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Question: I am a real estate agent. Why do I have so much trouble making any income at the moment?
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Answer #1:
The properties may be in an area where you're attracting clientele that don't have the best credit rating, or debt-to-income ratio. (Low income areas) I'm sure you realize the housing market collapse made lenders very wary of giving loans to folks with less than excellent credit. Now is not the best time to be a seller's agent in a low income area. Good luck!Answer #2:
Do you get feedback from the people you show property to? Do you have enough clients? Are you qualifying your prospects? The most common reason is that the property is over-priced, but this isn't universally true. Work Smart, Not Hard.Answer #3:
I'm doing OK. In fact the last month has been good. Rented about two today, one on Monday and all completing Friday. Also done viewings on 6 houses and had offers (some stupid ones though) on four of them. And its still only Wednesday. Looking at my diary I am going to be running from pillar to post tomorrow ...............argg ... supposed to be my day off but what can you do! Also got to fit three inventories in before Friday am ( will be done about now at home) and three EPCs to be done too, but the boss fortunately does them! We are only a small firm, but if I'm honest, we own half the properties we rent and they have long term tenants in them - without that, we would have gone under over the last 8/12 months. Ohh and three sales going through as well, but not a lot of work there now - just waiting for completion.Answer #4:
Aside from how well Sal UK is doing...It's not you. It's the economy. It's bad news and the mortgage/banking industry is, frankly, under scrutiny after all the bailouts. We just sold our summer cottage and it was a difficult transaction because of these things, as they were reported to us by the professional realtors and title people.
I would try to stop wasting time with people who are not serious. Ask for a prequal letter before you waste time and money showing the property. Get with a loan officer to qualify them and provide the letter for them and for you. I think you will be glad you did.
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