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Plusses of a Down Real Estate Market

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

Reprinted with permission from the Baltiimore Jewish Times, August 1, 2008


Maayan Jaffe
Staff Reporter

Margaret Rome

 

Real Estate The Rome Way

It takes a certain kind of personality to be a real estate agent, and Margaret Rome thinks she has the right type. In her first book, “Real Estate the Rome Way” (Silloway Press) coming out this fall, Mrs. Rome will talk about what she calls her “Type E” personality and how doing it her way could help you be a real estate success.

Type E personalities comprise about 5 to 10 percent of the population, according to Mrs. Rome. They are entrepreneurs who possess enormous amounts of passion and creativity. They have limitless energy and live to shape the world. She said the best real estate agents fit the bill.

“I belong to a real estate networking group called CYBERSTARS, a group of 200 or so of the top agents from around the country,” said Mrs. Rome. “I decided to give them the Type E quiz, and I was amazed. A great deal of the agents — far more than 5 percent — were Type E personalities.”

The book is for people considering a career in real estate. Mrs. Rome said she has had dozens of clients who have watched her sell their homes and thought it was so easy they got licensed and entered the field. Only two or three of those clients are still working in real estate, and she said a book like this could have helped them to know they were not cut out for the industry.

Mrs. Rome has been in the field for nearly two decades. In that time, she said she has figured out a formula for selling that works for her and her clients. It starts with real estate psychology.

“A lot of what I do is not the sticks and bricks of selling. It’s the psychology, being able to find what the seller needs,” she said. “It’s not just that they need to sell their home and I am going to get a commission. It is a question of why do they need to sell their home. Are they retiring? Are they outgrowing their home? Was there a job loss, a transfer? Is there illness? There is so much that goes into it and the average agent is not aware of that.”

Mrs. Rome said selling a home is one of the most stressful endeavors a person can embark upon. Most sellers need a real estate agent who can hold their hand. Mrs. Rome said she is good at that, but she does not think she is right for everyone. “It’s like going to a doctor. You and the client have to click, personality-wise,” she said.

Mrs. Rome does not work with a team, although she said that the right team can be quite efficient. But she likes the personal touch, takes on only 15 clients at a time and handles all calls about the properties she lists herself. She said she also is careful about who she takes on, only working from referrals.

“I have found when someone is referred to you, it’s a much better client,” she said. “You have someone to account to, as opposed to someone that just takes your name from the Yellow Pages or off your sign.”

Using a real estate agent is important, said Mrs. Rome, not just because of the psychological component but because one needs an agent to handle negotiations, legalities and other details.

“The real estate transaction is very complicated. There are people who sell their homes on their own and they get through it, just like there are people who have home births,” Mrs. Rome said. “It’s OK if everything goes well, but when you have the tiniest bit of complication, you could die. Sometimes, you could sell your house on your own, but most of the time I see people get into trouble.”

Stay Put

By the time Mrs. Rome’s book comes out, will the real estate market be on the rebound and ready for new agents? People in the field say it will continue to be a buyer’s market in the next few months, so sit tight and try not to add your home to the market.

“If you don’t really have to sell now, don’t!” advised Mrs. Rome.

Not that one can expect so much more money in a year or two. Patti Spigel of Long & Foster-Pikesville has been in the industry for 25 years. She said houses are not selling at too low prices, but have been adjusted back to what they are worth, as opposed to the last several years of inflated listings.

Houses are selling. Ms. Spigel said her office continues to average sales of about 50 houses per month. Jeanne Wachter, an agent for Coldwell Banker Residential Brokerage in Owings Mills, said a home purchase is as important to people today as ever, and that’s not going away. “People are going to buy houses,” she said.

And they should do it now, said Ms. Wachter. “There are a lot of positive factors right now — low interest rates, a large inventory and motivated sellers,” she said. “Take advantage and purchase a home.”

Said Mrs. Rome: “The market is coming down now. We don’t know where the bottom is, but we are probably not far from it. By the time it hits bottom, it will be too late to buy; it will already be going up.”

