Real estate firms diversify

Portland real estate firms are seeking new projects and wings in troubled times, but the diversification could add more stress to the troubled industry.

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Real estate firms around Portland are looking for new services to add, as transactions are down in the housing market.

Firms are adding mortgage services, solar projects and life insurance wings, though some worry that now is not the time to add new projects.

Within the past two months, at least three local firms have announced they are adding new services. Although the new services are varied – one firm is forming an in-house mortgage wing while another will provide solar energy to building owners – they all share the high-risk that comes with trying to establish a foothold in new markets during a less-than-forgiving economic period.

“We have been through two bubbles since we first discussed adding a mortgage wing to Melvin Mark,” said John Petersen, who was hired last week as the president of the newly founded Melvin Mark Capital Group. “But both of those seemed like quick bursts and quick recoveries. This is excellent timing because we can see signs of a recovery but it’s going to be slow, allowing us plenty of time to get acclimated.”

Read more at the Daily Journal of Commerce.

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