“The next 180 days may be the toughest economic days we will ever experience in our lifetime.”
This was spoken by Gary Keller at the recent Keller Williams Family Reunion I attend in Orlando.I admire someone of Gary’s stature who pulls no punches. Not many leaders are willing to do that, including our own trade organization.
There was palatable silence in the room of over 6000 Realtors.
What has happened?
Historically, our housing market has increased by an average of 4% per year, until…. 2000 to 2005 where homes appreciated 7 to 13%. Those were the good old days where it took no skill to sell a home. But, it was not sustainable as we are finding out. Note the graph is for the last 20 years.
Had home prices continued to grow by the average 4% we would be around $198,044. Which is approximately where we are now. I don’t know about your area, but in Ann Arbor first time homebuyers were shut out of the market. They could not afford to live in the city.
The Silver Lining
According to NAR, first time home buyers made up 41% of the market share in 2008. The market is correcting itself and letting the first time home buyers back in.
Our economy is cyclical. Did we think we would be exempt from ever having a correction? Well truth be told I never really studied the market. What is happening today has happened before. That is why it is called a cycle. See below why we HAD to correct? Peoples incomes were not keeping up with the housing appreciation.
So what do we do?
1) Cut expenses to bare bones.
2) Work harder than we ever have.
3) Make you first priority Lead Generation and do NOTHING else until that is done.
4) Be willing to do whatever it takes, Shift your strategy.
Are we in a C.R.I.S.I.S? You betcha.
Charts from the Power Point at KW Family Reunion, Photo by Missy Caulk
Techie’s guide to NAR’s mid-year meetings
Are you coming to NAR’s Mid Year Meetings in Washington DC on May 11-13? If so, here’s a quick and dirty guide to what to check out and where to grab a cocktail. If you are going to be at the meetings please be sure and let me know, in the comments or DM me @nartech. I’d love to meet the Agent Genius crowd IRL.
Follow Along at MidYear Live
Even if you aren’t going to be in DC you can still follow the action at Mid Year Live.
Midyear Live brings all the news and conversation about the Midyear Legislative Meetings & Trade Expo direct to you. Visit Midyear Live between May 11-14 to check out Twitter and Facebook coverage, follow featured NAR members as they attend the event, and view news reports and recorded sessions.
From the Center for Real Estate Technology—Throughout the meetings…
Starting Tuesday, May 11, CRT is sponsoring the Wi-Fi area in the Marriott Wardman Park in the Maryland Foyer. It will be available 24 hrs a day thru Saturday 2pm.
The Bloggers’ Lounge opens at the Omni in the Forum Room, Tues – Thurs 10am – 6pm and Friday from 10am – 4pm.
Wednesday May 12: Business Issues Committee 10:00 AM-Noon, Marriott Wardman, Salon 3
This is where technology policy issues are discussed. If you have an interest in issues like data security and privacy, net neutrality and other tech policy issues, come and observe the Business Issues Committee and say hello. I am one of the staff executives for this committee.
Wednesday May 12: Tweetup 5:00-7:00 PM Marriot Wardman Park Lobby
To RSVP and more info.
Wednesday May 12 Raise the Roof Event 5:00PM-8:00PM Tabaq Bistro, 1336 U Street
Cocktails and Hors D’Oeuvres on trendy U Street. RSVP to firstname.lastname@example.org with your full name and company by May 3.
Thursday May 13: Business Technology Peer Breakout Sessions 8:00AM-11:00 AM, Omni Shoram Ambassador Room
Garron Selliken, Todd Carpenter, Heather Elias, Keith Garner, Tina Merritt, Jeff Allen, Kelley Koehler, Dale Chumbley, Nobu Hata, Greg Carpenter, among others will be on hand to discuss tech topics that all real estate professionals should know about. Twitter, Facebook, Yelp, Market Stats, Converting web leads to clients, mobile apps, and other business tools will be discussed during these informal conversations.
Thursday May 13: Business Technology Forum 3:00PM-5:00PM, Omni Shoram Empire Room
Hear what industry thought leaders have to share about today’s and upcoming tech trends.
Jeff Allen, Heather Elias, Garron Selliken, and Aaron Wheeler share their experience & insights on how technology is impacting their day-to-day business. Audience questions are welcome.
Friday May 14: LinkedIn Breakfast 8:30 AM – 10:00 AM, Omni Shoram, Bloggers Lounge
Join Todd Carpenter and other NAR LinkedIn members for coffee and danish. For more info
If you know of something I missed, please let me know in the comments. Hope to see you in DC!
National Association of REALTORS Convention 2014
It’s Novermber 2014…
I can’t wait to go through Finance World where we find the latest on nano-mortgage technology from Bank of United States (the company after the B of A/Citibank/ J P Morgan Chase merger) where an iris scan and fingerprints get done and the each borrower with less than 20% down get to do the new PMI, Person Mortgage Insurance, where they assign one of their friends or relatives as collateral until the loan gets paid down to 78%.
Ah, then the new key sharing device from GeBallMart (the merger result of GE, Major League Baseball and Wal-Mart) which makes your take the SATs again (paying the 475 Euro fee) in order to do a digital iPhone7.9 puzzle in order to be escorted into a property from a member of Blackwater Realty Security Services (a subsidiary of the CIA- a deal made in order to get people health care).
Ah, and the special speakers. There’s inspiration on how to turn your life around when there are only 11 trashy women in your life that you sleep with. Amazing how you can go from one sport to another and then to another and go from the lowest lows to the highest highers. Yes, I am talking about Professional Bowling’s superstar, Tiger “Balls” Woods.
I can’t wait to hear was he has to say about life’s ups and downs now that my fellow agents and I have had the commissions we make revealed to the buyer before they even see a house and how the government maximized the maximum amounts to $500 for door opening/agreement and $1000 for door opening/agreement and settlement attendance.
Just like the mortgage brokers that got messed with in 09/10, we should have seen it coming but instead we lived high on the hog and laughed at the public and especially Congress.
But I can be thankful for the fact that I don’t have to fly on UseLess Airline and stay at the MarryRot in the beige rooms with the bed bugs that are the size of New York rats, I can stay home and see all that’s happening on my SuperMac 7 Apple computer with smellovision, video and scan-pay ability.
The best and the worst part is no real hangovers!
Inman’s Got Enough Money. Let’s Give Some To MFFO
It doesn’t get any better than this – you can actually get Inman Connect Tickets and help a charity at the same time! I was the lucky winner of Inman Real Estate Connect Registration Passes and with the creative help of some friends (thanks @tcar and @andykaufman) decided to auction them for charity.
I’m sure @jbern had no clue what was going to happen when he started the competition: What’s Your Tweet Worth? ….between Jay Thomson’s raffle and this auction, there are some creative minds at work to help our colleagues as well as great charities.
So here’s what I would love for you to do –
2 spread the word **tweet it! facebook it! email it! **
4. spread the word again **tweet it! facebook it! email it! **
The highest bidder will win full registration to Inman Connect San Francisco (both Inman Connect and Blogger’s Connect passes) and proceeds will go to Mothers Fighting For Others (that’s a $939 value). What are you waiting for??? Go Bid! We will be announcing the winner before the weekend.
**thanks for the tix Inman!! Let’s see how much money we can raise**
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