Real estate is full of peaks and valleys, but the market has a way of turning itself around. “I’ve seen interest rates at 17 percent and at 5 percent,” said Ms. Wachter. “I think the market will get better. It always does.”

To pre-order Mrs. Rome’s book, go to HomeRome.com/Book .

Sales Tips

Need to sell your house?

Take these agents’ tips for getting your house on and off the market fast.

  • Clean carpets
  • Focus on curb appeal (landscaping, exterior painting and driveway)
  • Price accurately
  • Remove clutter, reduce furniture
  • Re-paint in neutral colors
  • Update kitchen and bathrooms
Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


Sell Your Home With Margaret Rome

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Comments (9)

Edward Winslow
Metrocrete.com - Wilton, CT

Though I'm not a broker any more and shifted to buying rehabbing and a blog I run called Metrocrete.com about products to improve properties I still am involved with brokers.

Your comments above remind me about my broker days from 1987 to 2001. I worked a 20 block area in NYC 66th street to 86th street Fifth  Ave to Lex. All I did was sell townhouse type properties and all I worked on were exclusive listings. i worked at a boutique and we were masters at getting the exclusive listing. I frequently had a 50% market share in one of the most competitive markets in the country.

I switched over to Sotheby's which really helped with my credibility.

In the early 1990's, a brutal market, I learned that customer service was critical to keeping the listing. Even if there was no activity I'd call the client and tell them a few times per week that there was nothing new. After a while I found that if I kept the client updated on everything happening in the market they would stick with me. I rarely lost a listing to another broker. Even in the worst of times I was selling properties when no one else was.

In markets like this you need a system, in all markets you need a system. The producers in this market will be the leaders when the market recovers.

Aug 02, 2008 02:56 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Terrific post!     Am going to look for that book, too!     A Type E...mmmm.    thanks for sharing!

 

Li

Aug 02, 2008 05:47 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Edward, Good talking with you today and I am looking forward to your post.

Li, The book will be out in November. Thanks for stopping by.

Aug 02, 2008 06:21 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Great review Margaret. I am so excited for you. What we do is not brain surgery but it certainly requires a certain type of personality to be good at it. I don't know if I'm a type E or not but I do know I spend an awful lot of time "hand holding". But that's OK because that really is the part of my job I enjoy the most. 

Aug 02, 2008 06:28 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Margaret - thanks for sharing a great article. It is truly a career that involves heart, spirit, patience, tenacity, understanding and so much more. Being a bit of a Type A myself, I completely understand your approach.

Jeff

Aug 02, 2008 06:58 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Margaret, I was very thankful for this post and the article written on your book. I need to get it in November so keep me on your list and I will read it. I bet I test out on the MAX for a Type E personality. Very good material Margaret.

Aug 02, 2008 08:03 AM
Anonymous
Anonymous

I, too, think that your knowing WHY a person wants to sell a home is important.  That would tell me lots about the person---more than they, themselves, think.  HOW they think, are they a logical person, sure-footed, mean real business or toying around, etc.   I will be glad when your book comes out.  Of course, I'm not going into the resl estate business, but you know I want to read the book.....and know more about YOU.

Aug 02, 2008 12:13 PM
#7
Dan Woodworth
The Connection - Garden City, ID
Encouraging Communicator

Hi Margaret, Thank You for sharing this amazing article!  You have the special touch of knowing and feeling the values and needs of your clients!

Aug 02, 2008 03:38 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jeff,  Love your statement... "It is truly a career that involves heart, spirit, patience, tenacity, understanding and so much more."  Are you sure you are not a TYPE E ?

Bryant, Thanks for sharing my excitement. TLW took the quiz and is definitely a Type E, You might want to check. You gave me the idea to write the book. I am still waiting for yours.

Gary, I appreciate your kindness and you always have such sharing words of wisdom

Not signed in, This book will be for anyone, not just real estate people.

 Thank you Dan, You are always the "Encouraging Communicator"

Aug 03, 2008 01:53 AM