Daryl Kress, CRB, SRES “July 5, 2006

To Whom It May Concern:

Larry Williams is a full time real estate agent in the office I manage in Troy, Michigan. To say Larry is full-time would be an understatement. Larry works more than full-time in a marketplace that currently provides many challenges. The Michigan marketplace has been impacted tremendously by the existing economic conditions. Most agents are therefore experiencing unusual difficulties in generating income. There is extreme competition for business and the business that exists is down significantly over the past two years. In our office our production through May of 2006 is down 31% from 2005 and 38% from 2004. In this environment business is extremely difficult to convert. Buyers are taking much longer to make decisions, anticipating that prices might even fall further, and Sellers are discovering that their properties are taking much longer to sell. In a highly competitive environment like Real Estate Sales, there is an extremely harsh impact on agent income.

Several further complications to Mr. Williams’ income situation are the fact that he is rather new to the business (less than 2 years) and much of the business he is generating is from a Costco company referral souce in which 35% referral fee mush be paid back to Costco. Most agents take a minimum of 3 to 5 years to establish a sound business in a normal marketplace.

Mr. Williams is perhaps the hardest working agent in our office and his continued perseverance will definitely result in future success, but for the time being he will undoubtedly continue to be challenged by the circumstances of the marketplace.

Sincerely,

Daryl Kress, CRB, SRES
Branch Manager
Century 21 Town & Country
4820 Rochester Road
Troy, MI 48085″