The Silver Lining
By Nancy Russell, Vice President Select GMAC Real Estate

Nancy Russell Vice President SELECT GMAC Real Estate www.nancyarussell.com

"Was I deceived, or did a sable cloud / Turn forth her silver lining on the night," penned John Milton in "Comus (A Mask Presented at Ludlow Castle, 1634)." A book I wished I could forget from a Catholic high school senior year (a long, long time ago), but a line that was forever embedded in my psyche. P.T. Barnum took this and transformed it into the modern day saying, "Every cloud has a silver lining." No one would disagree that a cloud has been hanging over the Real Estate market, but one thing I know is there are always positives even in the most negative set of circumstances.

Markets fluctuate, there's simply no way of getting around it; one only has to look at the Dow Jones or Nasdaq over the last few months. Real estate is no different, but there are benefits in downturns. Here are but a few:

• Down payments are back. This one is at the top of my list. There are no more smoke and mirrors from the lending institutions whose "creativity" helped caused the sub-prime fiasco. No longer does qualification for a credit card automatically guarantee mortgage qualification. Buyers are more appreciative of the opportunity to own real estate rather than those who were looking for a get-rich-quick scheme. Now, Buyers are tending to stay in the home longer, maintain it, then make upgrade investments. This is good for the neighborhood and community as a whole.

• Agent talent level is on the rise. This is not due to an influx of experts from other industries, rather the bottom percentage of agents are turning to other jobs whose income are more reliable then the commission-only plan of the real estate agent. Also, those who were looking to make "easy" money have moved onto other ventures. The "turn the quick buck crowd" saw real estate as a hot commodity, one that can be bought by fudging the fundamentals. During the up market, I lost listings to other agents that simply took a realistic selling price and convinced the Sellers that their house was worth more, sometimes considerably more. Of course, those over inflated listings simply "sat" on the market with little interest. Now top agents set selling prices based on property characteristics and CMAs. Remember, the "C" in CMA stands for COMPETITIVE and not for UNREALISTIC as it had for so many agents in the up market. The declassification of real estate as a commodity focuses agents to look at their client's needs and craft marketing plans to achieve their goals.

And speaking about marketing, I have to get this off my chest. The Multiple Listing Service (MLS) is a database of what is available for sale at any given moment. It is the most basic marketing vehicle for real estate agents. In the MLS, one can find the street address, style of home, number of rooms/ bedrooms and baths, room size, interior and exterior pictures, etc, etc. Any and all information pertaining to a home for sale can be found in the MLS, that is, only if the agent chooses to enter the information. It is unconscionable that an agent takes your listing and does not enter the most basic information about things like room size or adds pictures to enhance the chances that a larger pool of potential buyers sees your home. I preview homes on the MLS as do countless other agents. When I do not see basic information I move on and will not even present that home to my buyers. Even in today's tough market, top agents are not providing the most basic of services to their sellers? • Clear, concise marketing strategies. Regardless of what's for sale, the chances of the item being sold efficiently and at top dollar are enhanced by marketing. With the down turn in the real estate, top agents are focusing on new marketing strategies. Agents, no longer running with hundreds of unqualified leads, rather, are now concentrating on those that will bear fruit. This focus includes precise strategies tailored for specific clients and homes. You can learn of or hear many of our new strategies by calling Select GMAC or by listening to Kathy Spangler (Owner and Co-founder of Select GMAC) on Worcester's own WCRN 830 on the AM dial every Saturday at 10 a.m. Additionally, unlike many real estate offices where each agent is pitted against one another, we hold "jam" sessions where agents participate and discuss current market conditions and new marketing ideas. We at Select GMAC believe that a team approach to meet our client's needs is more effective then the "lone wolf " approach.

Finally, back to dark clouds, the one thing I know is that for even the worst storms there is always a high pressure system sitting behind it ready to push off the nasty weather. Once that high is in place we experience pleasant weather. We at Select GMAC helped our clients benefit through the current storm by being out in front and seeing the silver lining. We are now positioned to help our clients in the 2008 real estate market that will see the return of pleasant weather.

"Whatever Nancy touches turns to SOLD." Call me at 508-753-2200 or by e-mail NRussell@SelectGMACRealEstate. com. Visit my website for more information www.nancyarussell. com or stop by the office located at 45 S. Quinsigamond Avenue in Shrewsbury.