I really needed this blog post that I just received from Active Rain blogger today and it gave me a kick in the pants this morning I had needed. Yes I had one of those days yesterday! I lost a lot of sleep last night going through the whole day over in my head which I will not air in print I did enough of that last night. It’s very hard dealing with the public when they just aren't 100% in the game.
I own a small property management business in Seattle and it hurts sometimes juggling a small business with all its road blocks of daily life to make the business work. Yes there’s a lot of obstacles in the property management business from the ghosting of your ads on Craigslist to working around Zestimate’s in a saturated market of unwanted box apartments, to sending decline letters to a hopeful tenants. So there’s no question the business has its pitfalls- but what doesn’t these days. Small property management offices like mine are overworked and underappreciated by many larger apartment corporations and associations in todays market.
This brings me to my sleepless night in Seattle. I understand that being a boutiques property management office, I have to seek and affiliate myself with small rental associations and groups of small unit property owners and clients that have a need for our services. Which I have been a member of a particular rental association for the last nine years and have offered hard earned sponsorships and advertising dollars along with hours of volunteering over the years to this organization, in order to promote our small business. Until a questioning conversation yesterday from one of the new marketing directors of this association, while I was volunteering to help form a focus group on current member issues on attendance and atrophy of small vendor membership over the past year for the group. The alarming and unwelcome response from her was that despoliation, cannibalization and corporate seizure of small business is inevitable in the property management industry, and that I should just quit and pack it in. Her definition and ideology of capitalism was alarming and disturbing when I have spent so much time and hard earned dollars being affiliated with an association whose average membership demographic as a whole is made-up of just the opposite of her views. With 4,198 of the 5000 members owning 1-3 rental units, her added input is that this association is joining with the rental apartment association, pushing out the need for quality boutiques management companies. Property owners will have only two choices (in her view): self-manage or be absorbed into large corporate management firms in which they will have less of a voice and a lower ranking for quality management and placement on a percentage volume. I was perplexed, confused and bewildered with her leadership strategy- if she was willing to focus on the “small majority” than the group as a whole. It’s just sorry to believe that small, high quality management will be untenable in less than 5 years, in her worldview of property management. This is an incomprehensible point of view, and it took this blog post to pick myself up, dust myself off and begin a new day with associations and clients that want small quality boutique management over alternative large take-a-number service. My worry and disbelief now seems silly, because small shops are truly the backbone of the industry for the majority of rental property owners. So, hug your property manager today, and maybe send them nice note! www.RD-House.com 206-728-6063
SKIP THE PITY PARTY
Services for Real Estate Pros
February 24, 2015 06:48 AM
“Take one single moment to feel sorry for yourself, and then bounce back better than ever.” Barbara Corcoran
I’m a big fan of real estate icon Barbara Corcoran and saw her post this on Facebook this week. It’s timely, because recently I’ve had a lot of real estate agents talk to me about how to cope with the losses in this business.
Real estate is tough, of course. Maybe you spend every day for a week putting together the perfect listing presentation, go over and over the pricing data, rehearsing your answers to the seller’s anticipated questions. You may work hard, stay up late, and feel ready to land that client. And then all of a sudden, despite your preparations, you fail. The seller chooses another agent.
Or, you work hard at establishing a solid relationship with a buyer. You show them everything in their price range, spend Saturday mornings and Sunday afternoons with them. You take their calls in the middle of dinner. You become their trusted real estate advisor. Or so you think. Then they call to excitedly tell you they’ve just made an offer on a FSBO out of town, and that it was accepted.
These losses hurt. You’re a human being, and it’s natural to have expectations. And when those expectations don’t pay off, it’s natural to feel frustrated and upset, especially when you’ve worked so hard.
But of course, that’s only half the equation. After all, in every challenge there is also an opportunity. In the words of our friend, Barbara, go ahead, take a minute to feel sorry for yourself, that’s okay. But, after that moment, pick yourself up and brush yourself off.
After all, these kinds of losses result in opportunities for growth. What have you learned? What could you do differently next time? You’re no quitter. You work hard and sometimes you win, sometimes you lose. But, you know you are only going to get the wins if you keep on working at them.
So when you fail to land a seller, ask for feedback. What made them decide to go with another agent? What might you have been done differently or better. And that FSBO buyer? Well, maybe the experience leads you to make the subject of FSBOs a regular part of your meetings with prospective clients.
But no matter what, always remember that dwelling on bad experiences should never take up more than a moment of your time. Pick yourself up, dust yourself off, learn from the experience, and get back out there.
Ricky D Sadler CEO, Designated Broker