Realtors - Which ones know what they're talking about?

I was recently at a networking event where a veteran realtor gave a short, ten minute talk on the market to come and included some tips on selling a property in our current market. This particular realtor stated she had 25+ years of experience before jumping into her speech. I will gladly admit the realtor had some great tips for sellers and was surprisingly blunt when talking about seller’s expectations and the difficulties they are having with adjusting their frame of mind on the value of their home.

On the flip side, I was rather disappointed that this realtor was so eager to report that 2011 would be the start of the market's turning point for the better. It is very difficult for economists to predict the economy ahead and am surprised this agent was so quick to claim 2011 would be the year the housing market will begin turning for the better. I find myself curious as to what sources this realtor researched to come to this conclusion and most importantly, which of the top 5 REO Realtors did she interview? (An REO Realtor is one who markets and sells bank owned properties.) Citing your sources or quoting specific professionals for a 10 minute speech is not truly necessary for such an event. However, I found myself asking many questions while she was speaking. I instantly wondered if the majority of buyers or sellers have the background knowledge to tell that this agent’s statements were in fact accurate or if she was just misinformed? Was she merely projecting her personal optimism that most of us keep secret in our minds? How would the ‘average Joe’ know if her interpretation of the market was skewed due to her lack of research?

 As an agent that works side by side with an REO Realtor, I've learned so much more than I would have had I started real estate solo in the 'traditional' real estate office. Not only have I learned firsthand how to approach a bank with an offer, but I’ve also seen what happens ‘behind the scenes’ in order to get a home ready for marketing. During my time spent working with this REO agent, I've seen the rise and fall of property assignments over the years sync up with the federally required foreclosure moratoriums and initiatives set up to try and keep homeowners in their homes.

Working closely with an REO Realtor has also given me insight on what is to come to our particular market, as well as around the US, and the potential issues that could and most likely will harm the real estate upswing. I've personally seen their inventories begin to rise in the last few months and find myself questioning this 'veteran' realtor's statement that 2011 is the year the market will begin it's slow, yet steady upswing.

I bring this to your attention for one reason and one reason only. In this day and age where information is readily available at your fingertips at any time of the day, it's imperative that you cross reference the information you've learned with multiple sources before making speeches or significant statements like this to any sized group of people. We all must do our own due diligent research on the information we read, see or hear before repeating it others at the time that we’re claiming our expertise in a particular subject area.

If you have any questions about this particular topic or any others I've not discussed, feel free to give me a call or send me a note!