Reading for Professional Success

Do you read often?... regularly?  Reading, is essential for those of us related to the Real Estate industry.  I am amazed at how often I talk with people and learn that they don't read often.

Here's the thing - as industry professionals, we have to convey to our target that we are knowledgeable.  Ultimately, what will seal the deal for us getting business is the value proposition that we have something nobody else can offer.  Deep knowledge is core to that premise.

It is a given that a client would expect me to know about home mortgage interest rates or that you, if a Real Estate Professional, know about home values.  That's expected.  We are not going to "wow" anyone by our in-depth knowledge in those disciplines.

Where reading comes into all this is in becoming knowledgeable along, as I call it, the periphery.  As a real estate professional, are you expected to know about interest rates? Maybe yes, maybe no.  But if you are, wouldn't it just blow your client away if, when asked the question, you could also spout off something like, "Well, here's the current rate, but the reason I'm encouraging you to find a home sooner rather than later is because the Fed has been saying recently that inflation is a concern, corporate earnings have been exceeding expectations, and the housing supply is starting to decline.  What all this does is put pressure on Mortgage-backed securities and the end result is interest rate pressure.  That, combined with the fact that the housing market has been soft tells me two things - first, the real estate market is poised for future appreciation and, second, that interest rates could start going up.  With that, my recommendation is that you buy before you have to pay more for a home and that you do so with a low interest rate so you can get that home for a lower payment each month.  If you wait, the home will 1) cost more and 2) you'll pay more each month for the money you borrow."

Now, I know that's a little long-winded.  But if you were a consumer listening to a real estate professional talk like that, you'd probably be thinking, "Wow, this person really has some inside information!"

Let's take this a step further.  Getting farther out on the periphery, if you have educated yourself by reading so that you can talk to an affluent prospect in a language of finance - assets, liabilities, income, expenses, leverage, cash-flow, etc., and be able to do so without "bluffing" it, you would potentially position yourself right into a favorable market demographic.  To gain such knowledge, you have to read books that are not necessarily directly related to the industry of real estate.

Reading for other purposes is also important.  I'll be the stereotypical "guy" for a moment.  I'm not a huge sports fan, but I know that sports is a general "guy" topic and I must at least be somewhat conversant.  If I just glean the newspaper periodically and am able to "speak the language,"  I can build a degree of personal camaraderie on, let's call it, a psychological level. 

So, get outside the box a little.  Definitely keep abreast of the basic essentials related to your profession.  At the same time, start reading regularly along the periphery so you can elevate your conversations to a level the competition just can't compete in.  And then go to the next step - read along the lines of other interests of your target audience.  If you sell "horse property," wouldn't it be good if you knew a thing or two about horses?  That, of its nature, is not related to the real estate industry, but your clients will love you if you can speak their language.

Reading is a discipline.  For the betterment of your career, take time to read regularly.  You'll become more confident in yourself, your clients, prospects, and partners will be able to see that confidence, and they'll be more inclined to work with you.

Greg Polashock is a Real Estate Home Mortgage Loan Consultant and Certified Mortgage Planning Specialist with Cherry Creek Mortgage and resides in Castle Rock, Colorado.  He can be reached via email at Greg@GregIsFinancingSolutions.com, by phone at 303-887-0672 or on the web at http://www.gregisfinancingsolutions.com/.