Title: CRISIS?
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5CRISIS?
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7C.R.I.S.I.S
- A Circumstance Requiring
- Immediate
- Shift In Strategy!
8The Market Has Shifted Dramatically
- Sales volume and transactions have dropped
drastically. - Inventory has reached a breathtaking high.
- Buyers continue to be reluctant, and sellers
continue to be unrealistic. - Real estate agents seem dazed and confused.
- Brokerage net profits are going red.
- Fear is rampant, anxiety is high, and people are
getting out of the business right and left.
9So, What Happened?
10People
- Over spent and under saved
- Over borrowed and over paid
And too many got in over their head.
11Now theyll
- Under spend and over save
- Under borrow and under pay
And the economy will begin to move back into
alignment.
12We Are in the Midst of One Major Shift!
- You shouldnt be surprised.
- Economic history repeats itself. Thats why its
called an economic cycle. - Whats happening today has happened before. The
economy is in one of the down parts of its
cycle. - You may have thought wed either cured economic
down cycles or you would escape the planet before
another big one hit.
13So, the Economy Shifts and Therefore Real Estate
Markets Shift
- They always have and always will
- and
- Your life goes on
- Your business and career can too ...
14 IF YOU DO THE RIGHT THINGS!
15The next 180 days may be the toughest economic
days youll see for the rest of your life!
But you better step it up!
16No Kidding House on Fire!
17To Shift or Be Shifted That Is the Challenge We
All Face Professionally Right Now!
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19The Numbers That Drive Real Estate
- Home Sales
- Home Prices
- Inventory
- Mortgage Rates
- Affordability
20Home Sales In Millions
- Sales declined 13 in 2008.
- The number of first-time home buyers increased to
41 of home purchasers.
Source National Association of REALTORS
21In the fourth quarter of 2008, 6 states saw an
increase in sales, mainly in areas where the
sharpest declines in prices occurred.
22Home Prices In Thousands
- The median home price declined by 9 in 2008.
199K
20-year historical appreciation rate 4
23Home Price Annual Appreciation
20-year historical appreciation rate 4
24Inventory Months Supply of months it would
take to sell all the homes on the market at the
current rate of sales
- Slowing sales pushed up inventory for existing
homes to 10.4 months in 2008.
Source National Association of REALTORS
25Mortgage Rates 30-Year Fixed
Mortgage rates remained low for most of 2008 at
around 6. Mortgage rates ended the year at
5.1, an all-time low since Freddie Mac started
its mortgage survey in 1971.
Source Freddie Mac
26Lets put this in perspective
Gasoline 40 cents a gallon
Stamp 8 cents
Turkey 43 cents a pound
Datsun Sports Coup 1,866
Monthly Rent 150
Average New Home Price 25,250
Dow Jones Average 890
And you still couldnt get a mortgage as cheap as
you could in December 2008. Mortgage Rate in
1971 7.48
27Housing Affordability of Income of a median
familys income required to make mortgage
payments on a median-priced home
Source National Association of REALTORS
28The Numbers That Drive Real Estate
- Home Sales
- Home Prices
- Inventory
- Mortgage Rates
- Affordability
29Home Sales In Thousands
Sales fell 17 in 2008 (back to 2003 levels).
Source Conference Board/CREA
30Home Prices In Thousands
The national average home price decreased by 1
in 2008.
20-year historical appreciation rate 4
31Home Prices 7 out of 12 provinces saw an increase
in prices in December.
32Home Price Appreciation
20-year historical appreciation rate 4
33Inventory Sales to Listings Ratio
34Mortgage Rates 5-Year Fixed
- Mortgage rates remained steady in 2008 at around
7.1. - In December, rates declined to 6.75.
Source Bank of Canada
35Affordability of IncomeProportion of median
pretax household income required to service the
cost of mortgage payments (principal, interest,
property taxes, and utilities)
- Canadians have been feeling the impact of high
ownership costs as they experienced deteriorating
affordability over the past few years. - Affordability finally improved by an average of
1.1 in the third quarter of 2008. - Similar to trends seen in the U.S., the steepest
market correction is occurring in provinces that
were least affordable, such as British Columbia
and Alberta.
