Jeannie Niles Real Estate Investment
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Interesting Statistics About Real Estate Brokers and Agents
I recently read that only 5% sales agents or brokers actually own investment property. Investment property is defined as any property that you do not live in.
It was recently reported in the Desert Sun that one broker sold 190 homes in 2005 and has sold 175 homes year to date 11/06. I find this incredible and have a lot of respect for that broker. There is no way I could handle the service required to clients doing that kind of volume.
That is 15.8 homes per month, 3.7 homes per week. Assuming a 60 hour work week, that amounts to 16 hours of time per client to complete the transaction. This would include research, viewing potential properties, locating the property, showing the property to the client, writing the contracts/offers, negotiating all the details, handling the escrow paperwork, reviewing the documentation/disclosures/loan documents. AND these are owner occupied properties, which means most buyers want to view numerous properties prior to deciding what to purchase.
I recently attended a real estate class that disclosed only 7% of clients use the same agent/broker twice!!!!
There are 4200 licensees in the Palm Springs/Coachella Valley Area. 417 total properties went into escrow in November 2006 (see the market watch post below).
This means the maximum number of agents that could have sold a property in 11/06 would be 10%. Obviously the percentage will be lower than that because some agents sold more than one property.
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Multi-family properties have been the hardest hit segment in the desert area for number of sales during the current real estate downturn.
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I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research.
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It can be very profitable purchasing bank owned properties in the current real estate market.
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Palm Springs, Cathedral City, Desert Hot Springs, Palm Desert, Indio aka The Coachella Valley
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I have discovered I like hearing from my agent, even if it just to say hello.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
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Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
