Special offer

Slow and Steady Wins the Race, But I'll Settle for Steady

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

Like most young men in my twenties, I loved to go fast.  One of my first cars was an Italian sports car that I ran up to 143 mph before it blew the manifold off the side of the block.  It was exhilarating.  Not long after that expensive repair, I took my motorcycle just beyond that speed.  Whew!  That was fun, but I must admit it was a little more intense.

You would think I had gotten that out of my system in my early twenties, but in 2006 I took on another speed challenge.  While riding my bicycle through the Rockies, I headed down a long descent and realized that it was long enough to see just how fast I could go.  When I crossed 60 mph I stopped checking my computer because of the shimmy in the front wheel.  That was my last speed adventure. 

Today, I have a set speed I let myself reach on my bicycle (40 mph), and I drive the speed limit most of the time.  My sons actually think I drive like an old farmer, and we have a lot of them around here, and trust me, they don't break the speed limit.

What does this have to do with real estate?  Lots, actually.  I would love to sign contracts on Monday and pick up checks on Friday.  That would be great.  I think I've gone from contract to closing in one week two times.  It's rare, maybe beyond rare.

In real estate, pace is always an issue.  From showing, to contract, to inspections, to repairs (if any), to financing, to appraisals, to closing moves along at a pretty snappy pace.  But, rather than being like an idiot catapulting himself off a Colorado mountain at nose bleed speed, it's more like driving an acceptable 5-8 miles an hour over the speed limit.

I think most Realtors I know would like to see the process move along a little more quickly.  I know I would, but this is a legal transaction with major consequences if not handled carefully.  Not that any of us are paranoid, but I've received many contracts with missing information.  I've left a line or two out myself in my haste to get documents back and forth.

In the process of trying to get offers in, documents signed, "i"s dotted and "t"s crossed, it's easy to miss something, but if you miss something in this ride you can end up in court or without a commission or plastered all over Facebook and Linked-In as a "worst Realtor ever" post by a disgruntled client.  Once that goes viral it's hard to clean it up.

So, for those of us who want things done now, how about this - not slow and steady, which wins the race, but how about just steady?

Comments(9)

Shelly Sierra
RE/MAX Trinity - Fort Worth, TX

Mike,

Another great article!! I agree. I have always lived by the rule, CHECK YOUR WORK! It takes just a couple minutes to go back over your paperwork and make sure you haven't missed anything. As my dad always said, it is better to do it right the first time then to have to do it all over again. We do seem to get in a rush these days with everything we do but as you mentioned, this is a legal transaction and we must take the time to slow the pace and check for missing or incorrect items.

Oct 17, 2011 03:17 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Great post Mike. I am with you on this...FYI...my first car was fast as could be and I was very lucky to escape to my thirties...lol

Oct 17, 2011 03:20 AM
James Muhammad
RE/MAX Champions - Upland, CA
RE/MAX Vision

Mike, this is a very, very good Blog Post with good tips and information. Most times speed is not always the best way to go. When we take our time and pay attention to detail the outcome is always better for all of us.

Oct 17, 2011 03:21 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Mike - Great advice. Going too fast in a transaction can be a pretty scary experience. I used to race motorcycles and the "scary" from throwing sparks off an exhaust system scraping the ground as you lean into a 90 mph turn has a much more enjoyable quality than the one you might get from having a complaint filed against you for being sloppy and lazy and too rushed to be careful.

Oct 17, 2011 03:57 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Mike, Going at a Steady pace with your transactions is a great suggestion. No one wants to miss out on a commission or end up in court for doing something that could have been avoided. You are a braver person than I would be driving at those kinds of speed. But then again, We did a lot of things in our younger years that we never gave it a second thought.

Oct 17, 2011 04:56 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Shelly.  I hope you're having a great day!

Jeffery, I carried mine a little further than I should have, but I survived to tell my kids, "Don't do that!"  8-)

You bet, James.  I've missed things, and went bank and remembered how fast I was trying to get everything done for one reason or another.  Could have been bad news, but fortunately not.

I loved the bikes too.  Looking back, they were probably the scariest because they were so much fun to ride like a crazy man on.  Whew!  Glad we both survived our youth!!

You betcha, Jerry.  Yes we did do a lot of crazy things, and thankfully, we're here to tell it.  8-)

Oct 17, 2011 05:06 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mike, "back in the good ole days" I had many 8 day closings, now if it is 3 weeks, that is FAST!

Oct 17, 2011 06:09 AM
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Wow!  I haven't had a 3 week closing in a long time!  Even the cash deals seem to be taking forever!  True, too fast does cause a few "i"s and "t"s to go awry.  

I need to get rid of my sports car because I feel like it should be driven by someone who will take it out to speed.   I'm not sure that I want my"DAGNY" plate flying by a client tooooooo fast!    So, I am following the speed limit because everyone knows my car.  

Oct 17, 2011 07:04 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

I long for the 8 day closings, Joan.  That would be nice!!  8-)

That was you, Dagny.  It was such a blur I couldn't tell.  Have a great day!

Oct 17, 2011 07:22 AM