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2007 presents challenges and opportunities in real estate

Monday, April 9, 2007

2007 is going to be a great year in real estate, but not without its challenges and opportunities, according to California Association of Realtors (C.A.R.) President Colleen Badagliacco. Badagliacco was the guest speaker at the San Mateo County Association of Realtors® (SAMCAR) Combined Marketing meeting held at San Mateo’s Elks Lodge last week.

Badagliacco is a South Bay resident and is a partner with her husband Dennis Badagliacco at RE/MAX Valley Properties, with five offices in the Silicon Valley. She has been a REALTOR® since 1978, a broker since 1981 and was named REALTOR® of the Year by the San Jose Real Estate Board in 1991. She has been a National Association of Realtors® (NAR) director since 1994 and a C.A.R. director since 1985.

The C.A.R. president told SAMCAR members that as a result of troubles in the subprime market, there will be tighter qualifications for buyers, making it more difficult for first-time homebuyers to get loans. Statewide, sales will be spotty; flip markets and submarkets with large new home inventories will be “more dicey,” but she believes the Bay Area, from Santa Clara County all the way up to the Peninsula, will do all right.

“Northern California is fortunate because it appears to be insulated from the ups and downs of the real estate market,” she said, but she also noted, even for Realtors here, there will be new challenges and opportunities.

“Being a Realtor is a good occupation. Our field represents people in every generation, in every neighborhood, with expertise in every area. That’s what makes it a strong profession,” said Badagliacco. “But we need to be aware of the challenges ahead and take advantage of the opportunities. No matter what the market does, it’s always changing, and you need to be that person on the top of the hill.”

She said amid these normal market conditions, with only sketchy and limited information received from the media, now, more than ever, clients are going to need a Realtor’s expertise in pricing, negotiation and professional experience in the market place.

Badagliacco urged Realtors to “take the customer’s point of view” by being familiar with the sites they go to, getting a feel of what they’re reading, keeping current with up-to-the-minute data about their local areas, educating themselves, “because buyers will now have increased focus on your expertise.” This means getting all the techniques available and reflecting them in their business practices.

“No matter what demographics, we need to move beyond the Web pages and Web sites and interact with the client online,” noted Badagliacco. “The customer wants simple transparent transactions. They are looking for a partner, not a dictator. You need to stay in touch, keep them updated with their transactions online, retain values of integrity and responsiveness and be an integrated real estate professional.”

Badagliacco reported that C.A.R. has been working hard to upgrade the standards of the real estate profession. Effective September 30th, new licensees can no longer get a conditional salesperson license. A person must complete three real estate classes before applying for the real estate salesperson exam.

C.A.R. also sought to eliminate the degree broker license and while this piece of legislation did not pass, Badagliacco said C.A.R. is working hard with the Department of Real Estate to tighten regulations for brokers.

SAMCAR is a professional trade organization that organizes Realtors and affiliates on the Peninsula. The Association provides members with opportunities for community involvement and access to a network of professional resources and business contacts. Realtors must abide by a strict code of ethics and participate in additional training above and beyond state real estate license requirements.

The San Mateo County Association of REALTORS® (SAMCAR) is a professional trade organization representing over 3,800 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula. SAMCAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in San Mateo County.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Julie Ziemelis, Director of Public Affairs, e-mail , or phone (650) 696-8214.

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