Fishhawk Lake Real Estate-What Every New Transaction Can Teach You

By
Real Estate Agent with John L Scott Market Center 700512026
https://activerain.com/droplet/PGl

 

What Every New Transaction Can Teach You

 

Whether or not a transaction in real estate comes to close there is some new factoid or valuable negotiating skill you can learn from the process. You may have an aha moment about an unusual piece of property that you have never delved into before (horse property was my most recent), learning from a buyer who investigates like Columbo.

 

 

 

There will always be something that you haven’t dealt with before that gives you the opportunity to stretch your expertise past your present knowledge base. In one of my first transactions I had to come up with a structural engineer right away to come to our small Fishhawk Lake community. I made calls to firms located about 90 minutes away. They were all too busy to come in a timely manner and they would be incredibly expensive. I got creative and called The Chamber of Commerce in Astoria, about an hour away. They had someone and he came out on a Sunday and charged half of what we would have paid for a more urban engineer!

 

 

Don’t Be Afraid of I Don’t Know

 

When I started in this business 7+ years ago, I thought I would seem stupid if I didn’t have a ready answer to every question asked. Since then, I have learned that there will always be a question that is new that I can’t answer. That is part of the joy and excitement of this business is that you can’t know too much! With every new transaction, it will give you the opportunity to add to the foundation of real estate wisdom you’ve already accrued. It’s far better to let a client know that you will go find the answer rather than guessing and later having to retract a statement that turns out to be false, because that erodes at the trust you are establishing with your client.

 

 Build Your Resource List

 

There is no way that a realtor can do it all. We need experts in every facet of the transaction and constantly you will be searching for new ones to fulfill the needs that your clients have. Because Fishhawk Lake is so remote, there are many who won’t make the trek out here, whether they’re carpet layers or concrete layers. So, I compiled a list of people from A-Z that have only come recommended or that I have personally used. This can also relate to mentors and other realtors who have a different area of knowledge than you and can either give you pointers on how to write something in a contract or tell you who to go to who specializes in that area.

 

Hone Your Negotiating Skills

 

This involves the art of effective communication. Be a great listener. Read body language. Talk with all parties involved. Speak the truth with kindness. Find out what your client really wants…what’s their bottom line? If they need guidance or sometimes a gentle push, do it at the right time. Don’t placate or patronize. But, be a leader. You can never EVER learn too much about how to be a great negotiator.

 

A Sale Fail Isn’t a Failure

 

Don’t beat yourself up if it doesn’t come to close. Instead look at what you’ve learned for the next client that comes along. Babe Ruth was one of the best hitters in baseball history. You don’t hear about how many times he struck out. He struck out 1,330 times in regular season and another 30 during World Series games! He had 2873 hits.  He had 714 homeruns. Obviously, he didn’t look at himself as a failure and neither have we.

Interestingly enough, yesterday after writing this, I was reading Margaret Rome's book "Real Estate The Rome Way" and she used Babe Ruth as an example, too in Chapter one--we are on the same wavelength! (Good book by the way--excellent for new realtors and seasoned ones alike).

 

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A Realtor's Life
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Ambassador
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Excellent teaching article Gayle by example and all those lessons learned, even in what could be considered a failure. I learned not to drive way too far for a listing or a buyer cause it did not serve me or them well at all, and it was very costly in time and money. It taught me to say NO at some distance limit. Building those resources you have over time makes you incredibly valuable to your clients.

Jan 21, 2013 11:59 PM #1
Rainmaker
5,310,533
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks Gayle.  This is an excellent article and I have suggested it as a feature.

Have an outstanding week.  Be sure to have your camera in hand to capture the special moments.

Jan 22, 2013 01:07 AM #2
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Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Gary, see--what a valuable piece of information YOU just taught us! Thank you for that--so smart--especially in these days of high priced gas.

Roy~Wow, thank you so much. I loved writing this one.

 

Sorry the printing is small. It's a bit long and I didn't want folks to be overwhelmed by it.

Jan 22, 2013 01:14 AM #3
Rainmaker
4,358,963
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Gayle,

Excellent advice, on the subject of failure, I like the French saving,

FAILURES ARE THE PAVING STONES ON THE ROAD TO SUCCESS.  We have always celebrated deals that feel through as well as deals that made it..you learn from both. A

Jan 22, 2013 03:48 AM #4
Rainmaker
1,048,203
John G. Johnston
John G. Johnston & Associates, LLC - Westcliffe, CO
An Exclusive Buyer's Agent ~ Westcliffe, CO

Gayle  Just eliminate the word failure from our vocabulary...it's just too negative.  A missed opportunity doesn't mean it was a missed lesson!

Jan 22, 2013 05:18 AM #5
Rainmaker
433,526
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

GF - so much great information in this post! You are so right about asking question rather than acting like you know something that you don't. The only way to learn is to ask those who know and have been there. Moreover, as you point out, every situation is an opportunity to learn something new, increasing your knowledge base.

In the last few months I've spent hundreds of hours learning about different furniture manufactures, products and accessories and how to get them for less. I've increased my clients and they are saving money - a win-win.

 

Jan 22, 2013 07:27 AM #6
Rainmaker
226,377
Suesan Jenifer Therriault
JTHIS-Professional Home Inspection Team - Blakeslee, PA
"Inspecting every purchase as if it were my own".

Gayle this is a great post. So much valuable useful information, but not over whelming at all. You have an awesome writing style that made this very easy to follow.

Jan 23, 2013 07:04 AM #7
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

I have never had a transaction that I did not learn something. Thank you for the mention.

Jan 23, 2013 11:43 AM #8
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Gayle Rich-Boxman Fishhawk Lake Real Estate

"Your Local Expert!" 503-755-2905
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