Real Estate is Really Hot Right Now! But is it a Good Busy?

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Real Estate Agent with Crye-Leike REALTORS® 165062

Real Estate is Really Hot Right Now!  But is it a Good Busy?

By James Crawford

Time is Running OutAsk anyone in real estate these days “How is the real estate market?”…everyone says “It’s real busy” or “It’s hot!”  But is it a good busy?  Are you making money or unproductively just spinning your wheels wasting gas?  Is the way we conduct our own business the source of the problem? Can we increase the quality of our own lives by implementing a few changes?  Seasoned and experienced real estate agents are sharing that there are too few quality listings to show, too many agents to compete against, buyers that are not loyal, buyers fail to get a loan, and multiple offers on mediocre homes that in the end do not appraise can be a real dilemma for all.  I concur with that assessment. Busy work is not always productive work.  Being busy all hours of the day does not necessarily put money in your pocket or pay your bills.  It may indicate that we are the source of the problem.  So how can we turn it around?

The first thing we all have to do is make a decision to change those things we have control over. That means no exceptions to the rule.  Making that decision means that we will change our own behavior and poor business practices forever.  Today will be that new day, and each day forward we repeat the same commitment to these new business practices. We can all come up with a list of lines in the sand we will not cross.  The key is to implement it.

A Few Suggestions for to Recoup Some Quality Time:

  1. Determine if the potential buyer or seller is already working with an agent.
  2. All buyers must be pre-approved for a loan amount for the type of home they intend to buy.
  3. Buyers should be warned upfront not come in with super low offers in a really hot market. It is a total waste of everyone’s time.  It will only insure the seller will remain firm on their price.
  4. Buyers need to be educated to the fact they will be competing against multiple offers, and their offer needs to stand out of the pack.
  5. Buyers should understand that in the real world the home they are buying may still need some work and updating.
  6. Buyers must sign a buyer agency agreement before they are shown homes.
  7. Do the buyers have to sell before they can buy a home?
  8. Home buyers need to understand not every home will have granite countertops and stainless appliances.
  9. Sellers should be given the facts about homes not appraising.
  10. Homes need to be prepped, repaired and cleaned before they go on market.
  11. Pricing a home to sell is still key!
  12. Home staging does not mean sellers can be grossly overpriced.
  13. Do not spend hours of your time on the phone to someone that will not commit to work with you.
  14. Determine the seller’s motivation for selling a home.
  15. Painting a home and cleaning a home before listing is vital.
  16. Homes should not go on the market with an idle promise of a seller they will do the work shortly.
  17. Never, ever list a home when the seller says let’s try this higher price for a few weeks then we will lower.
  18. Define the hours that you are available for work by setting boundaries on your time.
  19. Refuse to work with abusive clients or customers.
  20. Never accept empty promises from anyone. All contract changes and amendments must be in writing. 

The thing to remember is “TIME=MONEY!”  We are not a free information resource.  We are not dogs begging for a treat. Remember we have the power to say “No!”.  If persons do not want to listen or follow our advice, pay the commission that we require for our services…the word we should think of is “NEXT!”  Fire them!  Send them to the competition to waste their time.  You can even give those hard to deal with people the contact information of your competitors.  Let them deal with them.  After all, your new life will have less stress, more free time to pursue quality business.  If we waste our day on working an unqualified loser we will be too tired to work the really good deal when they call.  The choice for quality of life is always ours.  We just have to stick to our goals.

Posted by

James Crawford ABR, Broker Associate

 

 

 

 

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Tags:
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Rainmaker
898,847
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

I like this market, but it's making us redefine how we market the home.  It goes under contract so fast I do not have time to get more business from it.

Jun 18, 2016 08:41 AM #44
Rainer
272,972
Ava Anderson
A-Z Atlanta Realty - Snellville, GA
Selling Atlanta from A-Z!

Great points Jim!  I am in your market and I know exactly what you mean.

Jun 18, 2016 12:42 PM #45
Rainmaker
1,248,613
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Jim:

Really great post and infomation.Our market is HOT in Austin too. Have a wonderful weekend. 

Jun 18, 2016 12:57 PM #46
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jim Crawford - so many great thoughts in your post. Highlighting just a few -

How many agents really check if the buyer is working with another agent or not?

And how many sellers are ready to price the home right - in this hot market?

