I’m not an old timer in real estate like BawldGuy. I’ve only been practicing since May of 2002. I’ll never forget my first open house in Tulsa. My broker said hold it open. So I put out a few signs and put on a tie. Thinking back, that may be the very last time I’ve worn a tie in real estate. 🙂
The real estate boom was on around the country. It just hadn’t found it’s way to Tulsa. As late as 2005 Tulsa was still considered an under-valued real estate market by most that watch the national trends. In the summer of 2004 I packed up and headed home for Kansas City. How many realtors have moved after establishing a $3,000,000 a year business in a city where my average sale was only about $93,500? But move I did.
Real estate is real estate. But how realtors in Tulsa and Kansas City practiced was as different as night and day. In Tulsa the brokers always met each other. Original signatures were a must in Tulsa along with a lot of other “old time” traditions from real estate agents. When I got to Kansas City, Olathe actually, I knew a house was a house was a house. But I had to learn the different accepted practices.
Most of you know my specialty for most of my real estate career has been working with real estate investors. Those looking to own, manage and maybe fix up houses for rental purposes. When I first started I was working with mostly “regular” home buyers and sellers. From about 2004 to 2007 my business was about 90% income property owners. In 2008 I had to evolve and adjust to the new mortgage realities regarding real estate investor and their money. My investors to regular home buyers mix went to about 70% – 30%. This year, more like 50% – 50%.
With the new changes coming concerning multi-unit investment properties here in Kansas City and around the country I can see that evolving even more to 30% – 70%.
Contracts change. Monies change. Client bases must change, too. You may see more attention paid to “regular” home buying and selling here in Kansas City on these pages now and in the future. It’s a simple matter of survivability. I’ve had to adapt my whole life. It’s the beauty and agony of being self-employed.