I Don't DRIVE a Mercedes...But I Can Sell The Heck Out of One to YOU!

Real Estate Broker/Owner with MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living 272617

Ah, it's Friday night...why not stir up the pot a bit, eh?

A recent post appeared here in Rain Land that to be a good real estate agent, you have to OWN real estate.

You can read it here...you just can't comment. You know what they say, if you can't stand the heat in the kitchen, just disable comments. 

Well phooy fhooy on that one!

I used to own a Mercedes. O-M-G...how I loved that car. When washed and shined, she made me feel like a million bucks. Even if she was 20 some years old....but whether or not I have ever owned one, certainly is no indication that I could not see you one, and make you love me AND the car! 

It's about knowing the product, what it can do and how it works. Think about the options you get on a car. They are as long as your arm, if you load it up. How do you know about all of them? You train, you practice and you sell. I always said, if I was a car salesman, I'd point blank ask my Manager for time to know each and every car and the options it comes with and how the work.  When you point at a button on the dash, you damn well know I'll know what it does. 

So, now, you're standing on the balcony of a condo...say on the 20th floor. With your agent from TimBuckToo that you found at your local grocery store line. You said, "Dude, I wanna buy a condo in Midtown. You sell real estate, can you help me?" Well, he owns a house so of course he can. 


MyMidtownMojo.comDoes Agent X know the area? Does Agent X know there is a 22 story apartment tower planned for that corner lot, hence your view is going to go "Bye Bye" in about 18 months? I didn't think so. 

But I do. Because I KNOW my market. I visit the buildings weekly, or bi-weekly looking at homes, views and meeting the Property Manager. I USE to own a condo in the area, but I choose to be responsible and sell it. (Well, I'm not sure about responsible given the amount of money I lost...but...)

Selling real estate is about KNOWING about real estate. And that does not have to be accomplished by OWNING real estate. You can learn a crap load about a house after a few home inspections. Everytime I attend an inspection, I learn things. And I remember them (or write them down in my old age) and pass that knowledge along to the next person. 

Honey, I don't DRIVE a Mercedes...But I can Sell The Heck Out of one to YOU! 


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Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

I sell rental units but don't own any. But I am more than competent at analyzing their income and making recommendations to my investor clients. Geez.

Went to comment on that one yesterday and was shocked to see comments closed.

Sep 22, 2012 12:41 AM #44
Gary Frimann
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Thom, I agree.  I although I own two homes, and have been through the process (which helps) I don't view home ownership as a pre-requisite for selling homes.  We need to know the area, what to look for in an inspection, market values and trends and the process.

Sep 22, 2012 01:22 AM #45
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

There are real estate agents who own a ton of property and are lousy real estate agents just as there are real estate agents who own nothing and are terrific agents. However, I'd rather work with a good agent who owns real estate than a good agent who doesn't because personal experience does count for something. But it's not the be-all and end-all -- and hey, did you know there really is a Timbuctoo in California?

Sep 22, 2012 02:01 AM #46
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

I remember reading that & scrinching up my eyebrows going wha???  I don't think owning is a requisite for being competent & knowledgeable in real estate.  I can bet you that many loan processors have never gotten a loan on a house themselves (not owned amazingly enough) but that doesn't make them bad at their jobs.

I just sold a townhouse that took 1.5 years to get it over & done with in our market. Can't tell me what sellers go thru that's for sure - I been there!

Sep 22, 2012 05:04 AM #47
Tarris Rogers
Cascade Sotheby's International Realty - Bend, OR
Bend Oregon Real Estate

I think the whole thing can be summed up with...'To each, his own.'

Sep 22, 2012 05:35 AM #48
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Good Lord Katerina....could you of just written a post, rather than a post in your comments.....

Sep 22, 2012 05:56 AM #49
Carla Muss-Jacobs, Principal Broker (503) 810-7192
BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time - Portland, OR
Buyer Focused ~ Buyer Results

To sum up:  An agent that owns a home DOES NOT make them a better agent.

And Realtors(r) need to be mindful of their Code of Ethics.  It's a very slippery slope to advertise an "opinion" as statement of fact to the general public. 

