Six brokers reveal how the market has affected their firms

By Bridget McCrea

California Real Estate asked top brokers from around the state how their businesses have changed since the subprime mortgage meltdown:

Coldwell Residential Real Estate
Los Angeles| 40 locations • 2,550 agents

“We consolidated redundantlocations, trained associates on pricingstrategies, and taught the sales teamto demonstrate to sellers the folly ofholding off until the market ‘comesback to my price.’”
—Betty Graham, president and COO

Century 21 M&M and Associates
Modesto| 13 offices • 555 agents

“We’ve returned to working in the first-time home buyersmarket, and with FHA buyers and the investor-drivenmarket.”
—John N. Melo, CEO


Coldwell Residential Real Estate
Mission Viejo| 115 offices • 7,500 agents

“We’ve restructured our bricks andmortar, cut costs in print marketingand moved those dollars to online leadgeneration, and refocused educationalefforts. We’ve mandated that all ourmanagers attend REO, short sale, and‘proper pricing’ training.”
—Jeff Culbertson, executive vicepresident for NRT’s Southwest Region

First Team Real Estate
Orange County| 28 offices • 1,900 agents

“It caused us to shift our training toassist our associates on how to handleREOs and short sales, and to lookat how we can grow in a more costeffectivemanner.”
— Bill Plattos, executive vice president

Lyon Real Estate
Sacramento| 19 offices • 980 agents

“We’re spending more time andmoney to educate our agents on newprocesses and methods that they canuse to better serve their clients.”
—Michael Lyon, CEO

Realty World Northern California and Nevada
Tracy | 260 offices • 1,223 agents

“Our real estate pipeline experienced longer time onmarket and a slowing of qualified buyers to purchaseexisting inventories. Overall, the meltdown was andremains a positive attribute to this market because of theopportunities the foreclosure business brought to theenvironment.”
— Scott LeForce, president

Bridget McCrea is a freelance real estate writer.