What do you wish you knew before you got into real estate

By
Real Estate Broker/Owner with Texas Five Star Realty, Plano Texas

What do you know now that you wish you knew before you got into real estate?

Before I get into real estate business, I thought about a lot of things I need to do and should posses to become successful. Those thoughts are still valid and are as follow:

My Advice on Knowledge, Skills, Education, Planning, etc:

·Real estate business is a relationship business that depends on referral from friends, relative and family (known as Sphere of Influence).

·Like many other sales job, you need to be knowledgeable about your products (real estate) and keep up to date of all laws, ethics, rules and restrictions.

·Provide good quality service and put the client’s interest above and beyond your. Keep your clients happy, they will send you new clients.

·Don’t expect a huge income at the beginning, plan for some months with no or few income.

·Be honest, dedicated, knowledgeable, up to date, know the laws and ethics regarding real estate transactions, know your local market,

Bahman Real EState

One major thing I did not know then: It was the cost of being in the business was so higher than I was expected. These costs are:

Recurring annual and quarterly fees for licensing, MLS, local board, NAR (National Association of REALTORS®), TAR (Texas Association of REALTORS®), lock boxes, Supra key that opens lock boxes, signs & riders, CSS (Central Showing System), website development and maintenance, marketing, advertisements, networking, seminars, required and mandatory classes, Error & Omission Insurance known as E&O, office bills, etc.

Bad Experiences: My belief is that honesty and loyalty is a must for me and I was expecting the same from my clients. However, there were a couple of cases that I had worked with my clients for several months; showing so many houses, writing some offers (very low per my clients) and negotiated for several months, but no closing occurred because my clients were so demanding and wanting everything with nothing to give back or compromise, etc.

I know every one of you now will say to me that, you must have educated your clients, etc., Yes, I did explain the process, rules and laws, showed them CMA, but still they wanted their own way offering so low that even I had problem with it.

MY Advice on working with types of Buyers::

There are three types of buyers:

1.They are serious and want to buy and move ASAP. 1st choice

2.They are in the market looking for good deals to move in six months or so. 2nd choice

3.They are looking for “Good Deals” (sometimes 40%-50% of the listed or market value). Avoid them.

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Rainmaker
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Scott Fogleman
New Home Team 804-573-9592 - Richmond, VA
New Home Team

Bahman- I like your three types of buyers...

Apr 28, 2013 07:49 PM #1
Rainmaker
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Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks Bahman for sharing your experiences.  Your 3rd type of buyer we call weeds - don't water them.

Apr 28, 2013 08:18 PM #2
Rainmaker
323,116
Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055
Texas Five Star Realty, Plano Texas - Frisco, TX
Homes for Sale in Plano, Frisco, Prosper, Allen TX

Scott and Bob, it seems these three types of buyers all over and not only in my area. two of my 3rd type buyers taken my time about 18 months. Anyhow, thanks and have a great day.

Apr 28, 2013 11:40 PM #3
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Rainmaker
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Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055

Homes for Sale in Plano, Frisco, Prosper, Allen TX
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