Active Rain member PATRICIA KENNEDY has a new challenge question for the month of October. Your Best Advice for Real Estate Newbies
When I entered real estate in the 80s it was a much different world. There were no computers, listings were published in a book every two weeks, everything was a wrap around loan and the first time I got someone with a low 13% interest rate we celebrated. The world of real estate sales is constantly evolving but there are a few tried by fire things that will always hold you in good stead.
- Be consistent. Figure out what works and keep at it.
- Be well organized. Pick a system and use it.
- Never miss an opportunity.
- Don't be shy put yourself out there.
- Educate yourself. You can learn from everyone around you and each transaction.
- Network with your peers and be someone they want to work with.
- Work hard and ask questions
- Take time for yourself and avoid burnout
- ANSWER your phone and emails
- Get listings, Get Listings, Get Listings
The best piece of advice for a newbie agent though came from my very first broker. He told me that no matter what direction I decided to take put myself in my clients shoes. To this day I use that sound advise whether I am working with a seller a buyer, negotiating a short sale, running property management, selling commerical real estate or networking with an agent.
Think about it have you ever caught yourself being too self involved? Had that feeling that the other guy didn't know what he was talking about. Annoyed at that darn lender following the rules? Being anxious that a buyer just can't pick one?
If you are selling a house stop and consider what the seller is feeling. We are talking about one of the most expensive assets this person owns. This is their home and it is more than 4 walls and a price tag. They of course will be worried about the money end of things, but their are a whole host of things running through their minds. They are letting strangers into their home, a stranger take care of the details of one of the most important life events they will ever have. They are leaving behind memories, trying to figure out the logistics and under alot of stress. If it were your home what would your gut reaction be if you had to deal with any of these items.
1. We have clients 5 minutes away and want to show your house.
2. We showed your house yesterday and the clients couldn't overlook the mess or the smell.
3. The showing went great and they are putting in an offer for $20,000 less than your bottom price.
4. The escrow is going nicely and I know you said you didn't have any money but there are a few repairs you need to complete. It should only be about $10,000 to do.
5. The buyers are moving from out of state and want to close early can you be ready to move by Tuesday?
While as an agent we make these calls all the time, stated a little less harsh of course but the rough version is what the seller is actually hearing. I could easily be sent into flip mode, how about you?
How about the buyer that is ready to put their life savings into the down payment and give their entire life story to a lender. What types of things would run through your head if you were buying.
I called the agent 5 times and still can not get them to call me back with details on that property.
I said I could spend $200,000 and the agent keeps sending me $500k homes.
What is wrong with the house.
Am I making the right choice.
The lender is asking for information that I already sent them 3 times.
I have to figure out the logistics of moving from one house to the other.
Moving is a pain.
I am scared to death and want to do it right.
What do you mean the renters won't let us see the house for 24 hours?
How much money do I have to put down?
I like the house but what about the location, where will the kids go to school, how far from work is it, what is the lay of the land, what are the taxes, will I like living there, is it safe, is this a good investment, will I be sorry. I have a thousand questions how will I get the answers?
No matter what your clients needs are there is a roller coaster of emotions, definate needs and a list of wants and they need you to care about what they are going through and help them negotiate through the process. Put yourself if their shoes, how would you want to be treated? If you do everything that you would want done for you, then you will always take care of your clients well and you will be successful.
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