Property Type Q2 2008 Q3 2008 Change
Detached bungalow 47 46 -1
Standard two-story 53 52 -1
Standard townhouse 38 37 -1
Standard condo 32 31 -1
Average Change Average Change Average Change -1
Source Royal Bank of Canada
36Economic Snapshot
- Gross Domestic Product
- Inflation
- Unemployment
371. Gross Domestic Product
- The economy contracted by 3.8 in the fourth
quarter of 2008 primarily due to weak consumer
and investment spending. - The National Bureau of Economic Research
announced that the U.S. has been in a recession
since December 2007 due to the deterioration in
the labor markets.
Source Bureau of Economic Analysis
381. Gross Domestic Product Annual Year-to-Year
Growth
Despite the contraction in the last two
quarters, the overall economy grew by 1.3 for
2008.
Source Bureau of Economic Analysis
392. Inflation
Inflation averaged around 3.8 in 2008.
Source Bureau of Labor Statistics
402. Inflation Jan - Dec 2008
- Toward the end of the year, there were signs of
potential deflation (a downward spiral of prices,
earnings, and economic activity) in the economy
as inflation ended at 0.1 in December. - This was a significant departure from the peak of
5.6 in July.
Source Bureau of Labor Statistics
413. Unemployment
- Unemployment increased to an average of 5.8 in
2008 from 4.6 in 2007. - Unemployment rose to 7.2 in the final month of
the year.
Source Bureau of Labor Statistics
42Canada
The economy slipped into recession in November
2008, almost an entire year later than the U.S.
Historically, the lag between the U.S. and Canada
is usually shorter, giving some glimmers of
resiliency in the Canadian economy. The weakening
economy and declining commodity prices continue
to place downward pressures on inflation.
Unemployment increased 0.8 percentage points to
6.6 in December from the record low of 5.8 in
early 2008. Most of the increase occurred toward
the end of the year and was largely driven by a
drop in construction.
Metrics
1. Real GDP (2008 estimate) 1.8
2. Inflation Rate (Dec) 2.4
3. Unemployment Rate (Dec) 6.6
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44The Events That Drive the U.S. Numbers
- An increase in foreclosures and short sales
continued to drive home price declines - More banks tightened their lending standards
- The number of first-time home buyers bounced back
- Bank failures and mergers increased
- Government rescue became commonplace
- The competitive landscape redefined
- The available sides per agent fell further
- Commission rates rose
- Economic activity follows demographic trend
451. An increase in foreclosures and short sales
continued to drive home price declines
- 1 in 54 housing units received at least one
foreclosure filing in 2008. - Total number of filings 3.2 Million
- So far, foreclosure prevention programs have not
been successful in slowing foreclosure rates. - Approximately 420K hybrid ARMs are scheduled to
reset in 2009.
46Top Foreclosure States of homes that received
foreclosure notices
472. More banks tightened their lending standards
483. The number of first-time home buyers bounced
back
- Historically low interest rates and decreasing
home prices continually contributed to positive
affordability conditions. - According to Global Insight, housing prices were
3.8 undervalued based on total market value in
the third quarter last year. - The market share of first-time home buyers rose
to 41 in 2008.
Percent of First-time Home Buyers
Source National Association of Realtors
494. Bank failures and mergers increased
50Here were a few key acquisitions
515. Government rescue became commonplace
Feb 13 Economic Stimulus Act of 2008 Tax rebates (stimulus checks)
July 30 Housing and Economic Recovery Act of 2008 7,500 tax credit for first-time home buyers
July 30 Housing and Economic Recovery Act of 2008 Change in loan limits for FHA, VA, and Government Sponsored Enterprises (GSE)
July 30 Housing and Economic Recovery Act of 2008 Hope for Homeowners FHA foreclosure rescue
July 30 Housing and Economic Recovery Act of 2008 Additional property tax deduction
July 30 Housing and Economic Recovery Act of 2008 Moratorium on risk-based pricing for FHA loans
July 30 Housing and Economic Recovery Act of 2008 End of seller-funded down payment assistance
Note Not a complete list of provisions
525. Government rescue became commonplace
Sept. 7 Fannie and Freddie placed under government conservatorship
Sept. 16 Insurance giant AIG received 85 billion
Sept. 18 Federal Reserve pumped 180 billion into money markets to combat seizing up of lending between banks
Oct. 3 Emergency Economic Stabilization Act Plan to purchase up to 700 billion in mortgage-related assets
Nov. 25 New plan unveiled to pump 800 billion into financial system to unfreeze consumer credit
Dec. 16 Federal Reserve cuts short-term lending rate to near zero
Dec 29 Treasury announced plan to give 6 billion infusion to GMAC
Note Not a complete list of rescue efforts
536. The competitive landscape redefined
546. Competitive landscape redefined
557. The available sides per agent fell further
- Despite a 10 contraction in NAR membership, the
real estate industry continues to become
increasingly competitive.
