One thing I have noticed in my office and in my market area recently is the number of Realtors that are living a high stress life and those that are not only stress-free but truly at peace whether or not they are experiencing a good financial year or not. The following is my humble opinion of how have more of a stress-free Real Estate career.
Being honest and up front with clients can pay all parties back ten-fold. Now that the real estate market has changed there is less "Tell them what they want to hear" going on from Realtors but some of this still takes place and I have recently witnessed it. For some reason some Realtors have a fear of telling clients and mostly sellers true and accurate facts. Some Realtors want so much to "Get the listing" or "Close the deal" that they will sometimes tell clients "What they want to hear". This never works in any market. Honesty and integrity win out in any market.
"If you say you are going to do something, please do it". The best way to build clientele is to be a person of integrity. By this I mean if we say we are going to do something whether it has to do with marketing, communication, etc. "Just do it". This seems a "No Brainier" but you would be surprised how many complaints I receive from buyers and sellers that feel they were really let down by a Realtor. Be a person of integrity and watch your world change.
"Please call me" is the cry of every seller. The number 1 complaint sellers have had against Realtors for the 27+ years I have been in real estate is that we don't call them enough. Realtors seem to either not take this seriously or fearful of calling with current market conditions. "What do I say to them?" is common. Calling sellers weekly just to let them know we care will pay more dividends than you can ever imagine. We will create more trust and sales adjustments will be easier to ask for. I make a lot of calls every day and I have never sent out a postcard or newsletter. I receive more referrals than nearly anyone in my marketplace.
Stop predicting markets. How many times have people asked you for your opinion of what is going to happen with home prices? I don't have enough toes and fingers to count the times I have been asked. I simply tell people that "There are too many factors to predict markets and every market has cycles". I actually heard a Realtor tell 5 men in business suits in 2005 that the current market of 2005 was going to last for 10 years. This Realtor was selling this group of investors a lot of development land. One of these investors has recently threatened a law suit against this Realtor that made the statement. It is suicidal for any Realtor to wear the hat of an economist when asked about the future of real estate markets.
We have to know when to walk away. I have seen numerous Realtors spend so much time on a "High maintenance seller or buyer" to the point they are working for free weeks before closing takes place. The best gauge of knowing when to walk away is to go with your "gut feeling". High maintenance clients don't only cost you money but your health as well. Sometimes referring a client to an associate is beneficial to all parties. This is tougher to do in a slow real estate market but the smart Realtor knows when they need to walk away from a transaction and refer it to someone in the office.
No real estate market lasts forever. There is no guarantee the market we have today is going to be the same market we have 6 months, a year or two years from now and nothing lasts forever. The old "Saving for a rainy" day is something we all heard as children but is one of the truest things I have ever heard. I can't tell you how many young Realtors are in trouble in our area because they went out and purchased hummers, 3,000 square foot homes, boats, motorcycles, etc. and got into incredible debt in their 20's. Some have filed bankruptcies and others are hanging on by a thin thread. On the other hand, I know some Realtors that could go 2-3 years without selling another home and would still be solvent. No market lasts forever and we need to be prepared for every market to change including the one of 2005 and the one we are in today. Investing our money wisely instead of creating huge debt will see us through tough times.
Keep doing the right things and good things will come. I can't tell you how many Realtors have come and gone in my market place but the numbers are astonishing. The ones that just "Keep doing the right things" day in and day out and keep everything in proper focus are doing just fine in this market. There is no website, marketing plans or technology that can take the place of good sound basic business fundamentals and common sense. These basic fundamentals worked 50 years ago and still work today.
Opportunities exist in every market. The nineties through 2005 benefited sellers and the current market is benefiting buyers. There is no such thing as a "Real Estate Bubble". Bubbles are for bubble baths. Every market has cycles and different cycles benefit different people. The media wants to convince you and I that things are bad. They are not bad. Buyers are in heaven and smart sellers gained a lot of equity in their homes through 2005. Those that purchased in 2006 & 2007 simply have to accept price adjustments. It is up to us to promote the benefits of every market to those it benefits.
Real estate is the best career hands down
Bravo George,
Another well thought out and delivered post. Thank you for always putting things in the best light possible! We rate this a five!
Excellent, George. Some really terrific points here. It drives me nuts when people say they will do something and then don't, and it happens all the time. It is something I always try to do, or I make a call or email if I cannot deliver when I said I would.
Market predictions are part of the industry - if it has to do with money or investing, we want to know. And you are so right about not making predictions. None of us has a crystal ball, and even the experts are wrong. Why put yourself out on a limb - people will remember what you tell the, especially if you are wrong.
Jeff
Hey George:
You have very thoughtful posts and intelligent posts. We drove through Nampa on my last trip to Idaho prob 6 years ago. I love Sun Valley and the north section of the state.
