Market offers 'tremendous opportunities' for REALTORS®

REALTORS® don’t have to be victims to the current market, according to Steve Harney, a residential real estate expert who specializes in sales and leadership training.

“There are so many challenges in today’s market and REALTORS® can be the hero when helping consumers,” Harney, who’s based on Long Island, said. “We can be a beacon of light, educating consumers, knowing what’s going on in the market and explaining their options.”

Harney believes too many agents are paralyzed by watching prices fall. “There’s always good and bad in the market. When the market was great, consumers didn’t always use a REALTOR® and it was hard to help a buyer get a bid accepted on a property.

“There are tremendous opportunities for REALTORS® right now. Prices have come down, which makes homes more affordable to more consumers and they’re saving through the lower interest rates,” he said. “A recent Gallup poll reported that lower but stabilizing home prices combined with continued low mortgage interest rates have persuaded 72 percent of Americans that now is a ‘good time’ to buy a house.”

Harney said it’s important to help sellers price their houses properly to avoid further reductions. “The sale of a home can be an emotional time for a seller,” he said. “When we are setting the price, emotion should play no part. The value is determined by demand for the item and the supply of that item.”

Distressed properties are another opportunity for REALTORS® to help families. “We must become better informed about the program available to these families in order to assist them as a real estate professional,” Harney said. “You can’t avoid this aspect of the market. You need to get comfortable with the options available to these families.”

By avoiding foreclosures, through either a loan modification or a short sale, neighborhoods will fare better. “You have to have courage to talk to these homeowners because it makes a huge difference to the families. Get certified by taking a short sale/distressed property class, then commit a portion of your weekly work schedule to assisting this rapidly growing segment of the market,” Harney added.

“As an industry, we hid from the truth as the market was changing,” he said. “Now we need to be aware of what’s happening so consumers have a reason to talk with us. We can show them their options and let them make the decision.”