It's my opinion that Realtors shouldn't be violating the National Association Code of Ethics with the MISLEADING statements:

Duties to REALTORS®

Article 15
REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices. (Amended 1/12)


Sep 22, 2012 06:16 AM #50
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

LOL at your comment. I have several thoughts on the issue, as you would expect. If someone is an expert at anything, it's the only thing that matters. On the other hand, if they want to convince me that now is the time to buy, and they haven't, I would think that they are full of bull.

 It's like Al Gore telling us that the ocean levels will rise 10 feet in a few years, at the same time he spends millions on beach front property. 

 See what I mean.

Sep 22, 2012 06:17 AM #51
Jayne Esposito
Coldwell Banker - Morgan Hill, CA
VERY WELL PUT!! When I started my career in real estate I had never owned a home. A few years later I did, and it did not alter my rate of success one bit! It simply is not what drove my business! It was hard work and perseverance that fueled my success!
Sep 22, 2012 06:39 AM #52
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY

I was an agent for 5 years before I bought. It certainly doesn't hurt to own, I'll say that. But it need not be a prerequisite. 

Sep 22, 2012 08:27 AM #53
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Enjoyed reading so many of the comments, especially #3. I agree 99% of the sale force that sell Ferrari's or Maserati's cannot afford to drive them, and not all agent want to be burden with taxes, insurance, repair of a home that owning one obligates you too.

Sep 22, 2012 09:17 AM #54
Arica Mitchell
Song Real Estate at Hybrid Real Estate - Eugene, OR
Good job! I think owning real estate is nice but might not be for everyone. It doesn't matter when your selling a home. I think people feel more comfortable working with me and it gives me a slight edge... But definitely not a prerequisite for our job.
Sep 22, 2012 09:56 AM #55
Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

I think you hit this on on the head. The Firetruck salesman does not own one but the best salesman for the company knows that truck bumper to bumper, oh yea blind folded also. The difference is what you put into it, you work hard and learn you product and market and the sale are much easier.

Sep 22, 2012 10:04 AM #56
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Thom, I've put band-aids on wounds and I've taken splinters out of my kids bodies. Anyone interested in me doing their brain surgery?

Sep 22, 2012 10:39 AM #57
Pam Miller
Realty Associates - Friendswood, TX
Broker Associate - Pearland/Friendswood

Thom - Well, darn!  I was thinking of buying a Mercedes so I could be a super-Realtor--lol

Sep 22, 2012 11:12 AM #58
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Thom - Regarding your response in comment #36, the way we did it back then was to look for the 1 house in 10 that had a good assumable loan on it.  That meant it had a reasonable interest rate of between 6 to 10%, and low equity.  That way a buyer could come in with a little cash and essentially take the existing mortgage either through formal assumption or "subject to."  I didn't originate a new loan at all during my first 2 years in the business.  Interest rates were too high, and points fluctuated insanely.  I have often wondered if our current housing crisis would have cut so deeply had mortgages remained assumable, or had the capacity to have been taken "subject to."

Sep 22, 2012 11:39 AM #59
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Thom~ Great post! I read the original post and did not comment because I did not agree...For so many reasons. I like how you out it together to sum it up here.  I wish there was a "like" button on some of these comments!! I feel like that topic was "looking down" on others and that is not my cup of tea, and I think that is why it is SO put everyone on the soap box, me included!!

Sep 22, 2012 03:44 PM #60
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Congratulations on the feature post and some good conversation on both sides of the fence.

Sep 23, 2012 06:49 PM #61
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Karen:  If you don't like people you do not belong in real estate

Jon: Thank you and Thank you!

Iris: Until you have driven one....then it's game on!

Jeff: Right On!

Sharon: Integrity and knowledge....what a concept..and in the SAME person to boog??

Michelle: Owned and still do, although I dont' think I'll be a RE investor for a long, long, long, long time.

Lenn: Well Said!

Charita: Like living in NYC and not owning a car does not mean you can't drive!

Sep 24, 2012 11:10 AM #62
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Jared: Thanks!

Janis: I do get asked all the time where I live because I sell in such a unique area of Atlanta. But since I USE to live in the area, it does give me creditibility!

Gita: For Sure!

Charlie: How True!

Fernando: What Can I Say???


Michael: So True!

Harry: Thanks!

Jackie: Thanks! 

Sep 24, 2012 11:16 AM #63
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