Were You a Real Estate Agent
During the Last Crash of 2008-2009?
Most of you probably answered “NO”. Many of you probably got your licenses in the past few years because you heard the market was good and that selling real estate is an easy side hustle.
So you got your license, hung it at one of the “big box brokerages” because of brand recognition, the supposedly amazing training they offer (for a large cost I might add), or because your friend works there and invited you to join their team.
Here’s the reality… Most of you won’t make it out of this crisis.
“OMG GREG! You’re being so doom and gloom!” is probably what you’re saying right now.
And you know what? I am. And here’s why…
In the real estate crash of 2008-2009 80% of real estate agents went out of business or went inactive. Yes, you read that correctly!
That’s a staggering number, isn’t it? That means you probably will too. It’s all in the data.
Do you want to know what the 20% did to stay in business? Of course you do! Or should I say I hope you do?
Here’s what they did… They worked with real estate investors to help them scoop up the inventory left in the wake of the crisis. No one and I mean no one was buying houses during the crash of 2008-2009 other than real estate investors.
“Why?” you might ask and it’s a fair question. Not everyone was in real estate back during the crash. Many of you may have gotten your license in the past few years. And if history has taught me anything it’s that people have a very short memory these days.
In 2009 as the economy was doing the same thing it’s doing now (figuring out where the bottom is, what the proper next steps are, etc.) the banks tightened up on their lending or shut it down altogether. Sound familiar? It should if you’re actively doing real estate deals right now.
I recently posted in one of the local Facebook groups asking agents if they’ve had any deals fall through and I had over 80 agents tell me they’ve had at least one deal fall through because of financing.
Two separate agents told me they’ve lost 8 closings since the Coronavirus pandemic Stay At Home Orders were implemented here in the Tampa Bay area.
So how can you weather this crisis as a real estate agent?
You can work directly with an investor-friendly brokerage like us.
That’s precisely why we opened Out Fast Realty & Investments real estate brokerage.
We combined the retail side of the business that has been thriving for the past 5 years along with the investment side that works in ANY market and in any real estate climate. Our real estate agents love being able to understand both sides of the business and make themselves recession-proof.
What to do next as a Real Estate Agent…
If you’d like to know exactly what we’re doing at Out Fast Realty & Investments feel free to reach out to me via email at email@example.com or if you’d like to schedule a one on one chat I’m happy to tell you what our plans are for weathering this storm.
Simply click the link below to book a time here to chat. I’ve opened up my calendar in the coming weeks to chat with people just like you that might be worried about what to do and how to weather this storm.
Please be safe out there and I hope to work with you on the other side of this crisis.