Legendary real estate agent Fred Sands, speaking before a group of industry professionals on Friday, called the current housing market “pathetic” and advised agents to seek other employment, according to this story in the L.A. Times.
“If you’ve been in it for five or six years and are barely making a living, you might want to think about what you were doing before and get back into it — you can come back in a couple of years,” Sands told members of the California Assn. of Realtors meeting in Universal City….In the short term, the local real estate market “is not going to get better,” Sands said.
Sands expressed sympathy for agents working in the San Fernando Valley, saying, “I feel your pain.” He suggested that they and other agents who wanted to stay in the business ”move to the Westside” or focus on more-affluent areas.
But wealthy areas won’t escape unscathed, Sands said. “We saw 25-year-old guys buying $3-million houses,” he said of the questionable mortgage practices of recent years….”The idea that everyone is supposed to own a home is baloney,” he added.
Sands also told agents to practice tough love with clients by insisting that they slash their listing prices to realistic levels.
Sands counseled agents that property prices must be cut drastically to “get in front of the crisis.” Otherwise, agents will “follow it down like a dope” and get even less for the properties, if they can sell them at all, he said.
Also at the gathering was Alan Long, president of the Southern California region of Sotheby’s International Realty Inc., who told agents to drop sellers who won’t lower their prices.
“Let go of the fear another agent will take over and sell it — they won’t,” he said.