The Dana Hubbell Group opened their doors in 2009 and is locally owned and operated. 2009 was a rough year…We were in the midst of a recession due to what I call “funny money”. People were buying homes they could not afford, lenders and appraisers were turning their heads and many Realtors were supporting these strange loans that made no sense. I had been a full time Realtor since 1984 and in 2008, I could tell that my Re/Max Broker was not going to make it. I interviewed with 4 other Real Estate Brokers around Phoenix and could tell they were not going to survive either.
So, I did what every economist would recommend during a recession (not)…. I started my own Virtual Real Estate Company. There are 9 of us and we are still selling and listing homes during this 2020 Covid 19 pandemic. Don’t get me wrong, things are slowing down here and our commission only income will take a hit in 2020. We ask you to think of us when buying or selling a home since our company is still here and still putting the consumer first.
Here is a sample of the BIG Real Estate companies with large overhead, investors or ties to Wall Street that have announced major layoffs and cutbacks in recent weeks.
Redfin is cutting 7% of its staff and is furloughing hundreds of agents due to decreased housing demand amid the COVID-19 crisis.
Compass announced the layoffs of about 15% of its total workforce last week.
Realogy (NYSE: RLGY), which owns brands like Century 21, Coldwell Banker, ERA, and Sotheby’s International Realty, announced company-wide workweek reductions for most of their employees and salary cutbacks.
eXp Realty lays off 15% of staff due to coronavirus impacts.
iBuyers like Zillow, Offer Pad, Open Door and Redfin have halted home buying and have even cancelled escrows that were open.
The Good News is….We will NOT be cutting back or laying off anyone! We do not have high overhead, a building or an office that we have to maintain and pay for and we do not answer to any investors.
We are spending our time following the MLS data here in Arizona on a weekly basis. We are making sure we are working with the lenders, title companies and inspectors that have plans in place to do business virtually.
Interest rates are low but many lenders are changing their requirements. We are monitoring this daily in order to be sure a home purchase can be successful.
Contact us. We are not going anywhere and will continue to put you first.