This past Thursday we had our regular office meeting at Coldwell Banker San Rafael. Since the buyer commission structure has now officially been upended and there is a new form for every possible contingency, there was a lot of talking going on. The meeting went overtime, but even after the meeting everyone spilled out of the room and continued to talk both in the lobby and seemingly every corner of the office. Having been with Coldwell Banker in San Rafael I’ve never seen anything like it. I’m sure the scene has played out in every real estate office throughout the state.
Usually when a meeting is done, we all go back to our computers or head out on tour to see the latest listings. This was entirely different. For months now we been talking about the changes in our meetings and the new forms, but now that it’s here, (pardon the expression) it seems the shit has finally hit the fan.
I was walking by one of the office printers when another agent started to talk to me about the ramifications of the changes. We both have 20 years of real estate sales experience. A senior agent who has been selling for at least 40 years joined in, then another 20-year veteran approached our mini think tank. Between the four of us we have 100 years of real estate sales experience, which has got to count for something.
It was the last gentleman who brought up the most cogent point. The only constant in our business is change. You might have heard me say some of this before, but I got into the business in 2004 when the market was on a steady upward tear. By 2006 it was evident to me that the market was on the edge of a financial cliff, and I sold my condo at the top of the market so that I could realize the equity my family had gained and ride out the storm in a rental. By 2007 I was doing short sales, helping homeowners get out from under water.
Selling properties short was a heartbreaking business, as banks and homeowners were taking unprecedented losses. I used my exposure to the banks to transition to foreclosure listings. I kept doing short sales and foreclosures all the way until about 2013. In 2018 I left my long time, beloved broker Bradley Real Estate to join Coldwell Banker. I had seen the writing on the wall. It wasn’t long after that Bradley, one of the largest brokers in Marin, went out of business.
In 2020 Covid hit, and I brought my offline newsletter online by starting this blog. The market surged as interest rates and cheap money hit historic lows. Mortgage interest rates rose to a crippling 8%, and since have receded to the low 6’s. And now this.
Though the course of my career not only has change been constant, it’s the agent’s ability to adapt to change which has led to our successes or failures. For me it’s always been, get with the times or do something else for a living. I enjoy selling real estate and get a great sense of satisfaction from helping people in these life altering situations. I plan to continue selling real estate for another decade or so. I will adapt, and continue to provide the best services and advice to people along the way. It's the only way I know.
*** Thank you for reading my blog! If you or any of your friends and family ever have any real estate questions, please feel free to contact me at andyfalk2112@yahoo.com or 415-250-8025. I’m always happy to help!