be in the vanguard of trying to turn things around? Who would understand the problems besetting the industry more viscerally than Countrywide? And clearly the packed audience at the presentation suggested that the marketplace of real estate professionals was as interested in what the experts had to say, as they were in the complimentary muffins and bagels.

A major theme of the morning session was the importance of building strategic business alliances with appraisers, attorneys, title companies, home remodelers, and, yes, lenders like Countrywide, noted Drago Stevanovic, a Countrywide Home Loan manager in Chicago. Otherwise, you can think about supplementing your income in other ways, like he is "by doing 'before pictures' for a cosmetic surgery clinic." (Bada Bing!)

The four Chicago-area real estate veterans on stage then proceeded to share their wisdom about dealing with unrealistic, impatient sellers (that is to say, most of them) during these trying times.
“I now meet with my sellers every week to discuss pricing and changes in the marketplace. I didn’t used to do that. And I ask more questions about (potential) buyers. I have a lot more questions about lenders, I don’t take anything for granted,” said Alex Chapparo of Century 21 SGR and a former president of the Chicago Association of REALTORS ®.

Chelton Blackburn of Coldwell Banker Residential said frankly that the shrinking buyers’ pool, along with tightened credit standards, was tough for some sellers to understand. “Last year, I had 27 deals that couldn’t close because buyers couldn’t get financing” he said. “Sellers need to help buyers buy things.”

Expanding inventories create challengers for sellers too. “When I have someone who wants to sell a two-bedroom, two-bath condo, I have to show then that there are 128 other properties like that on the market. I educate sellers with the numbers, It’s hard to argue with those,” said Karen Breen Elia of RE/MAX Signature.

But by persevering and working smart, real estate pros can make it through these tumultuous times. The group agreed that the slower market is actually helping to reaffirm the value of real estate practitioners because now homes don’t sell themselves as they seemed to only a year or two ago.

Alana Golubic of Coldwell Banker Residential had a straightforward response to the question of how she resets seller expectations: “I ask people if they'd rather be members of the ‘For Sale Club’ or the 'Sold Club.'”
As the real estate pros in the room chuckled knowingly, the guys from Countrywide nodded their own vigorous approval.