Top Ten Things I Learned about Real Estate in 2008
10. Not All Mortgage Companies now approve all Title
insurance companies. ****
9. Just because your client is approved for their loan
today, doesn't mean they will be approved for
the same loan next week.
8. Historically low rates can still get lower.
7. Not everything the media says is true.
6. Well qualified consumers know it is a good time to buy real estate.
5. Listings are still selling if they are staged, priced correctly and listed with a REALTOR ®
4. This market can be a great time to learn and teach new skills that will make us
better professionals.
3. The public really does read our blogs and gets to know us.
2. Not every person off the street has what it takes to be a REALTOR® or loan
officer.
1. No matter how bad our markets may have been, we all found time to give and give generously to
those less fortunate.
***UPDATED****
**** Since this seems to be causing some confusion, let me try to clarify what I mean by this. What I mean by this is whatever title insurance policy your title company uses, The BINDER company, may not be approved by the lenders. Your closing could be delayed as your settlement officer, lawyer, closing company has to switch binder companies. CAPEESH??? Please check with your lender and Title company to clarify this in your area. *****
Good post, hope 2009 is also a learning, growing and prospering year for you too!
I would agree with all 10 points. I would also like to add one more...
Just because your buyers are sitting on the fence doesnt mean you shouldnt try to kick them off once in a while.
Steve, Thanks. I take everything from this industry as a learning experience, it all makes us better and stronger.
Clint, Amen brother.
A perfect 10! Can't wait to see what 2009 has in store.
thanks for your list!
Excellent points in your list! Although, for the added point, how 'bout a firm push instead??!! lol
Too true - particularly #7!! Neat list, and I agree with Clint's extra one!
Thank you for sharing the things you have learned. I couldn't agree more.
Mortgage companies get the option to choose the title company? I've never heard of such a thing. Title insurance is regulated by the state in Texas, so I wonder if that has something to do with it...
I like the rest of your points though.
Amen, Audrey, Amen. I just had to write a short note of agreement.
Hi Everyone, Glad you found some humor in this list.
Donna, No, The mortgage companies do not get to choose the title companies, but they have now started delaying settlement because of the "brand" of title insurance some companies use. The title company just has to change the title binder to an approved company.
Great list.
2009 will have a few differences on your list.
Most, however, will be constant.
Thanks for sharing.
Happy New Year!!!!!
Nice! I really like number 7!
Merry Christmas and a Happy New Year!
your friend in Charlottesville!
Great list Audrey and so true. Wonder what new and exciting things we will learn in 09'? KM
This is a great list. It's to bad it isn't published in real estate sections such as the Washington Post. It give better information than they've been publishing for the past year or so. By the way, mortgage companies don't pick title insurance companies. They reserve the right to not accept all companies. A recent bankruptcy by a title company and it's subsidiaries took it off a lot of lists because of the risk on not being able to pay claims.
Lessons learned and shared are truly wonderful. Thank you for sharing these.
Amazingly I learned some of these as well this year. LOL
All the Best!
Don't forget videos..buyers and sellers watch them, on your property AND your area. Start uploading videos on your corner of the world and watch it help with SEO on your site and your branding.
Great list and so true, especially one and two. Yes, they do watch us and read our blogs, trying to see what we are about.
Great list! A common theme in #1-6 is that attitude can and does make a difference... Best of Luck in 2009.
Audrey it is amazing how different the world of Real Estate was this year. There are a few items on your list I can certainly relate to.
Hi Audrey,
Its a great list that you put together. I feel that I will need to find my own list of things that I learned this year. As many have said before me, this is an industry where you are constantly learning. This has been a turbulent year and yet, real estate is the best investment that anyone can make now. Good luck in your selling.
here is one to add:
carry a flashlight when showing foreclosed properties!
"Professionally Bringing Home Buyers & Sellers Together"
www.MarvelousRealEstate.com
This is a very nice list. You raised some very good points. I could not agree more with point #1, volunteering is my way to keep me grounded and appreciate the simpler things in life no matter how bad the market may be.
Great List! Everything in Real Estate is always changing. Good Luck in 2009
Hi Audrey...What a simple yet important list of things we should know. #1 is especially important this year when many have less than we do.
Congratulations on a well deserved feature.
Kate
I like this idea of a Top 10 List for 2008. I may have to do one of my own, if only for myself! Thanks for sharing and congrats on the Feature!