George,
Great advice!
I just don't agree there is no such thing as stress free real estate! At lease not involving any one as good and caring to come up with this advice.
People dealing with anything as expensive and life altering as personal real estate will always be stressed and to good people stress is catchy.
Great little post.
Bill
William J Archambault Jr
The Real Estate Investment Institute
First National Mortgage Sources
Jeff - Right on my friend
Gary - Great comment and yes "Keep your hand on the wheel and your eyes on the road".
Carolyn - Thank you so much and yes, we have a beautiful state
George, Excellent post I just wish the stress free office could be for real. My wife just had a closing from Hell and is now off work for four weeks with the shingles. We did not know much about the shingles and how painful it is. Some people never get over the pain. We also did not know there is a vaccination for this problem but the price is well worth it about $ 150.00. If you have never had chickenpox you can not get the shingles but if you have had it you can. Shingles is caused by the same virus as chickenpox and if you have had the pox it stays in your body if it becomes active again, it can cause shingles. It can cause the loss of vision or hearing.
This is a long explanation to say if your are stressed to the highest point you can get the shingles and who in this world of real estate never gets stressed. I guess I should have made this a blog.
Don
George,
Excellent post. The problem for most will be putting it into action. Thanks for putting it out there.
Kris - You are a sweetheart...thank you!
Andrew - You are very welcome
Monika - You are welcome to share anything I write with anyone. Have a great day!
Karen - Thank you and I agree with you. Take good care and have a wonderful day.
"Keep doing the right things and good things will come". George, your words speak volumes. I am in this market just as busy as 10 years ago. Keep marketing, don't join it is the worst market. Make your own opportunities and they will pay off.
Chad - Thank you dude and have a wonderful day!
I like your point about "no market lasts forever." If business was down 50% next year...how many would survive? How many really plan for the future? How many are figuring out ways to do it better, faster and cheaper? For the strength of our businesses, our first priority should be figuring out how we can be more profitable, both in good times and in bad. So many real estate agents make great incomes but have nothing to show for it. There's being a real estate agent...and being a business person...and we need to learn how to do both if we are to survive long term.
Great post & love the new picture of you!
George, I wish I could put my finger on the reason I so enjoy your writing. When I try to articulate it, I come up short. Suffice it to say that I appreciate your good heart, loving spirit, authenticity in your business outlook, and the way you boil down what MAKES people stress into simple, achievable tasks.
Love your show, babe!
Cheers again, from DC...
Jaynee
Very good advice...If most agents would follow at least one of these tips we'd be looked at in a much better light.
Very Good post, thanks for sharing it.
Take care and good luck to you.
Great post George, we have to make those calls to sellers and it can be difficult in this market, especially when we have little to report. Occasionally I find myself putting off those calls - but what is worse is having the seller call you FIRST for an update - so I've learned to 'call them before they call you'.
Thanks for the reminders!
Yvonne - Very true and thanks for sharing
Rebecca - You owe me royalties....LOL
I liked all your points George particularly being honest and upfront with clients and keep doing the right things and good things will happen. Honesty and persistence. Mix in a little common sense too. I wonder why too often these qualities are missing from many agents in the industry?
I, too, have seen the trend where realtors do not walk away from high maintenance clients, overpriced listings, or listings that just won't sell based on some other factor. It makes no sense. Sometimes I think it is because they just want the sign in the yard.
By being honest with buyers and sellers a deal can move forward if agreement as to the next step can be achieved.
I appreciate another great post. I think I've saved a ton of money by reading these blogs. Not because it keeps me out of trouble, but because I don't have to pay for the real estate guru books at the bookstore anymore. :o) The Rain is free!!!
Rob - Thanks and I hope God continues to bless you
Keisha - So true my friend. Have a great evening
George,
Thank you for sharing your valuable insight. Articles like this one teach me on AR everyday. Thank You.
Rita - You are very welcome my friend.
Joddie - Thank you so much my friend. I wish you well and if I can ever do anything to help you please do not hesitate to let me know. Have a great day.
Al - Thank you for your comment.
Thanks for sharing your wonderful ideas on lowering stress. You are absolutely right about knowing when to walk away........ Some times it is better to not work with a buyer or seller if you sense there will be tension between you.
Thanks so much for the wisdom. My favorite tip is "keep doing the right things and good things will happen". I am amazed at how quickly things can deteriorate when your attitude steers you "off course."
Thanks for the encouragement.
JILL
George,
As usual, your insight is on the mark. Many of the things you mention here are not just good for real estate, but life in general. Do the right thing, work hard, work smart, nothing last forever, actually listen to people and what they have to say. Good job.
George, Your advise will go on my office wall.
Thanks.
Sandy