The wave of foreclosures is by no means over and market corrections are expected to continue for quite some time.
Before making a decision to enter any new niche, it is recommended that you research the pros and cons as well as prerequisites for success in each.
By: Ellen Mikesell
