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» VISIT US ONLINE @ DSNEWS.COM closure' should be wiped out," Kadaf says. "It's becoming more clear that it doesn't matter who owns a property. The fact that HUD owns a property has almost become an attractive featured because it's a reputable seller." All three agents have seen lenders and "The terms 'real estate owned' and 'fore- servicers take proactive steps to build upon recent momentum. Kadaf has noticed it in marketing campaigns depicting HUD homes like any other homes, and in stringent deadlines that keep sales moving forward. Scislow and Henderson have been encouraged to see banks reach out to distressed owners and advise them of their options for avoiding foreclosure. Tipping the Scales Lenders and customers have come to count on real estate agents to do the legwork—and do it well—to reach the most suitable resolution. Most agents take the responsibility very seri- ously because, like their clients, they stand to lose if a transaction fizzles. In real estate sales, practitioners do much of their work with no guarantee of a paycheck, and as often as they encourage clients to trust the process, they must have faith in it too. That's part of what makes them buffaloes. Often, the difference between a success- ful and an unsuccessful result in a distressed property transaction depends on the behind- the-scenes work done by the agents. "The agent is more than the glue in the distressed property transaction," Kadaf says. "We're the roads that the cars drive on to get to their destination. We provide important infrastructure." Managing It All The right systems are especially important in managing all of the elements involved. "Anything I do or say more than once, I de- velop a system for it," Henderson says. "I can't afford missteps, and neither can the parties I'm representing—the lender and the homeowner." Henderson relies heavily on technology, which she describes as "freeing," especially in a communication- and paperwork-heavy process like a short sale. "I can't be tied to the office, and I need Nationally, there have been 4 million distressed properties sold with 4 million more to go, and real estate agents have played a major role throughout the process. transaction looks exactly the same. The process begins with a phone call, and then a set list of tasks for the seller to complete. Henderson won't meet face to face with homeowners before she gauges their cooperation level and they deliver essential documentation, including authorization for her to speak with the lender on their behalf. "I don't go out to their house and sit down quicken as confidence returns; supply issues are resolved; and investors and foreign buyers, who recognize that U.S. real estate remains a long-term safe bet, feel more secure the cycle's bottom has been reached. Along with investors and foreign buyers, at the kitchen table until I know they'll have the stamina, commitment, and attitude to get us across the finish line," Henderson says. Scislow qualifies clients, so to speak, in a simi- lar way. "If they're going to be difficult to work with, there's little chance of a successful outcome," he says. "Thankfully, that's not the norm." By and large, Henderson finds that home- owners facing foreclosure are desperate for help and guidance. Managing their emotions—and her own—is the toughest task of all. "There's a huge difference between the a new wave of homeowners is poised to make a major move. Generation Y—74 million strong—is entering the prime home-buying years, and at a size comparable to the Baby Boomer generation, this group of ready consumers will have a massive impact on the economy for years to come. When more reasonable lending returns, a torrent of pent-up demand will be released. Real estate agents are already reaching out to these groups, just as they did with distressed families over the past five years. The future may include more ups and person I meet for the first time in my office and the individual I face at the closing table," Henderson says. "In the beginning, there's usu- ally a clammy handshake, a tear in the eye, and a quivering lower lip. At closing, it's all smiles and visible relief." Good real estate agents balance the transac- tional and interpersonal aspects of distressed property transactions. Particularly with short sales, these agents maintain a perspective that it's about people first and properties second. "We're on the front lines of dealing with downs, especially with the regulatory and political changes that could hit at the end of the year in what's being described as a "fiscal cliff." Of particular concern are expiring provi- sions of the Debt Relief Act, which could make the forgiven debt of a short sale taxable income. Professionals on the sales side of the business, however, have ample reason to be optimistic about an extension. After all, they understand that most con- real people and families whose futures are at stake," Scislow says. "On the lending side, it's more natural to think in terms of clearing files. I try to make sure the people remain the focus." Strong Forecast The distressed property storm is dissipating, access to a phone book's worth of files at all times," Henderson says. "My three-ounce smartphone empowers me to bring my office with me. I'm more productive and more acces- sible to my clients." Managing sellers' expectations is also part of Henderson's larger system. The start of every and for many reasons. Credit goes first to the increased cooperation and commitment from the primary parties involved: lenders, servicers, agents, and homeowners. The remaining 4 million distressed proper- ties will be managed more efficiently than the first 4 million because of the collaborative posture that's in place now, and the pace will sumers are buffaloes too. The housing downturn hasn't changed most people's visions of a brighter future or dampened the dream of homeowner- ship. And when today's mess is cleaned up and government intervention and artificial stimulus subside, the market will settle. In the meantime, lenders, consumers, and real estate agents will continue to move forward—perhaps with their eyes open a little wider and their rain gear close at hand. Many Americans know Margaret Kelly as the RE/MAX CEO who talks candidly about the real estate market in the network's television commercials. Viewers can tell from her messages that she is passion- ate about helping both consumers and real estate agents navigate today's marketplace. She is responsible for all aspects of RE/MAX operations across North America and in more than 85 countries around the world. 87

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