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You want to be my agent and you don't even own a home?

This topic has me scratching my head with a weird look on my face when it comes up...

I find it interesting that many agents I come across are in the business of selling real estate and yet they don't even own their own home! If I were a potential client and you didn't own your own home, I would be asking myself a few of these questions in the back of my mind...

Why not?

Does this person not believe in the market themselves?

Does this person really understand the financial commitment of owning a home?

There are many people out there that find it hard to follow the advice of those that don't firmly have their feet planted and "practice what they preach", so to speak.

I got over this hump personally over the past year and I have to say that the way you approach the Real Estate business with clients will change FOREVER, once you own Real Estate yourself!

Making the mortgage payment every month....

Paying your taxes and insurance every month....

Experiencing what everyone calls the "pride of home ownership", which is VERY TRUE, but how are you going to tell me about it if you don't have it yourself?

Just my random though for the moment....

I'd love to hear agents opinions on the topic :)

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com

Blog: http://www.CARealEstateBlog.com

"You find the perfect home, we'll find the perfect loan!"

Posted by Scott Gormley on 03/17/2007 09:53 PM

Comments (14)

agents, realtors, home ownership, real estate, homes, buying real estate, choosing a real estate agent, california home loan, california real estate

14 Comments on You want to be my agent and you don't even own a home?

MAR

2007

Scott,

Some years ago ( 18 or 19 ) when I first started selling Real Estate, that was taught by the Broker the moment you walked through the door. In fact he would say just as you did above " How can you sell Real Estate without owning your own Home. People will think you don't believe in the Market "

Today However home ownership in many parts of the country is a very expensive proposition. As Realtor's we are all ( or almost all ) Independent Contractors. As you may or may not know that makes us hard to finance especially at the prices of homes today.

There are tough questions though that every consumer should be asking of there Realtor before they choose to hire them. Just as in any other profession.

Good point, Scott. I think it can be a credibility issue for many folks. Plus having been through the process of buying a home adds a level of experience and understanding you can't get any other way. I always point out my home buying and selling experience - 9 primary homes, 2 vacation homes and 1 business condo...in 4 different states.

Jeff

Interesting thought. But in my mind, a heart surgeon doesn't have to experience surgery on his heart to be an excellent heart surgeon. I don't believe that real estate agents have to own a home to be an excellent real estate agent.

MAR

2007

Scott this is a great point in my opinion. I remember when I sold Mitsubishi's and I had a client comparing the truck to a toyota and sold him on the Mitsubishi and scheduled an apointment with him for the next morning to pick up his new truck. I hit traffic on the way to work and he was there about 10 minutes ahead of me and watched me drive in to work in my toyota truck... he did not buy the mitsubishi and left to get a toyota.

That's a great story Dan :)

Thanks for sharing..lol

Interesting point - but I don't think in the 8 years I have been selling real estate I have ever been asked the questions.

Sandra

I believe it IS a valid point - it certainly adds empathy when you've been through the whole process - waiting for the appraisal, getting the inspections, providing documents to the mortgage company, wanting to know what's happening, and finding the wait from contract to closing excrutiatingly long. What about looking for insurance, waiting for people to show up to turn on electric, fix the plumbing, etc. When we last bought and moved, I really thought it would be a good idea to require agents to move every 5 years just to experience the angst. The points about belief in home ownership also are valid. And yes, I'm more inclined to work with a Lexus salesperson who drives a Lexus than one who drives another brand.

I have ran into far too many agents who have not owned their own home! I find that crazy! Even though it doesn't need to be a pre-requisite, I don't think they handle it with the same diligence as if it were them buying their own residence.

Hi Scott - I actually wrote about this a while back. I share my experiences with both buying and selling my own homes with my clients. It works - it helps them realize that not only do I know what I'm doing, but I know what they're going through, and I can guide them through the process with personal examples of my own experiences - plus those experiences of my past clients.

It helps to make things more "real" and understandable for clients.

MAR

2007

Hi Scott, my niche is first time and repeat investors. We've renovated, flipped or rented a lot of property and host an investor group meeting in our home. It definitely gives me credibility and I get a lot of referrals because of experience. My broker asked the agents at our last meeting 'why aren't you investing in the product you sell?'

MAR

2007

This also applies to us as financing professionals. Many of us arent as fortunate to have a home paid off so having a mortgage is quite commonplace. With prospects or referrals i discuss the type of mortgage i have on my personal property.

Eddy

I agree Eddy :)

I do the same thing with my clients.

Scott

MAR

2007

I think you're right... in most instances

and I especially think that my experience as a mortgage broker that got beaten up in a real estate transaction by a mortgage broker is particularly a good experience for me to be able to service my clients better with...

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