Source National Association of Realtors
56NAR Members vs. Annual Sales
2008 NAR Members 1.2 Million Annual Sales 4.9
Million
NAR Membership (in Millions)
Existing Home Sales (in Millions)
Source National Association of Realtors
578. Commission rates rose
- Commission rates in 2008 increased to 5.3, the
highest level in 7 years. - Rates increased slightly more on the buyer side
than the seller side. - Buyer side 2.8
- Seller side 2.5
- The median commission amount per transaction
decreased by approximately 5 on the seller side
and 4 on the buyer side due to declining home
prices.
Source Keller Williams Commission Study
589. Economic activity follows demographic trend
- Spending by Age Group
- The age group with the biggest spending power is
the 45 to 54 year olds.
Source The Great Bust Ahead
599. Economic activity follows demographic trend
82 years of tight correlation from 1920 to 2002
of the number of 45 to 54 year olds with the Dow
Jones Industrial Average ups and downs (economy
booms and busts) cannot possibly be a mere
82-year coincidence. -- Daniel A. Arnold, The
Great Bust Ahead
Source The Great Bust Ahead
60The Events That Drive the Canadian Numbers
- The Central Bank cut interest rates 6 times in
2008 - Commodity prices and Canadian currency decline
sharply - Restrictions tighten for government-backed
mortgages - Parliament suspended
- Available sides per agent fell
611. The Central Bank cut interest rates 6 times in
2008
- The Bank of Canada lowered the overnight interest
rates to mitigate downward pressures on the
economy and stabilize the financial system. - While rate cuts caused mortgage rates to fall,
banks failed to match the rate cut for the first
time in a decade on October 8 due to tightened
credit conditions. - Despite the credit squeeze, mortgage lending to
households actually increased 12 in December.
622. Commodity prices and Canadian currency decline
sharply
- Commodity prices rose significantly from 2002 to
mid-2008. - Higher prices for energy, agricultural products,
metals, and minerals were important drivers of
domestic demand and were an important wealth
contributor to the general population. - Decreasing global demand led to a significant
decline in commodity prices over the second half
of 2008, which ultimately led to weakening of the
Canadian loonie.
2007 C1 1.01USD
2008 C1 0.83 USD
633. Restrictions tighten for government backed
mortgages
- Stricter guidelines were implemented to support
stability in mortgage markets.
Requirements Before Oct. 15, 2008 After Oct. 15, 2008
1. Maximum Term Limit 40 years 35 years
2. Minimum Down Payment 0 5
3. Minimum Credit Score No set standard 620
4. Maximum Total Debt Service Ratio No set standard 45
644. Parliament suspended
- Prime Minister Stephen Harper suspended
Parliament after facing a vote of no confidence. - Why? In the face of an increasingly troubled
economy, the Conservative partys 2009 budget
(presented towards the end of the year) did not
include economic stimulus measures. - The three very different opposition parties came
together in an effort to form a coalition
government. - With Parliament suspended, a vote on the
coalition government could not occur.
655. Available sides per agent fell
- In 2008, home sales fell 17 but CREA membership
increased 4. Available sides per agent fell to
8.9 transactions.
66CREA Members vs. Annual Sales
2008 CREA Members 97K Annual Sales 434K
CREA Members (In Thousands)
Home Sales (In Thousands)
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68The Story Behind THE STORY
- The Incredible Global Pool of Money
- In 2000, it was 36 trillion.
- In October 2008, it doubled to 72 trillion!
69A Simple Way to Look at It
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71What the Governments Are Doing
- Both the U.S. and Canada have implemented
stimulus packages to help the ailing economies.
- U.S.
- American Recovery and Reinvestment Act of 2009
- Homeowner Affordability and Stability Plan
- Canada
- Stimulus package included in 2009 budget
72U.S.1. American Recovery and Reinvestment Act of
2009
- 780 billion economic stimulus package was
signed on February 17.
