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Are You The Jack of All Trades and ..... ???

By Barbara Todaro

Services for Real Estate Pros with RE/MAX Executive Realty - Happily Retired 104763

July 06, 2011 01:09 AM

You’re a real estate agent. That means you can be at two places at once. You can spend days showing homes to buyers, and you can service your listings too!! You’re the jack of all trades and …

Isn’t it time to be the master of one phase of the real estate business? Don’t you agree that you’ll make more money if you stop running in circles and focus on one sector of this industry? You can only do one thing at a time.

Everyone thinks that multi-tasking is a positive attribute. I think it’s a detriment and is ultimately the cause of error. There is no room for error in this business. Errors lead to lawsuits, and lawsuits cost time and money.

It’s time to get organized and select a niche. Work it and develop a business that will allow you to support yourself and your family. If you have another in your household who is contributing financially, what would happen if that person was not able to work, for whatever reason? Would you be able to carry the load? If you’re running in circles, it's questionable. It’s time to think about the worst case scenario and make sure you are prepared to go forth.

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Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

John....and your income will go up also.....

Jul 06, 2011 06:41 AM

Karen Winters, Berkshire Hathaway HomeServices KoenigRubloff

Berkshire Hathaway HomeServices Koenig Rubloff Realty Group - Chicago, IL - Chicago, IL

Chicago, IL

Barbara, I love the mentoring you provide in your posts. I'm in the process of revamping my business and target a niche area to work.

Jul 06, 2011 08:03 AM

Pam Dunn

RE/MAX Premier Choice - Crossville, TN

Relocation Specialist

I prefer to work with only buyers-retirees. All my research and work focus on retirees and their habits so I can market to them . I am a retiree from corporate and understand their wants and needs-it works great for me!

Jul 06, 2011 08:09 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Karen.....that's great.....decide on a niche area to focus on.....and you can have more than one niche....we have a few....but the focus is on listings....then we have adult communities, new condos for all age groups and new single family homes.....I do niche marketing for each of those areas and continually look for buyers for those areas.....I always hope they have their own buyers' agent....if not, we are the seller's agent and make that clear and in writing.....I hope your niche area will be listings.....that's the name of this game.

Jul 06, 2011 08:13 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Pam.....that's great....I also market active adult communities and as a result we list homes owned by seniors....

Jul 06, 2011 08:14 AM

Belinda Spillman

Aspen Lane Real Estate Colorful Colorado - Aurora, CO

Colorado Living!

Barbara, Great point. Will and I focus primarily on listings, but we do take care of buyers when they call. It is hard to switch hats somedays.

Jul 06, 2011 08:45 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Belinda....sometimes it will cost you money if you switch hats.....

Jul 06, 2011 09:04 AM

Pam Miller

Realty Associates - Conroe, TX

Broker Associate - Water Crest on Lake Conroe

Barbara - You are so right! If we try to do it all, we will end up totally burnt out!

Jul 06, 2011 09:59 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Pam......the most reasonable way to make money in this business is to focus on an area of the business and don't jump around....

Jul 06, 2011 10:09 AM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Sage advice that is much easier to do when you are an established Realtor. New agents are often just fighting for their lives trying to learn, survive, and get every transaction they can. Over time you learn you can't do everything well and have to adjust your business to reflect your goals and the market.

Jul 06, 2011 10:14 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Anita....yes, your focus can continually change as the market changes.....and you're right about new agents...

Jul 06, 2011 10:19 AM

Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

In a normal market, I'd agree with you. But our market is changing and we have to adjust as we go...practicing both. In a buyer's market...I work with buyers, when it's a seller's market...I work with sellers. Different sides of the same coin.

Jul 06, 2011 10:23 AM

Brenda Mullen

RE/MAX Associates - San Antonio, TX

Your San Antonio TX Real Estate Agent!!

Jack of all trades and master of none does not make good business sense :)! This is why I want to focus more on just listings, however, if I do get a buyer, I would still work with them :)! Great post Barbara!

Jul 06, 2011 10:47 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Karen....even in this market, I think if one focuses on an area, there's a better chance of making very good commissions......devoting energy to time consuming endeavors does not work well in this market.....

Brenda....good decision to focus on listings.....buyers will drain you....I'm watching agents in my office work themselves to death....

Jul 06, 2011 10:51 AM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

Barbara, it would be hard here for me to do that, we are in a slump, but I know what you mean! But here is the thing, I try to work smarter, not harder. I have always been that way, in any job. I never understand when I see people so frazzled for hours with deals. Running around, yacking on the phone making things worse, etc. Do the paperwork, keep on top of it, don't waste time. Some people just work harder, way to harder if you ask me, LOL.

Jul 06, 2011 01:35 PM

Christine Smith

Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA

Exclusive Buyer Agent & Attorney, Canton, MA

Barbara....I agree....I cannot be all things to all people; I can't even be all things to all buyers as some of them aren't a good fit for me & vice versa.

Jul 06, 2011 03:07 PM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Although around my neck of the woods - you have to have some breadth. Our market is one that goes in fits and starts. Some sectors are dead for more a LOOOONG time. My home city has been very challenged since 2008...which is why Im pressing into other areas.

Jul 06, 2011 03:55 PM

William James Walton Sr.

WEICHERT, REALTORS® - Briotti Group - Waterbury, CT

Greater Waterbury Real Estate

It's true, that focusing on one area or niche is better for most agents, but sometimes it is easier said than done. Maybe you can give us all some pointers on how to do that...

Jul 07, 2011 08:31 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Andrea....there are a few others who have adopted this mindset, even in this slump, and they are making more money....

Christine....but you have a niche....buyer agency......

Jul 07, 2011 09:25 AM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Ruthmarie....that's what I would do also....go to other areas and market there....

William....I did it many times....I had to do it to change my job description to what it is now.....marketing agent.....I went from doing some of everything to resales listings to new construction listings to marketing.....

Jul 07, 2011 09:36 AM