Is the Pandemic Your Opportunity to Get Into Real Estate?
Any way you look at it, our world has been turned upside down in the Mohawk Valley with the current pandemic. A vaccine should begin to be available in December, but, experts say it will take several months for nation-wide distribution.
Could there be an opportunity right now for a career change? Bill and Robin Mongeau of River Hills Properties in Barneveld feel this is the perfect time to consider either a career change, or to add to your income with a second profession.
"We are looking right now for people who want to train for the real estate market," said Bill Mongeau of River Hills Properties. "For those people who really enjoy working with people, solving problems and making things happen, we would love to chat with them."
Mongeau said that the market his hot right now with high home values, low interest rates and a low housing stock that is driving demand higher than this area has seen in years.
In July, the New York Times reported that fear of the virus and dense populations were driving people to buy homes in the suburbs. "Areas that have seen declining values for years are suddenly attracting flocks of buyers. Multiple competing offers, a phenomenon last commonplace in the run-up to the housing market collapse, are the norm again for listings in turnkey condition," according to the Times story.
"It's different in our area," said Mongeau, who credited new economic development projects in Rome and Utica, as well as in Marcy, where the Cree facility is being built. "People are moving and they're coming to our area and we're seeing it every single day. They're coming to our area and they need to land a house quickly," he said.
Mongeau said that real estate agents are independent contractors which can mean tax benefits, but, by affiliating with their firm, they also receive the benefit of significant training. "We like to involve ourselves with people who are new to the industry. Our model calls for us to train them significantly, and to train them in a different style than other companies train. "We're really reaching out to people who have no experience and it's a great opportunity for them to get experience," said Mongeau.
Robin Mongeau of River Hills said that new agents receive an additional 40-hours of personal training, in addition to what's required as part of state licensing, in order to give them the best possible opportunity to succeed. Mongeau said they're looking for people who might be interested in adding to their income, and those who might have been affected negatively by the pandemic, and are seeking a career change.
In the region, many have been laid-off or forced to work from home and are now looking for new options. In Ilion, with the closing of the Remington Arms plant, nearly 700 workers there have lost their jobs and are considering going back to school or seeking new employment. The Roundhill Group, which purchased the Remington Arms gun-making operation, say they'll hire back about 400 of those workers once the plant is able to bring production back online. The new company is awaiting a firearms license from the federal government.
Why Real Estate and Is It Right for You?
- You can earn extra income.
- You'll gain access to more deals.
- Your contact network will expand.
- Your business knowledge will increase.
- You can earn commissions.
Bill Mongeau added that the current market and near record-low interest rates make this also a great time to list and sell a home. With values up and housing stock low in the Mohawk Valley, properties are selling quickly and at or above the asking price.
If you're interested in speaking with the Mongeaus to discuss the opportunities of becoming a real estate agent, you can call their Barneveld office at (315) 896-1009 and schedule an appointment.