35 in tax cuts
65 in spending over the next 2 years
73American Recovery and Reinvestment Act of
2009Six Key Housing-Related Provisions
- First-Time Home Buyer Tax Credit
- FHA, Fannie Mae, and Freddie Mac Loan Limits
- Neighborhood Stabilization
- Commercial Real Estate
- Energy Efficient Housing Tax Credits and Grants
- Rural Housing Service
74American Recovery and Reinvestment Act of
2009Six Key Housing-Related Provisions
1. First-time Home Buyer Tax Credit
Key Changes
2008 Credit 2009 Credit
Credit Amount Maximum of 7,500 Maximum of 8,000
Effective Date Purchases between Apr. 9, 2008 to July 1, 2009 Purchases between Jan. 1 to Dec. 1, 2009
Repayment Yes (over 15 years) No
Recapture If home sold before 15 years, outstanding balance is captured at sale. If home is sold within 3 years of purchase, entire credit is recaptured at sale.
Revenue Bond Financing No credit if home is financed with state/local bond funding Buyers who use revenue bond financing are eligible for credit.
75American Recovery and Reinvestment Act of
2009Six Key Housing-Related Provisions
- FHA, Fannie Mae, and Freddie Mac Loan Limits
- Extends expiration date of 2008 conforming loan
limits to December 31, 2009 - Neighborhood Stabilization
- 2 billion in grants to address the problems that
arise when whole neighborhoods are engulfed by
foreclosures - Funds can be used to purchase, manage, repair,
and resell foreclosed and abandoned properties.
76American Recovery and Reinvestment Act of
2009Six Key Housing-Related Provisions
- Commercial Real Estate
- Funds for state energy programs to support
commercial property owners investment in energy
efficiency upgrades - Potential tax relief for small business owners
- Bonus depreciation and capital expenditures
- 5-year carryback of net operating losses
- Energy Efficient Housing Tax Credits and Grants
- Homeowners will be able to claim a 30 tax credit
for purchases of new furnaces, windows, and
insulation through 2010.
77American Recovery and Reinvestment Act of
2009Six Key Housing-Related Provisions
- Rural Housing Service
- 500 million for existing USDA Rural Housing
programs - Expectations that financing would be available to
fund an additional 192,000 homeowners
78U.S.2. Homeowner Affordability and Stability Plan
- Overview
- On February 18, 2009, President Obama announced
his Homeowner Affordability and Stability Plan
designed to help approximately 7 to 9 million
families avoid foreclosure by refinancing or
restructuring their mortgages. - Some of the measures will require Congressional
approval prior to implementation.
79Homeowner Affordability and Stability PlanThree
Key Elements
- Refinancing option for loans guaranteed by Fannie
Mae and Freddie Mac to help make mortgages more
affordable. - 75 billion homeowner stability initiative to
assist up to 3 to 4 million at-risk homeowners. - Support of low mortgage rates by strengthening
confidence in Fannie Mae and Freddie Mac.
80CanadaStimulus package included in 2009 budget
- Overview
- 40 billion stimulus package over the next two
years was approved on February 2, 2009. - Similar to the U.S., three-quarters was allocated
toward new spending. - Key areas
- Spending on infrastructure investments,
communities, skills, and work-transition
strategies - Tax relief for individuals, households, and
businesses - To restore liquidity to credit markets, 125
billion was allocated to help businesses and
households access new loans.
81Canadian Stimulus PackageFive Key
Housing-Related Provisions
- Home buyer tax relief
- First-time home buyers to receive 750
- Increase in withdrawal limits from retirement
savings plans - Withdrawal limits for Registered Retirement
Savings Plan (RRSP) to increase from 20,000 to
25,000 for first-time home buyers - Home Renovation Tax Credit
- Up to 1,350 in tax relief to reduce the cost of
renovations - Renovations must be between 1,000 and 10,000
and occur between January 27, 2009 and February
1, 2010.
82Canadian Stimulus PackageFive Key
Housing-Related Provisions
- ecoENERGY Retrofit program
- Funds to support home energy efficiency retrofits
- Social housing investments
- Construction for low-income seniors, persons with
disabilities - New social housing units
- Renovations, energy retrofits, and additional
support for existing social housing units
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84The 4 Keys to Housing Recovery
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86The Six Fundamental Secrets of Success in a Shift
- Get Real and Get Right Right Now!
