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I'VE GOT TWO MONTHS TO LIVE!

No, I'm Not Dying...

How do you measure your financial sucess?

Reading through the struggles that some new people are having reminds me of the way that I always used to think about my finances.

"If everything that is scheduled to close, closes... I'll have money to live for the next three months..."

"....if I don't get a closing soon, I'll run out of credit card room in two months"

My buddy Steve and I used to call it.."I've got _ months to live" and it's how we told each other how we were doing. In our brutally honest way we pushed each other to develop a better "cushion" at the same time sharing our difficulties. There was a time or two when it got down to 0 months... and then the miracle quick closing came through... That's the thing about wearing blinders and being committed... you kind of count on stuff like that to happen... because you've really got no choice.

I'm not even talking about being new... because even in my "mid-career" years when I was selling 35-40 houses a year (average of $100,000 -$120,000 at the time) there were struggles.. some months without income... some long winters... My wife Lisa bought into the concept, I would be whining (I know, hard to believe!) and she would say "no big deal, we've got 4 months!"

I don't have to do that anymore, we measure difficulties in different ways now. But we don't forget... and that makes us appreciate what we've got.

moo

Posted by Angus in Naperville IL on 01/16/2007 09:49 AM

Comments (34)

war stories, finances

34 Comments on I'VE GOT TWO MONTHS TO LIVE!

JAN

2007

Moo ~ I so can identify...there have been many years when time was measured in how long to the next closing. The ups and downs of our business is very difficult to deal with...feast or famine. There is no security until one gets beyond that and starts to put some savings away and investments to fall back on.

I can relate. I retooled my business a few months ago.. and so now while it is in the infancy, I have 4 months to live. Scary for me. But I know that when it is fully up and running, I will be ok. It's just between now and then that I am a little nervous.

I totally can relate as well Angus. How do you ever prepare for this dilemma? Being on commission is like being unemployed until your next deal!

Do you end up spending more money when things are getting slim with the hope to bring in more business or do you conserve your "energy" and hope for the best? What do you do?

Hi CowMaster: I'm not past the point where my financial life is free and clear sailing, but I so identify with how you described it....blinders on, basically nose to the grindstone, not thinking about anything except doing the basics and making things happen. Otherwise we would drive ourselves crazy. For me, not so bad I live alone but Lisa wouldn't like the chicken little approach anymore than you would lol. We are so lucky to be doing what we love, and that is something else that keeps me going and keeps me smiling.

That and the fact that only you could put piggy bank butts in your blog :-)

Angus, what a great heartfelt post. Definitely something that most of us can identify with. One of the things I hate/love most about this career is the faith element. There are days when I wish I could have my monthly or even weekly bread. But God is always faithful and gives us our DAILY bread.

Help I have 0 months to live!!!! Honestly being new I am very glad to see a veteran like you who doesn't forget where he "came from." Coming from a job where there is a constant paycheck to a not so constant paycheck is a concept that I am still coming to terms with..but you put it in perspective,. Thanks!

You are so right, the struggles you face in like make you more appreciative of your success .

Kristal - it's so true, and when you are a newer agent and you have that exciting burst... you aren't able to save much because you are busy catching up on your bills. It's a cycle

Debi - Four months in the middle of winter? That's excellent! Spring is on the way!

Blanca - Yes! It's like being unemployed until the next deal... that's perfect! You need to try to live more conservatively until you get that cushion in the bank. You have to accept that there are ups and downs... that's one of the reasons that some people (even successful ones) get out of the business. The uncertainty drives them crazy. I try to invest in my business on a consistant basis.. but it's hard not to pull back when things get tough...

Carole - on occasion Lisa still has to listen to a little whining (her eyes roll back into her head).. and you don't know how badly I wanted to use the piggy bank butts... life is good when you can squeeze something like that in!

Rich - Thanks for your comments..... faith and determination, those are some powerful attributes.

Melissa - Stick with it - as you can tell by the replies... you are not alone... many of us have walked that path.

Jennifer - Boy, you got that right! But you know, at each level of the business, I've found so many things to be grateful for... not all financial, but so many rewarding things can come out of a career like this.

Moooo......COW MASTER!!

Been there, done that! can totally relate! Rick will get a kick out of this one!

Ines

Ines - LOL - This is a level that so many of us can probably relate to...

"May the moos be with you"

JAN

2007

Moo - I'm used to selling 10 - 12 homes a month and right now we're fortunate to sell 3-4 a months. I remember struggling in my first years of real estate too. I've learned to stash away and it's paid off. As my fearless leader says" This is a business, not a hobby! Great article.

Moo - seen any great blogs on RE/MAX Active Rain blogs that need to be featured? If so, can you feature them or do I need to? I haven't had time because of having no internet or power at home. Let me know.

Happy Blogging

Kay

Kay - 10-12 homes a year is a boatload of homes! Good for you and I completely understand the slower times now too. No problem, I'll take care of the RE/MAX group for a while... I just noticed that I can do featured posts there now.

JAN

2007

Angus,

No truer words were ever said. I feel like this all the time

The more I read of posts like this, more I understand how important it really is to market online now-a-days! I always hear about the fast and very very VERY slow times when selling real estate. It seems today is forever-changing, and if you aren't marketing online it will ONLY be slow, slow, and sometimes, Very slow until your selling eventually stops!

I love reading articles like this that show the true side of a business where almost everyone who is not involved thinks, "Easy money!" It really goes to show how much work goes into real estate, no easy road to success, that's for sure.