I'll add one too
Treating all your clients with respect and dignity matters more today than it did yesterday. (I have many clients who are embarrassed that they no longer qualify for a loan and we just need to continue to encourage them to do what they need to do to get qualified).
Hi Audrey, Excellent list ! I guess we all experienced some or all of them ! Happy Holidays to you.
That is a great top 10 list ! I really liked number 10... acually liked all of them : ) Great post !
Hi Audrey,
Item # 3 is so true.
Catherine
Good list and I can think of a few more as well. I had two sellers get stung by #9 buyers. Thank goodness for #3 - it made my year!
Thats a great list of items you learned! Thank you for sharing that with all of us! I hope you have a great day and Happy New Year!
This is a great top ten list. Yes, we just held a food drive here in PA, and collected over 3,000 food items, and donated it just before Christmas to the food banks.
Don
Enjoyed your post---hope # 8 proves to be true.
What a great post. Even in a bad market we value our learning experiences. They will do us well in the future.
Glad this is featured.
Great post!
what does number 10 mean? I work primarily in Maryland too and I have never had a problem witih a mortgage company not approving a title company.
Yes we have learned some new and different things this year! These are all great points, I like 3 & 6.
3. It is nice to know they are reading
6. I will be glad when they come out of the closet!
Debbie
Good post! Thank you. When I worked for the Title Company, our Underwriter had to be on the approved list, and as an agent for that underwriter we also had to issue an Insured closing letter to the Lender and/or Mortgage Company. Thanks again for the post, Happy New Year!
You should add to the list-down payment asst. programs were taken away and now we need something to replace them with.
Audrey - Great list - things will always keep changing in Real Estate, the secret is to go along with the flow. I want to wish you and your family a HAPPY NEW YEAR.
Hi All, Thank you for all of your well wishes and comments. I seemed to cause some confusion with number 10. I just updated the post to try to clarify what I meant.
Thank you everyone for your comments, Happy New Year to all of you as well.
Audrey - I hope you learned that this market brings exceptional opportunities and my guess is that you will take advantage of them. Good luck in 2009
Concise and excellent post regarding state of things today.
number 7 is definitely my favorite
1, 4 & 7 are my favorites. Thanks for the lineup!
Great list, Audrey! I may have to re-blog this one...
Love the list Audrey! (I especially loved your comment, "Capeesh"! LOL. Who would have ever guessed our markets would be like they are now and that we would have posts like this? Things can only get better...I suppose they could get worse, but I think we are better educated and more mentally prepared now, don't you?
I really like Clint's "...sitting on the fence..." reply.
How about "Not much the media says is true".
Hi Audrey, I love your 10 points, so true. Wasn't that a nasty surprise the first time the lender whacked the title co? You could have pushed me over with a feather when that happened! Gheesh.
I thought everything the media says is gospel.
Audrey, Congrats on the well deserved feature. 2008 has been a year for changes in real estate and lending; no question about that!!
that's a great list. thanks for sharing. I might have to paraphase a line out of your list
Good top 10 list - here's my addition as #11: The more I learn, the more I realize what I don't know!
Hello. I enjoyed your top 10 as well. Comments were fun, too.
Audrey, congrats on the gold star! And I never knew that about title companies and binders! So thank you!
Audrey -
Great post - thanks for summarizing the year into this list!
I might add one more -
11. ALL Cycles End - Good Ones, and Bad Ones!
Here's to success in 2009!
Call if you need anything in CHICAGO!
DEAN & DEAN'S TEAM CHICAGO
I think #7 is SO TRUE. I have learned to listen to news with a sort of mental filter (i.e. "consider the source").
Audrey - I thought this was an excellent list of learnings from 2009. Seems to my #7 could read that most of what the media says is not true, or some variation. But I'm splittin hairs. :) Congratulations on the feature.
Jeff
Audrey... I especially like numbers 3 and 4.... this was good.... I truly agree that I have become even better and more on my game because of this market. I am loving it, that many programs have died. To many garbage loans... and easy loans, that could have been replaced with loans that took elbow grease, but were ignored because of that... and many consumers received bad loans with higher rates.
Audrey
Excellent top 10 List that we should all pay close attention to ...especially the part about helping those less fortunate.
Nicely done. I especially liked the last one about giving back. We should be doing this more and more. The way I look at it I've always been blessed and need to give those blessings to others. Thanks again!
Why thank you for the lessons learned....I missed a few :) Are you ready for 09....