- Re-Margin Your Personal and Professional Life
Right Now! - Focus on Lead Generation and Conversion Right
Now! - Get Sellers to Price Ahead of the Market and
Stage Their Homes Right Now! - Help Buyers Find Their Motivation Right Now!
- Get Involved in Short Sales, REOs and
Foreclosures Right Now!
87 First, Get Real, Get Right! Right Now!
88GET REAL!
- Today, the next 180 days, will be the most
critical period in your career! Period! - If you get real and get it right You catapult!
- If you dont get real and get it wrong You get
laid off!
89GET REAL!
- Youve been living through the era of average and
now youre living in the ERA OF EXTRA. - Average effort may have done fine in the past
- But not in the ERA OF EXTRA!
- Average is now being laid off!
- 100,000 in Auto Industry! And climbing!
- 150,000 in Real Estate Industry! And counting
90The Bar of the Past!
91The Bar Has Now Been Raised!
92GET REAL!
- Look at it this way
- Both your swing and the size of the field youre
playing in matter! A swing in one size of the
field knocks a home run, while in another size of
field it could be a popfly to the infield. - A swing in one field may not cut it in another!
Effort Matters Today More Than Ever!
93GET REAL!
- This is your best opportunity for the biggest
- professional DEFINING MOMENT in your life!
94GET REAL! WHY?
- You will never see a worse economic crisis in
your lifetime than right now! - Great success is always launched by great
motivation and momentum!
95GET REAL!
- Truth
- Little effort becomes a habit and leads to little
results. - Big effort becomes a habit and leads to big
results. - So choose the RESULTS you want
- Then choose the EFFORT.
96GET REAL!
97Now That Youve Gotten Real ...
98GET RIGHT!
- Truth
- When youre doing the right things professionally
... - the right amount of success and money will come
to you. - This truth is how you know when YOURE doing the
right things and when YOURE NOT.
99GET RIGHT!
- If the success and money arent there then you
may be in the right area professionally for you,
but youre still not doing the right things. Its
a simple truth that should set you free. - The GET RIGHT question
- There is a reason why I dont have the
professional success and money I desire, what is
it? - The answer should inform your IMMEDIATE ACTIONS!
100GET RIGHT!
- If this is going to be your DEFINING MOMENT,
- youll need to do 3 things
- Focus Only on What Matters
- Be Willing to Do Whatever It Takes
- Bring Intensity (Hint Extra Effort)
101GET RIGHT!
- The Six Core Real Estate Agent Competencies
- Lead generate, capture, and convert to
appointments - Present to buyers and sellers and get agreements
- Show buyers and market sellers
- Write and negotiate contracts
- Coordinate the sale to closing
- Manage the money
102Second, You Must Re-Margin Your Personal and
Professional Expenses Right Now!
103WAKE-UP!
- Youre now living in the Extra Effort with
High Intensity Low Overhead Era! - DO YOU GET THIS?
104WAKE-UP!
- Youre now living in a period in history where
this simple truth rules above all others - The Business with the Lowest Costs Wins!
105The Re-Margin Two-Step
- First, you cut your personal expenses!
- To the bone! Now!
- Second, you cut your business expenses!
- To the bone! Now!
- GET IT?
106Re-Margin
- First, Personal Expenses
- You cant let society or the media tell you what
your personal life should be. - When the market shifts like it is right now you
follow the must be rule. - You downsize and you do it fast. You get your
personal expenses where they must be in order
for you to survive. (No kidding!)
107Re-Margin
- Second, Professional Expenses
- When markets shift, the first absolute for any
business is to re-expense itself. Immediately! - Revenuing your way out of a shift is iffy at
best. - Generating more income may be impossible in the
short run and take too much time in the long run. - Now is the required speed when a shift occurs.
- Get your business overhead lower - now!
- The Must Be rule applies here as well!
108- Name a business that has been ruined by
downsizing. I cant name one. Name a company that
has been ruined by bloat. I can name dozens. - Charlie Munger
- Warren Buffett Speaks
109Re-Margin
- You must lower your costs now. And revisit this
every month! - Remember, to generate revenue, you generate leads
to make a profit, you manage expenses. - The profit you seek will always be made in the
way you manage your money. - When the market shifts, you must create a budget
that matches your revenue. - We call this re-margining your business.