JAN

2007

Ah the life of living on commission. Ain't it great.

JAN

2007

John - Stick with it - a little bullheadish-ness can go a long way.

Joel - That's just it... the public doesn't realize what it takes... even successful, established agents can go through scary times. The newer folks getting in need a lot more information about the "easy Money"

John - It's why the rewards are high if you can get it going... it also why most people get out of the business.

Angus,

Thanks for the post. Coming off of the market we've had in the last five years, puts this in perspective. I have a colleague in my office, who when asked "what's the good word?" her response is "save your money". Not a bad idea!

William - Great story - thanks for your comment. "save your money" is a good one to remember.

JAN

2007

Great post. I mean really a great post, and the responses as well. I can identify with living tactically day to day and paying the bills from a real estate career. It can be overwhelming faced with rejection from our daily duties: cold calling, door knocking, listing appointments we do not get, past clients that are not loyal and so on. I find success in real estate comes more from having faith that I am not in control of things, but ratherit comes when turn over the results and placing them in God's hands after doing my due diligence. The results are simply amazing! I am not speakigng from fanaticism, but from experience.tching out a living to living well without lots of stress. It allows me mentally to move beyond "The deal," and focus on life.

The employment of this concept lets us be more focused in our careers by not just counting the unpaid bills and tallying up our debts... it is more than that. Strategy allows us to be long term players in the scheme of life. A mission from God so to speak - offering our services and talents for all of those that probabley are reading on the same page. I know it works. We have been doing it for several years. It becomes easier to listing to your heart and keep doing the right thing even though our real estate egos pull in a different direction. It allows a freedom to reject bad listings, or selfish clients, or to fire a client that is totally out of control because you know it is the right thing to do. I guess it is really about letting God into our lives so that we can be of real service to others, not just be self serving with more closed deals.

When I embrace this concept,it is interesting about the events that will take place. Micro mananging slips away, and sales, leads, clients and contacts appear with out effort. We can close less units and make more money! What a concept!

I hope my life is measured when I am gone, not by the accolades in real estate, but by those I've helped or assisted. I do not want on my tombstione - "He Made Platinum!"

Hey Cow MASTER - - just wanted to let you know your post was featured in the week in review:

Active Rain - Week in Review 01/15/07 to 01/21/07

Angus, I somehow missed this post originally until Ines noted it in the Weekly Review.

I'm with Jim Crawford all the way. I got into this business as a result of a "big shove" from THE BIG GUY! Going from a regular fat paycheck to the uncertainty in this industry is still tough, but ya' just gotta' have faith! However, the client rewards are priceless. Instead of being focused on monetary things, I'm helping people who need me at a crucial point in their lives. That makes me feel REAL good!

Now, if only some of the folks on AR had that same attitude ...

Whoops! I forgot I wasn't logged in above. That was ME without the "name".

Angus, running a business, owning rentals and other businesses at some point it has to sink in a business plan like a financial plan is a must. This is something that needs to be addressed in our industry and there are a few out there doing it but not enough. Some are lucky enough to have family teach these fundamentals at a young age and some never get it. It needs to be a bigger part of our training as professionals. 2 months to live is like pay check to pay check without savings and planning for the down times many don't make it. The bills don't stop just because the pay checks may.. so how you plan is crucial to your success.

FEB

2007

Angus... this is a good little story. Thanks for sharing and it's so true, no matter how good you are or how long in the business. Typically though, after so many years and if you did a good job..... you can go after you past clients for referrals.... sometimes it takes longer for this to sink in though.

Overall..great reminder for many of us as we all had our struggles. In all honesty, I thought this was good and I was shocked that it didn't receive a featured post / star. just my .02

MAR

2007

You greedy, scumbag realtwhores----you laughed all the way to the bank during the bubble, now you're crying lkike bi**ches when the inevitable crash begins----I hear they have a sale on Ramen at the grocery store, you sorry a&& greedy bags of manure.

Future of real agents:

1) Zillow

2) FSBO

3) 1% commissh to do the paperwork

Now all you newbie RE agents, grease those spatulas up, the local Mickey D's MAY hire you for an AM shift. If you just started your RE career, don't you feel like the biggest idiot on Earth? Starting a career at the beginning of what will be the worst 3-4 years in RE that's we've seen this centruy?

No amount of "Chicken Soup for the Soul" is gonna heal that pain, brotha.

Hey laughing in your face... get a life. You must need a job, hence the reason why you are on here during the day? lol

Dear "Laughing in Your Face'...

Allow me to interject is my most professional and kind demeanor....

If you wish to make any meaningful contributions on this platform, then please, as a minimum courtesy, at least have enough backbone to leave your name. 'Hit & Run' commenting cowards carry very little weight around here. Otherwise, leave your condescending attitude and junior high vocabulary at home where you still live with your Mom.

Rich, ...thanks, you said this in a much more elegant manner than I did. I had some choice words, but considering that this is a public forum, I had top refrain from them.

Thanks for stepping back with a polite comment.

APR

2007

I think this is one of the better posts I've seen.

My office is in Minneapolis but I am looking to buy a bunch of rental properties down in IL.

Keep on doing what you do. I could use a positive guy like you up here.

Excellent post Angus! It's a great analogy when speaking with potential home buyers. I think I'll start using this one. Thanks!

I was really intrigued by this post. I can certainly relate to the title! The comments were all very interesting until I reached "laughing in your face." Obviously "laughing in your face" got by the screening process.... A/R IS a site for professionals!

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