Brokers Blog

Now is not exactly a great time for people to be real estate brokers agents. The foreclosure crisis has hit the housing market of the U.S. hard and has forced a lot of real estate agents and brokers to close shops or find employment in other areas outside of real estate. Not so with Greg Harrelson.

Harrelson, a Myrtle Beach real estate broker, did not close his Century 21 Harrelson Group real property firm and he did not look for another field where he can earn his income. Instead, he just expanded his services in the same field by getting into real estate coaching.

Harrelson's firm is one of the very few real estate agencies that were able to ride the tide of foreclosure. Even when the worst of the housing market caused other property firms to shut down, Harrelson's agents continue to close an average of 40 home sales each year.

The broker has been in the real estate business for over 17 years. In 1991, he purchased a Century 21 franchise and after spending almost ten years under the tutelage of a California real property expert, he believes that now would be the ideal time to teach to others everything he has learned about the business.

According to Harrelson, during the peak of the housing industry, he averaged around 300 sales in one year. This sterling performance is just one reason why he decided to be a guide for brokers agents who are trying to make their way into the confusing world of real estate. So far, Harrelson has started his foray into coaching by working with several top real estate agents in the Myrtle Beach area.

He is also developing several Web sites related to real estate, with one of them aimed at launching his Career Coach services. He states that real property brokers and agents have responsibilities towards their clients to provide them with sound advice and help them get the properties they need under the most reasonable terms. He also emphasizes the need for real estate brokers agents to understand the different situations for each client and guide them towards making a decision that is appropriate for their particular situation.

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Opportunities for real estate agents specializing in short sales have been rising over the past months, as more distressed homeowners opt for selling their homes over going through the excruciatingly slow and stressful loan modification process.

More lenders now are also considering and approving short sale proposals, as they found they can cut their mortgage losses if distressed properties are sold before foreclosure. The support of the FHA, VA, Fannie Mae and Freddie Mac and other federal agencies to the Home Affordable Foreclosure Alternatives program is also prompting lenders to put more attention into short sales as a solution to the foreclosure problem.

Based on data from the National Association of Realtors, nearly 40 percent of the current housing market is comprised by distressed and foreclosed properties, representing a great field of opportunities for real estate agents trained in short sales.

Short sales take a longer time to get completed as there are several parties that need to agree to the short sale proposal. There are also documents that need to be submitted to the lender, such as proof of financial hardship and sales contract. Lenders and mortgage guarantors also have different requirements and different documentation rules, slowing down the process.

Because of these difficulties, agents who have previously completed trainings in distressed sales and who have accumulated experiences in short selling are the ones getting the short sale work from homeowners. One large real estate company which runs a nationwide network recently reported that its agents who have been certified as distressed sales specialists are among the top-performing agents in their areas.

Processing and cash incentives provided under the HAFA initiative are also contributing to the surge in short sales. In addition to the streamlined short sale processing, homeowners are given $3,000 in relocation assistance and servicers are given $1,500 for their processing efforts.

Indeed, the surge in short sales and the support from the HAFA program are great opportunities for real estate agents who specialize in distressed sales.

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