110Third, Focus on Lead Generation and Lead
Conversion! Right Now!
111You Must Lead Generate.
- Think of it this way, if you dont have an able,
ready and willing buyer or seller right now
Youre not in business. - Hint If a real estate office doesnt have enough
able, ready and willing to lead generate real
estate agents theyre not in business. - And get this -
- Passive doesnt work well in a shift!
- Aggressive extra effort with intensity will!
112Lead Generation
113Lead Generation
- So, unless you get a disproportionate and unfair
share of the available number of leads (and if
youre a company a disproportionate and unfair
share of able, ready and willing to lead generate
agents) youre going to be very very unhappy
with your income! - Wake Up and Get Real!
- There Is No Longer Enough to Go Around!
114Lead Generation
- The market shift may have now exposed a real
personal dilemma you must overcome
You love helping people. But you havent yet
learned to love hunting for them.
115The Two Ms of Lead Generation
116The Two Ms of Lead Generation
117Taking Open Houses Beyond the Basics
118Taking Open Houses Beyond the Basics
119Taking Open Houses Beyond the Basics
120Taking Open Houses Beyond the Basics
121Taking Open Houses Beyond the Basics
122Taking Open Houses Beyond the Basics
123Taking Open Houses Beyond the Basics
124Didnt You Get it? It is the Era of Extra
Effort!
- Some agents just stick a sign in the yard and
call it lead generation. - Others go six steps beyond this and call it lead
generation. - The big question is
- What do YOU call lead generation?
125Lead Generation
- To make Extra Effort happen every day, you must
subscribe to one simple belief - Dealing with current business never takes
precedence over finding new business. Never!
Ever! - You must adopt the position that until your lead
generation is done every day, nothing else should
get done. All else is a distraction!
126Time Blocking
- To ensure your lead generation is always your
number one priority you must acquire the
discipline of time blocking. - Time blocking is setting aside daily blocks of
time to execute your most important business
priorities.
Page 75
127Time Blocking
- Think of it as making appointments with yourself.
- Once done, you must protect that time against any
and all distractions.
128Time Blocking for Success
Monday Tuesday Wednesday Thursday Friday Saturday Sunday
7 830 to 1130am Lead Generation 8 830 to 1130am Lead Generation 9 830 to 1130am Lead Generation 10 830 to 1130am Lead Generation 11 830 to 1130am Lead Generation 12 1000 to 200pm Lead Generation 13 1200 to 500pm Lead Generation
129When Someone Shows Intent, You Must Immediately
Convert it Into an Appointment.
- The ultimate success of your lead generating is
directly dependent on your lead conversion to an
appointment ability. - One cant work without the other.
- Many agents spend significant amounts of time and
money on their lead production proficiency but
neglect their conversion competence. - Get Appointments!
130Get Appointments!
- Lead conversion is a scripts and dialogues based
skill. To master it you must practice it. - Your secret weapon Time on the task overtime.
- Truth Talent is Overrated!
- Practice with accountability to improve
beats talent over time!
131Fourth, You Must Get Your Sellers to Price Ahead
of the Market and Stage Their Home Competitively.
Right Now!
132The Only Way to View Pricing and Staging
133Staging Study
- A review of over 2,800 properties in eight cities
- found that staged homes, on average, sold in
half - the time that non-staged homes did. The sellers
with - staged homes ended up with 6.3 percent more than
- their asking price, on average.
- From an October 2006, USA Today article which
cites a Coldwell - Banker Residential Brokerage report
134Staging Study Homes Previously on the Market
Source RESA
135Fifth, You Must Help Buyers Find Their
Motivation. Right Now!
136The Two Main Ways to Energize Buyer Urgency
- Become the Local Economist of Choice
- Address Buyer Reluctance
137Five Strategies to Overcome Buyer Reluctance
- Dont Wait The Hazards of Timing the Market
- Trade Up The Opportunity of a Down Market
- Less Is More Narrow the Field
- Provide Best Buys
- Help Them Tap into Their Why
138Sixth, Get Involved in the Market of the Moment
Short Sales, REOs and Foreclosures! Right Now!
139The Big Three
- SHORT SALES
- Individuals or families willing to avoid
foreclosure. - REOs
- Financial institutions with an above average
number of foreclosures to sell. - FORECLOSURES
- Bargain hunters and investors
140Never Give Up Never Surrender!