I got into real estate to improve the quality of my family's life and do something meaningful with my life. The rush from getting a new client to closing is one of the most rewarding experiences. After closing my 68th property, I decided it was an excellent time to set some boundaries in my business which is the reason for this blog:
Why I Bow out of Foreclosures and Auctions
Glum: Foreclosed homes are usually in poor shape and unfortunate to show. From being abandoned for a long time to financial hardship, it's usually not an enjoyable experience.
Low commission: Foreclosed properties are often sold at a lower price, which means the commission for the realtor is also lower. This can make it less appealing for a realtor to work with foreclosed properties, especially if they have other listings that offer a higher commission.
Complexity: The foreclosure process can be complex and time-consuming. It may require additional paperwork, inspections, and legal proceedings. This can make it difficult for realtors to manage their time and resources effectively, especially if they have other clients to attend to.
Limited inventory: Foreclosed properties are only sometimes available on the market and may be limited in certain areas. This means that realtors specializing in foreclosed properties may need help finding enough properties to work with, which could affect their income generation.
Reputation: Foreclosed properties may have a negative reputation, and some realtors may prefer to distance themselves from this property. Working with foreclosed properties can be seen as risky or unprofessional, which could affect a realtor's reputation in the industry.
Overall, working with foreclosed properties requires a certain level of expertise and experience. As a result, some realtors may choose not to work with these properties due to the lower commission, complexity of the process, limited inventory, or potential impact on their reputation.
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