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"The more you engage with customers, the clearer things become and the easier it is to determine what you should be doing." John Russell, President, Harley Davidson Before I get into the nitty-gritty of why you should be looking forward to 2014, I want to use Mr. Russell's words as a springboard for you to make a New Year's resolution. I believe every single word in that quote. Heck, I'm a living example of it. When I entered the real estate arena I slowly began to realize the more I knew about my clients, the better I understood my job. And I was never at a loss for what I should be doing. The result? Blessings beyond belief. One secret to success in real estate is this: get to know your clients' best interest and always keep it in your heart. That fact has led me to create my own quote I know is true: People don't care what you know until they know you care. If this isn't already your modus operandi, please add it to your list of New Year's resolutions. If you do, 2014 -- and beyond -- will be better than you ever imagined. Now, on to why I see a lot of homes coming onto the market in 2014. It turns out that in 2013, hedge fund managers, real estate investment trusts and general investors bought a lot (and I mean a lot) of properties from the banks - in the neighborhood of $3 billion worth of real estate owned properties. The question becomes: when will these properties get rehabbed and put back on the market. Initial estimates were three to five years, but I'm not buying that. Properties have been appreciating around the country, so I believe we'll see many of those properties hit the market in 2014. Right now, national housing inventory is at about five months, a healthy market. Less than five months, and you'll see a buyers' market; more than five and you get a sellers' market. As those houses begin to hit the market and add to inventory levels, I suspect we'll see a trend moving toward a buyers' market. To get those listings, I suggest these: BoomTown, Tiger Leads, Commission Inc. and farming neighborhoods built from 2002 - 2007 - created at the height of the market and likely still have properties upside down in value for short sales. And on the topic of buyers, we know many buyers got a taste of homeownership from 2002 to 2007 when the mortgage rules were so loose anyone and her third cousin could qualify. We know how that ended in 2008 with a near economic meltdown. But I believe those buyers still have that taste for homeownership - it's still the American dream. Those buyers will see qualified residential mortgages (QRMs) that go into effect in 2014 where lenders will be required to keep a 5 percent stake in loans that don't meet QRM standards. But I also feel we'll see some alternative financing or some sub-prime products in 2014 so buyers can get some cash. I'll end with a quote from my business partner, Bob Corcoran, the founder of Corcoran Consulting Inc. who often shares this little gem: "Real estate is a contact sport -- the more contacts you make the more successful you'll be." Go out and start making some contacts for 2014 and put their best interest in you heart. Let me hear from you. What are you looking forward to most in 2014? What specific plans and goals do you have? Are you facing any hurdles you're not sure how to handle? What are they? What can you do today to start overcoming those hurdles? Bubba Mills is chief operating officer and managing partner of Corcoran Consulting Inc. (800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential broker or agent's existing practice.
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