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The Big Secret to Success in Real Estate is Only Two Words....

This just in folks the secret to a successful real estate career. In my last blog I touched on something that I think needs a lot more attention. So many people buy all these books, seminars, etc....

The answer to a successful real estate career is simple....It is only two words...

Honesty.....

No let's talk about that first. What does it mean? Guys, I mean brutally honest. Tell your sellers the truth. If the house looks like crap, let them know. You are not here to make them feel better. You are there to educate and assist them I selling their home. If the market is bad...tell them. If something needs changed...tell them and get it changed. That being said....You Must know your market. Not a little, Not kinda. Really and truly understand what your market is and where it is going. Do Not lie in order to get the listing......Please if you are guilty of doing this STOP!!!! You are hurting yourself, your company, and the entire real estate industry. Don't promise things you can not deliver. If you don't know something say I don't know....If you do inform them. Don't feel intimidated if you don't know something. I learn everyday in this business. In fact on of my mentors told me when I first got in this business, keep in mind he has been in real estate since the waters receded after noah's flood, "Son, the day you don't learn something in this business is the day you need to retire, because you know too much." I don 't think I have ever heard truer words.

Pricing......

The second big secret. If you price things right they will sell. Marketing was created for things that are overvalued. Price my friends that is the key to selling. If you price a complete dump cheap enough that someone thinks they can make money on it then it will sell. If you want multiple offers in one day price a good home correctly. It all boils down to value. If you think it is a deal you will buy it, most times without question and sometimes in volume. You won't have to spend all those marketing dollars. Your business will grow, because you will be selling homes when everyone's inventory is sitting there stagnate. Banks do it all the time. Watch a foreclosure listing on your mls. Check it every couple of days, and see how long it is on the market. Banks list with agents that price their properties competitively then lower the price rapidly until it sells. In order to price correctly you have to once again really know your market....REALLY know your market. You don't want to leave money on the table for the seller (who you are representing), but you are required to do your job.

That's it guys the big secret...Don't believe me. Look at the agents that have been around forever. How do they price homes. Why are they successful? This is it. They are honest with their clients and the price homes where they will sell... Period.

Let me know what you think.....

Posted by Brandon Causey Realtor Coastal Palmetto Realty LLC on 09/28/2007 06:26 PM

Comments (21)

21 Comments on The Big Secret to Success in Real Estate is Only Two Words....

SEP

2007

Great post. You are right on target with both your "secrets". I can't say it any better. :)

Once again you done it.. Great post. I hope the ones of you who are reading this take something from this. It has changed my outlook and my bank account. Honest.

Sounds right to me. If you price things right they will sell. The truth will always rise to the surface.

The Golden Rule is always good to follow. Nice post!

It's a Good Life!

Fran Rokicki, Clubnet~Mentor

Hey Brandon,

Great topic and an accurate description. I think the other ingredient is a "Desire to succeed", if you don't have the desire, you will never be succeesful.

Sean Allen

Brandon - This is a well written expose of the secrets successful agents share. Some may say that "timing is everything" but I think priced right greatly increases the success of timing.

Good point Sean...and I agree, but without following these two points all the desire in the world want sell a overpriced listing or will it change a lie to the truth. Fundamentals, Folks, Fundamentals. That is what wins in sports and life. These two words are evidence of it, and people have made fortunes from simply being honest and pricing correctly.

John...If you are depending on timing you are depending on luck. Sometimes you time it right and get lucky, but it will not sustain a career. Vegas plays the odds not luck. If you price it right odds are 99.98 percent that it will sell.

You are very right and correct in those assumptions to being successful...............HOWEVER there is so much more than being honest and pricing homes correctly. You will understand and learn as you continue on. This is not meant to contradict or oppose you, it is a learning process you will learn as you travel along the success route. You are on the right track, yet there is soooo much more. There is no period, it is a continuing process to becoming successful, and once you are there ....watch your back!

Dick Beals

Dick

Thanks for the advice and I know there is more to real estate than one person can learn in a lifetime. I just feel that these to principals are the basic most important fundamentals. The foundation that a real estate career can be built upon. If you have any other core beliefs feel free to share. Thanks for commenting and look forward to seeing you in the rain.

I could not have said it better myself. It is very true. Being honest is the first thing in being successful. Pricing is ALWAYS important, no matter what the market is doing! I only hope more agents will understand this! I have walked away from listings because I was honest and would not price the property unrealistically. I'm better for it and know I won't have to let a seller down later on! Everyone one of us shoud takes these two principals to heart.

Ahhh, so true. I love it! Honesty and Pricing will get it right every time!

SEP

2007

Chris,

Thanks for the agreement. I appriciate the comments.

Wendy,

Thanks again.

Great post and a good reminder about what's important in real estate.

So, Brandon, I donot think of these as secrets. I look at these things as universal truths. However, it is not easy enough for most people. Way to call them to the carpet and explain it all as truths! Thanks for your viewpoints on this one... :)

OCT

2007

Brandon:

I agree with Dick above that there is really so much more, but also disagree in that if you concentrate on these two, the "much more" will follow right in line much more easily.

OCT

2007

Could not have said it better myself Dale....

Sarah,

You're right they aren't secerts they are the forgoten basic skills of our profession. Why I do not know.

OCT

2007

Your absolutely right, especially in todays market!

That is the truth! Honesty & Knowledge is key. And when you put the two together to educate your client it is powerful!

You can be honest and price a property right and not be successful including being broke. You get out of real estate what you put into real estate. So if you you don't get up in the morning and get to work all the honesty and good pricing won't pay the bills. How about: Honesty, pricing, and showing up to the office.

KC I agree with you on showing up to work, but if you price it right you take a lot of the work out of selling.... For example I just put three high end lots on the market...It took me two weeks to get the sellers on the same page as I was with pricing. I wouldn't take the listings unless they listed where I told them too. I stood firm, and would not list the properties where they thought they should be. Today I finalized a contract for two of the lots and have someone interested in the other. A total of 88 hours since the signs went up. No advertising, no expense, just doing my job the right way...I was also able to discount my rate, and save them money...And guess what I will guarantee that had they listed where they wanted to I would have never sold the properties....The interest meter is always running. They now want to talk to me about listing a 72 lot subdivision. It is not rocket science...don't make it harder than it has to be.

OCT

2007

Brandon, another secret to add to your two is working your referrals and database to attract clients. Without clients, you can't be honest or price properties correctly. You are so right though about pricing. Why agents price listings to sit I don't know, other than they are not being honest.

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