Audrey - It would be interesting to inquire as to how many real estate agents, and the general public, had heard the term, "Credit Default Swaps," before the first of this year, and understood what they were??? I think that the biggest myth of the year was that subprime loans created the housing crisis.
This is a great top 10. I had no clue about the mortgage companies not accepting title insurance companies
Very helpful! I can't wait to see what you will have learned in 2009...
Audrey... this is funny and sad at the same time. I agree with so much of this... and especially love the #1. That's says a great deal! Happy New Year kiddo. Here's to spending more time on the Carolina coast!
Audrey June Forshy ,Ah this should go right in line with our top 40 things we learned about 2008 although it's more in regards to Active Rain articles. Good read.
#5 should be amended to read "competent, tech savvy realtor"
#7 is something we should all have known hopefully
We like how you guys think and this is one top 10 list we can put our approval stamp on. Great job! Looking forward to the next one! See you on twitter :)
Sincerely, Active Castellum ( Castellum Realty llc - Lancaster PA Real Estate )
Audrey-great post-congrats on the feature! How about "We have learned, out of desperation, how to practice the old adage Patience is a Virtue".
This really is a job that you have to learn by doing. It gets easier and better with every transaction. Great idea to think about what we've learned over the year as we all get ready to go for '09. Thanks.
Good post. We've been in real estate for a little over four years now and if there's one thing we've learned is that you can never stop learning. We are in a field that changes more rapidly than anything we ever been involved in. Once you get over the shock it's really a lot of fun! Best to you in 2009!
Graet post!
Regarding No. 9: The loan underwriter on a recent transaction required that every single item mentioned on the TDS and agent disclosures be addressed and/or verified as funding conditions.
Great job. I think 6,7 and 8 will be the key to a great 2009.
9, 7, and 2 are PERFECT -- Great list -- I have been saying two for a LONG time now -- right about before the boom in 2005 -- best of luck in the New Year! JE
"Just because your client is approved for their loan today, doesn't mean they will be approved for the same loan next week"
This one has been one of my biggest challenges. I only work with clients with fully underwritten loans with the home TBD. That use to mean something and needs to again. Great Post!
Great Post!! I think your number reason could be the most important of all. You will be truly blessed for giving to those less fortunate. What a difference we would all make if we took the time to give. Not just money but our time and energies too!!! I too learned the lesson about title insurance this year. Thanks for giving folks the heads up!!! Wishing you the happiest of New Years form everyone in Edmond Oklahoma.
Lots of good info...going to try this re-blog thingy on this one!
# 2 is very interesting as we say anyone who could pass a 3rd grade level test get their real estate license and go out and make a living
I liked the top ten list. Number 10 is so true. I find most Realtors are all very generous with their time and money to the less fortunate.
AJ- Very well put. 2008 was definitely a year for learning. I am sure 2009 will be too. Happy New Year and your party was great as usual. I learned that audrey always has the best food! ;-)
I like 1-5, and 7-10.
However, since all markets are different, point #6 is a meaningless claim.
Loved your 2008 List. :)
One more.... just because you wrote a closing date on the contract doesn't mean you will close on that day.
Audrey: Congrats on the featured post! This is a great list. I learned that if an FHA appraiser writes something down that is a guesstimate on an appraisal, it can take two weeks to disprove their "talking out their ass."
Nice list! Thanks for sharing and hope 2009 brings more growth and prosperity!
As to #7: Positive attracts more positive. Negative attracts more negative.
For every minute you spend watching, listening or reading "the news" spend two minutes on active rain.
Kinda like taking a shower ;)
Outstanding list! We must continue to drive forward.
Audrey,
2008 has been a year to remember. True, the financial markets have been very volatile and mortgage approvals one day can be overturned the next.
Audrey,
Thanks for the post. You are the best.
Happy New Year!
Roy
Audrey does anything the media say about the Real Estate market is true? I really like number 7 and 9. Congratulations to you on this featured post. Have a safe and prosperous 2009. Great post.
Audrey,
Come on now.....you did not just learn #7 this year, did you? I think you've known that for a long time. :0)
Fantastic top ten! Audrey here's hoping, wishing and dreaming the new year is everything you want it to be! A lemon for you ...http://activerain.com/blogsview/861014/Sweet-Lemon-Aid-A-MeMe-turned-ThemThem :-)
Wow, you sure had quite a following on this one! And what you said is so true. I especially liked the one about the historically low interest rates...
Audrey - What a year it has been to bend the learning curve:) Concise and simplified list, yet so very important and true.