A profitable residential realtor needs continuous new home buying clients and income from a variety of different sources, but many of those sources are shrinking. As a result, 2009 will bring many challenges for a residential real estate professional.
According to Law Tribune and Bruce Peabody, there are a few reasons for the predicted struggle for enough real estate agent commission.
- There will undoubtedly continue to be a consolidation of big lenders and the possible closing of small regional and local banks.
- Many of the sorts of mortgage loans available to first-time home buyers in the past 10 years are simply not there anymore, therefore, home buying will be more difficult.
- Real estate brokerages are closing or consolidating all over. With the number of residential transactions down, there is not enough business to justify the many satellite offices that were opened over the past decade.
- Many real estate agents are not renewing their licenses, since they are not selling real estate enough to justify the costs involved; the number for 2008 was that more than 700 agents did not renew.
- There will be renewed fee price pressure on attorneys. Most residential real estate attorneys’ flat closing fees have stayed the same for years or even decades, with annually-increased revenue coming from the higher title insurance agent commissions caused by increased housing prices.
DoorFly will continue to help Indiana agents by bringing in new clients and offering advice. Check auctions on DoorFly now.
Related Posts :
Tweet This Post 
Buzz This Post 
Delicious 
Facebook 
Stumble This Post
