I recently referred my motivated cash buyer to another Realtor. A friend came in and asked me to sell them a house. It was tempting. They had cash. They knew what they wanted, and they wanted it right then. And, they had another house to sell as soon as they bought the new one with cash. The dream customer. Tempting? You bet!
I lost my mind for a minute, dollar signs flashing before my eyes. But, I said, “no.” Why?
Simple. I learned a long time ago that one cannot be an expert in every “thing.” My “thing” is Commercial-Investment properties. Not houses. What is your thing? If you’re a great home seller, then sell homes greatly.
“But, what if my customer wants to buy a commercial property for their business?” You say, “Aren’t commercial commissions bigger? Can’t be that difficult.”
I fell for that trap once. A friend talked me into listing their house for sale. I agreed. I really tried to be a great residential Realtor for ninety days. You know what? I wasn’t very good at it. I had to learn everything from scratch. I didn’t have a network of fellow Realtors to talk to about my listing. I didn’t have a “homes magazine” ad. I didn’t have any other inventory to direct prospects to when they didn’t like my only listing.
I wasted an untold number of hours attempting to do something I wasn’t an expert at. I failed miserably. I thought later about how much I could have made spending my time on my “thing,” doing what I’m actually pretty great at, and decided never to do THAT again.
What’s your worth? Do you know what your value is? Have you calculated much you make per hour doing what you’re great at? If not, do the math! Then, do only the things that earn you what you’re worth. Let someone else do the things that create less income than your hourly “worth.”
I can make $200.00/hour doing what I’m great at. I made ZERO/hour getting sidetracked into something I’m not great at. I learned to do what I’m great at, and refer the things I’m not great at to someone else.
How did that “easy” cash sale that I turned down work out? I just cashed my referral check, and I earned FIFTY TIMES my normal hourly rate for the few minutes it took me to refer my friend to another Realtor.
Now, I’ve found something else I’m great at. I’m great at referring “easy” sales to another Realtor.