I have been doing short sales and have been quite good at them and have made me good money. The problem is, as many of you may know, it is very hard and time consuming to do these. I am now contimplating changing my primary focus to some other niche.
Has anyone had a n experince with doing this and have any pointers?
Thanks to everyone in advance.
Matt Hodges
I think if you can market yourself as the expert in Short Sales, that's the niche you should focus on. So many realtors have problems with them and don't want to deal with them. With your experience, you're ahead of the game! I understand we're only half-way through the foreclosure market, so my guess is being a short sale expert could carry thru this market for the next two years at least.
I guess the question I have with being that expert is that when the market rebounds, will I be the guy known for doing short sales and foreclosures when those have passed us by? I know this will be a little while and that is why I am looking at diversifying.
I really don't want all my eggs in one basket.
Time will tell :)
Know a lot of people who are looking to make it their niche, because they close and along with foreclosures are half of the closing these days.
Matt, we did some reinvention with another, non-real estate company I own and it worked out well. We spent alot of time evaluating what worked, what didn't, what the market was needing, what the market was not needing, where our staff was spending time and most importantly, what activities made the better profit. Many activities generated cash but not all made money. And without a fair and reasonable profit, the business will not be there next time our client needs us. I also sought out mentors and they were very helpful. Most were willing to listen, ask questions and offer opinions just because I asked. Some would not even let me buy them lunch. Good luck!! Glenn
I think you can market yourself with two businesses, your short sale biz and a "regular' biz. We have agents in our office that were Foreclosure experts during the last time the market declined- they had no problems readjusting when foreclosures disappeared, and then were selling high-end properties. Now with they're previous connections with the foreclosure market, once again they are the experts. They seem to be able to handle both markets, actually, seemlessly.
Thank you for commenting.
I am certainly not going to give up my current business, at least not for right now, but I want to make a move to "better" or more conventioanl deals in the future.
Thank you for widening my eyes to my options.
Matt Hodges