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Free Lunch? This is Not Why I Got Into Real Estate

By Michael Jacobs

Industry Observer CalDRE #01165532

July 29, 2011 03:34 AM

Free Lunch? This is Not Why I Got Into Real Estate

There is a contest on the Active Rain website that asks members why they entered real estate as well as their previous careers. I have read some of these stories and they have been enlightening plus some really cute baby pics(part of the contest). This is not one of those posts

Free Lunch? This is Not Why I Got Into Real Estate

Yesterday, was a broker caravan day for me. Thursday highlights new properties that have come on the market in the Pasadena-Foothills areas. The day's selections were rather light but some promising new listings have come on the market. In order to attract visitors to their properties, some agents will offer free lotto tickets, gas cards or lunch at the properties they are holding open for the caravan. This is not one of the reasons why I choose to visit a property. This is not why I got into real estate.

Yesterday, I pulled up to a property in Pasadena. The agent was enthusiastically waiting on the front step of the home. Are you hungry? She shouted out. Hmm, not really -- I do tend to "rush" through a home to make the most effective use of my time. I'm not being rude but I can tell pretty quickly if it will work for a client or if I using it as a future comp or to let a client who lives in the neighborhood about the inventory.

I admit I like new marketing ideas or at least a twist on an old theme. There was no one else in the house and the agent had sack lunches for visitors to take with them --- filled with a sandwich(she quickly pulled from the home's refrigerator with a drink, fruit, chips and dessert --- I thought it was pretty clever but this is not why I got into real estate.

When I started my real estate career my first office was not as productive as my current company and I remember someone telling me that caravan days were great because of the food offered --- hmm, interesting, no wonder some have images about the real estate industry.

There are stories you can now read why some got into real estate...however, this is not one of those stories. It's not about free lunches. It is not why I got into real estate.

Michael Jacobs is a Realtor who serves the Pasadena/San Gabriel Valley area as well as the northeast foothill communities within the city of Los Angeles and can be reached at 818.516.4393 cell or michaeljacobs@coldwellbanker.com

Free Lunch? This is Not Why I Got Into Real Estate

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Robert Hammerstein -

Christie's International Real Estate - Hillsdale, NJ

Bergen County NJ Real Estate

Michael - Ha haaa. Yes there are agents in my area that are know to just come out on Broker Open days just to get a free lunch. And no they are not producing agents.... funny,.... they are well known in my area for just showing up for the free eats.... Good post

Jul 29, 2011 05:01 AM

Dick Greenberg

New Paradigm Partners LLC - Fort Collins, CO

Northern Colorado Residential Real Estate

Hi Michael - Realtors are like ants - leave food lying around and they'll show up out of nowhere. You'd think our mom's didn't feed us breakfast.

Jul 29, 2011 05:18 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Lisa and Robert - I know the free lunches attract traffic but I wonder about the quality of the traffic. I have seen agents scour the caravan list and making their decisions on the quality or inclusion of food. Go figure!

Dick - very true. If you want to attract people just mention food will be served -- if you want lots of people mention there will be lots and lots of food. Hmm, open bar? Yikes --- I can't even imagine the turnout.

Jul 29, 2011 05:56 AM

Laura Pearlman Broker Associate

Gold Crown Unlimited, llc - West Palm Beach, FL

Excellence Through Experience and Resourcefulness

Hi Michael, very, very cute post. Always enjoy your view of things and how well you put it into words. Free lunch....Ummmmm I would pass, for many different reasons.... Although, my broker buys us pizza usually once a week from this really good pizza place, that I do eat. Free gas cards, lotto tickets???? Interesting...Seriously??? I wonder if it actually works? I'm still waiting for the day there is a caravan for Realtors who specialize in rentals and they are giving away free sushi and no, not the sushi you buy at the grocery store, YUCK..... A girl can dream, cant she....

PS. Is that really the bag that the lunch was in;-)) Just curious, GREAT pic either way for this post!

Jul 29, 2011 09:05 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Hi Laura - thanks for your comments and kind words. Yes, some agents offer lots of incentives to visit their broker tour and it certainly works on some level. I've seen sushi, taco trucks, salads --- I think I know what you mean about food at some places -- how long it has been exposed, etc.

And yes, this is the sack she had --- it was kinda impressive sitting in the kitchen all lined up like soldiers -- someone went to a lot of effort. Of course, on my way out(since she didn't have a brochure or property info) I asked her again about the price --- she told me and quickly added --- very negotiable -- hmm, free food and an overpriced listing.....

Jul 29, 2011 10:18 AM

Laura Pearlman Broker Associate

Gold Crown Unlimited, llc - West Palm Beach, FL

Excellence Through Experience and Resourcefulness

Ohhhhhh dang!! This is where I wish I knew how to make those faces in my comments cause I would have made the one rolling on its side laughing!! Between that girl and the other one that gave you a heads up about the proposed price reduction......I think all the buyers in your area would be well served by letting you represent them! You get the heads up before it even hits MLS!!! Have a great weekend.

Jul 29, 2011 10:38 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Hey, thanks Laura --- we might as well laugh.....right?

Jul 29, 2011 10:41 AM

Suzanne McLaughlin

Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN

Sabinske & Associates, Realtor

Michael, I had to laugh. One of the agents I least like around these parts used to CATER lunches for the caravans. Mant agents tried to avoid showing his properties (not steering, just not advocating) because they all hated him. But, once in a while someone would buy them.....overpriced as they were. I suspect they were overpriced because of the lavish luncheons.

Jul 29, 2011 11:51 AM

Endre Barath, Jr.

Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA

Realtor - Los Angeles Home Sales 310.486.1002

Michael, I loved your post. Eventhough I am a big fan of doing Broker's Open with a great lunch. I let the neighbors know in advance and let the agents know in advance as well. I find it gives good will to all and when it comes time ...the good will is returned in another form, such as smooth negotiations or a new listing:)))

I do agree with you, there are days when I am rushing thru to see a whole bunch of homes and no time for lunch.Oh Well, more for those who have the time BTW we should be seeing a post if it was not Lunch what brought you to Real Estate:)))Right?

Jul 29, 2011 01:07 PM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Suzanne - glad the post made you laugh. There has to be an effective way of covering marketing costs that is for sure but will a buyer pay more for a home because his/her/their agent had a nice meal -- haha -- I doubt it --- haven't we all had a buyer purchase a home for reasons we can't quite understand?

Endre - thanks. I understand the concept of a great lunch at Brokers Opens, don't get me wrong and I have done them over the years as well. However, the concept of choosing which homes to visit based on the lunch menu, is something I have an issue -- my opinion -- I preview/caravan a home or neighborhood because of a client's needs, knowing the neighborhood inventory, a possible listing in that neighborhood, etc and not for the lunch. I know lunches can drive traffic to a listing and having lots of people in attendance at a new listing or a newly re-priced/re-positioned listing is an exciting thing.

As far as a follow-up post --- I'm thinking about it.

Jul 30, 2011 04:34 AM

Endre Barath, Jr.

Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA

Realtor - Los Angeles Home Sales 310.486.1002

Michael, I totally agree with you about the People that go to an Open House strictly for Lunch. There are some professional Lunch Eaters out there, part of their Routine. I guess if I was retired on fixed income that is beter than begging:)) BUT not as a Realtor:))

Jul 30, 2011 09:59 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Endre - it seems we are on the same page.

Jul 30, 2011 10:07 AM