The Real Estate Station is announcing the opening of three new offices in McKinney, Dallas and Fort Worth. The Real Estate Station is one of the most successful independent real estate agencies in the North Texas Region. Debra Chapman, the COO of The Real Estate Station, said “Our model of agency, advertising and customer service is a proven method to generate strong sales for our buyers, sellers and agents. We fully expect our model to work well in these new markets.”
In addition, the Real Estate Station announces launch of a new division focused on the dramatic increase in foreclosures in the state of Texas. REO Express is a division of the Real Estate Station with the specific purpose of serving the hundreds of lenders and asset managers working to move foreclosed properties around the state. Teresa Rather, the CEO of the Real Estate Station says “Foreclosures are the key to our markets in North Texas today. They are a significant source of excess inventory and putting downward pressure on prices. Until we are able to reduce the amount of these properties they will continue to be a drag on prices and the ability of lenders to lend on other property. “ REO Express has been established to be the listing agent of choice to Lenders and Asset Managers to move these properties. “The Results Driven team we have put in place will focus on these properties. This creates a great opportunity for local Realtors at any of our offices. These listings are assigned to us on a regular basis, the pricing will be aggressive and the turn over quick. It is a great way to jump start your business or navigate through these rough times.” There are over 12,000 foreclosed properties in Texas today. Lenders and asset managers are struggling to find enough qualified companies to list and sell these properties efficiently.
Foreclosures in a neighborhood depress the value of surrounding houses and bring more crime. Each individual foreclosure in a neighborhood reduces the value of surrounding houses by about 1 percent, according to research by the Fannie Mae Foundation. In areas where there are many foreclosures, the cumulative impact can be significant. Other national forecasts predict that average home values will drop $5,000 in areas with foreclosures. In addition each time foreclosures rise 1 percent, crime rises 2.33 percent in the neighborhood, according to a study by the Georgia Institute of Technology and Chicago’s Woodstock Institute.
The Real Estate Station and now REO Express are well positioned to keep the markets moving in these tough times for both our clients and our agents.