Oh yes, Busy feels good - is it really productive, though?

Jun 18, 2016 02:25 PM #47
Rainer
475,664
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Amen and amen to all 17 points. Unfortunately, many agents will not subscribe to all your points but then they probably haven't ever quantified the value of their time. 

Imagine most agents working 60 hours a week or 3,120 hours annually and earning $100k. So, $32.05 per hour, so what's the scale when an agent earns $65k? Now, imagine working 30 hours per week or 1560 hours annually and earning $65k, now, what is your hourly earnings?

Choosing your opportunities to ensure your financial expectations is essential and maximizing your time=money is the ultimate qualifier for any business, isn't it?

Jun 18, 2016 06:36 PM #48
Rainmaker
1,528,076
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Really true about not working with loosers so you've got time & patience for the good clients.

Jun 19, 2016 01:02 AM #50
Rainer
282,646
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Your list of 20 items firmly illustrates why agents have large income swings. Most agents do have a system to say the least. Many agents refuse to work as a team for obvious reasons. My next gripe is this: many agents are reactive and not proactive thus the 80/20 rule.

Jun 19, 2016 02:29 AM #51
Rainer
514,981
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thanks for sharing!!!

The thing to remember is “TIME=MONEY!”  We are not a free information resource.  We are not dogs begging for a treat. Remember we have the power to say “No!”.  If persons do not want to listen or follow our advice, pay the commission that we require for our services…the word we should think of is“NEXT!”  Fire them!  Send them to the competition to waste their time.

Jun 19, 2016 08:50 AM #52
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779,562
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

My life has improved ten-fold since I started using Buyer Broker Agreements.

Jun 19, 2016 11:36 PM #53
Rainmaker
373,112
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

My favorite: #19 - refuse to work with abusive clients.   We've an agent in our office that refuses to turn down any business.   That's not my business plan!  Typically if you're paying attention you'll see red flags early in the process.    The energy spent reduces what you've left available for good clients (and yourself).     It's like dating in a way - if you're spending time & energy in a bad relationship, you're not available for the good ones!    

Jun 20, 2016 01:55 AM #54
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

M.C. Dwyer Exactly!  Thanks for stopping by!  Have a great week!

Jun 20, 2016 02:28 AM #55
Rainmaker
127,107
Victoria CB Trees
Victoria CB Trees Real Estate Services - Chiloquin, OR
Principal Broker

Excellent advice!  You missed one, though.  Establish office hours, and make sure your clients (both buyers and sellers) understand that 9:00 at night, or Christmas morning is strictly for dire emergencies.  

Jun 20, 2016 06:00 AM #56
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Victoria C.B. Trees you are so right.  How could Ihave missed that one? 

Jun 20, 2016 06:16 AM #57
Rainmaker
824,637
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

Great info and advice Jim.. it is hard to set all the boundaries we need to!

Jun 20, 2016 01:17 PM #58
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It has been a great year and the next two months look equally good. I set my boundaries and am happy with that. I no longer chase buyers but focus on developed business.

Jun 20, 2016 01:24 PM #59
Rainmaker
4,797,131
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Jim.  You make some excellent points about how we could all better utilize our efforts.

Jun 21, 2016 08:39 PM #60
Rainmaker
269,828
Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

Funny, we're probably all aware of these basics, BUT how easy it is to "forget" to practice them in the heat of the moment.  

Jun 22, 2016 06:06 AM #61
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thanks Gabe Sanders I think there is always room for improvement in the way I conduct business.

Jun 22, 2016 12:28 PM #62
Rainmaker
323,839
Melissa Brown
Helen Adams Realty - Charlotte, NC
Realtor - South Charlotte NC Homes for Sale

Jim, I LOVE this list, and have been working on a lot of them.  My biggest step forward in the last few years has been saying "no" to potential buyers and sellers who I think may just be wasting my time.  It is pretty liberating to be able to say no!  I like that motto...."service, not servitude!"

Jun 22, 2016 11:06 PM #63
Rainmaker
596,598
Nancy Laswick
United Real Estate - Phoenix, AZ
Your REALTOR® For The Valley Of The Sun

Excellent suggestions for recouping some quality time Jim Crawford. A well deserved Feature. Thanks for sharing.

Jun 27, 2016 05:30 PM #64
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