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Due to the outrageous number of bank owned properties today as an investor I have been going into new markets. The biggest problem is finding a new agent in that market that is experienced as mine was close to home. When approaching a new market the first thing I like to do is call Realtor signs to test out a couple of agents and go from there. Usually this is a decent way to find an agent to start looking. Typically I would get a response in a few days a most, but now the time frame is just ridiculous. I think out of ten agents one responded within twenty-four hours. I sat down with my agent to find out why most of the agents do not respond back. she basically told me that she spends all of her time getting the bank owned properties ready to list like most the agents out there. The bank not only require initial setup time but reoccurring time and continuing updates on all their properties. Every agent out there has such a large inventory and are beginning to hire more help to stay to just stay on top. A Realtor I know with the help of her assistant has over fifty listed bank owned properties listed. That number would be a lot if you worked in a large office, but no she is the only agent in her office. She told me that almost all of her time is just on preparing and maintaining these properties for the banks. When I was there she was on the phone with a temp agency trying to hire a couple of more people just to catch up. All of the real estate offices around me just keep on getting more listings from the banks every week. If they could at least sell a few here there that wouldn't be bad. If they are lucky they can sell a couple in a month at most. In today's market real estate agents have their work cut out for them. The banks in some areas are moving their prices down. Those agents are lucky and will actually make money this year. The areas where the banks will not move their prices down will have to keep working harder and harder. I'm curious if they can last with more and more work piling up and barely selling anything. If they can make it there is money to be made having a large quantity of listings, but you have to still pay your bills a matter what. I give some credit to these agents they are working really hard to stay alive. You can now see who is a real real estate agent not just some one chasing the dollars. There are still a lot of great realtors out there today willing to help you, but it is getting hard to find. It is not their fault they are so busy. People are only capable of so much. In the past number of years the number of real estate agents increased exponentially. Anyone could practically make money selling real estate. I am still finding a lot of great real estate agents out there it is just taking more time and work to achieve.
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