Lessons we learn in real estate Active Rain Contest

DEBBIE REYNOLDS  Real Estate Agent with Berkshire Hathaway HomeServices PenFed Realty posted a great contest posted about the big lessons we learn in real estate.

The biggest lesson I wish I would have learned when starting is that you will always be learning. We are in an ever changing world and just on the day to day we will learn new things each day. In those daily lessons you are bound to have a few big ones that you kick yourself for not seeing them coming. Those ones that could have been saved if I just knew.

How many times have you told yourself things like
"I won't let that happen again"
"now I know better"
"I'd better watch out for that one".

I am super careful and I have 3 decades of experience. I try to be thourough, see the pitfalls before they happen and I still have those pesky oh oh moments.  The truth is it is really hard to pick just one big lesson from all the lessons you have learned during your career.

I don't care if you have been in real estate of 5 months or 50 years you will be beat up, rejected, bested, or learn several hard lessons your entire career. I could have a list of 10,000 mistakes made and lessons learned and it still would not cover everything you will face in your real estate careers.

I do however have a list of

50 lessons that if you learn and implement well it will help you avoid those costly big mistakes.

1. Learn the golden rule, Both of them!
Do unto others as you would have them do unto you.
He who has the gold makes the rules.

Learn to work well with your servicers. Title companies, appraisers, lenders, agents are part of your everyday business, learn how to work with them for the good of your clients. Treating them like third class citizens is not going to get you anywhere. Treat them like the valuable team members they are.

You will invaribly have times when a lender make you mad. I tell people that a lender may ask for everything including their 2nd grade report card. There is nothing in the rule books that say the bank has to give you clients a loan because you asked them to. The sooner you prepare yourself and your clients the smoother things will go.

2. Create a database. You need a system for storing and communicating with contacts. When I started this was index cards and three ring binders, today it is computerized. This is one of your most important things you will ever have.

3. Lead Generate! We are nothing without our clients. You can play card games on your computer and wonder why your not making money or you can spend the time generating leads to fuel your business.

4. Deals are like snowflakes. No two transactions are alike nor are they textbook. Expect the unexpected.

5. Get everything in writing. Everything else is only worth the paper it is written on.

6. Get organized. You will save yourself alot of time and heartaches.

7. Document EVERYTHING. This serves as reminders to keep you on track, eliminates problems in a real estate audit, allows you to follow up with clients, covers you if your actions are ever called into question.

8. Dont be afraid to ask for a testimonial, a listing or a recommendation.

9. Be unique and memorable. In a sea of thousands what makes you unique? Play to your strengths.

10. Treat your business like a business. The IRS expects it why shouldn't you. Account for every dollar, every transaction, every interaction, keep records, and keep it seperate from your personal life.

11. Hold yourself accountable. You work for yourself, would you hire someone like you?

12. Learn to problem solve. You must be able to roll with the punches. When a problem arises make a confident decision that results in an effective solution

13. Don't be afraid to fire clients. Some times it isn't a good match and it won't lead to a happy, healthy deal.

14. DONT assume anything!

15. Fortune is in the follow-up. I would rather follow up well with 20 people than fail 2000.

16. Do what you say you are going to do. Plain and simple, it builds trust and integrity.

17. If you don't know ASK. You don't have to know everything, but you do have to be willing to find the answer.

18. Lose the ego. There is a fine line between being knowledgable and knowing it all. Its all about them, not about you.

19. Be consistent! In whatever you do, do it consistently.

20. Know for a fact that things will change.

21. Never count on a commission. Learn to pick up the pieces and regroup.

22. Nobody owns a buyer. It hurts when you spend time, money and energy on someone that makes an offer with someone else. Do your best to provide good quality service that deserves their loyalty and know that it can happen anyway.

23. Take off the rose colored glasses. If you expect life to be fair you will be sadly disappointed.

24. Try to create win-win transactions.

25. Shut up and listen to your collegues. You will continously learn from your collegues. Many people have become a success before you so listen to what they have to share.

26. Shut up and listen to your clients. Your clients are talking make sure you listen to what they say. It is the only way you can really help them.

27. Shut up and listen to your gut. When you get that nagging feeling there is a reason.

28. Your Career can make everyone else rich. It seems every time you turn around there is a $59 charge for this a $29 charge for that. Remember that there is always another program, training, lead generator, tool, organization that will ask you for money each month. Learn to spend wisely and utilize just what you need. Weather you budget $20 a month or $2000 a month know what you are spending and make sure it is paying for itself.

29. Be the best agent you can be. This doesn't mean you have to be the top producer, it means everything you set your hand to you do well. The money just seems to follow as people gladly refer their friends, family and clients to you.

30. Do not tell a seller you have an offer coming until you actually have the offer.

31. Learn to communicate with your clients and keep them in the loop.

32. Become Tech Savvy. In todays world you need to understand the technology, and feel confident implementing the tools.
Learn to take a photo. You cant expect a blurry dark photo to entice a buyer to look any further.

33. Find a mentor and learn each day. Someone around you has a wealth of knowledge they are willing to share with no other expecation than to see you help yourself.

34. Hire a coach. Your success is in direct relation to your discipline. A coach will keep you accountable and the earlier you learn this skill the better.

35. Get social. When I started this meant to join every group I could. Now we can be involved socially online. Reach out and be social. Join social groups like active rain and lean from those around you.

36. Learn when to keep your mouth shut.

37. Training. From classroom training to on-demand, online education, and coaching, take advantage of any and all training that comes your way.

38. Price your listings well. Don't take overpriced listings just to have a listing. Why spend money, time and effort on something that will not sell till the next agent who is going to price it right gets it.

39. Know your local market better than anyone else. People will come to you for your expertise so make sure you know what you are talking about.

40. Set goals. It doesn't matter what the goal is just make it, strive for it, and if you don't make it set the goal again and try till you get it.

41. Schedule it. Learn to schedule effectively. The better you can schedule the more you will accomplish and the less mistakes you will make.

42. Know the inventory. The better you know what is available for sale the better you can get those options in front of your clients.

43. Make it about people, not about money. People do business with people they trust and like. Be the person they can trust and like.

44. Focus on the activities that will bring you the desires result.

45. Answer your phone and return calls. The biggest complaint you hear from clients and agents is that they never hear back from you. Set yourself above the rest and answer your phone.

46. Plan your family time. This is a hard business on families. Take time for yourself and your family.

47. Don't be an ostrich. You can't hide your head in the sand when things get rough, learn to to do the hard thing. This might be buckling down, having a hard conversation, doing the right thing even when it costs you.

48. You are responsible for your safety. It can be a dangerous world out there. Know where your going, let others know where your going, know who your going with

49. Don't make promises or warranties you can't keep. Clients put alot of stock in what you say and you can be held accountable and liable. You can't promise a property would never flood, a well would never run dry, a house would never burn down, that they would definately make money if they sold. There are plenty of things that are outside your control, your realm of expertise and you really don't have a crystal ball. Stick to the facts.

50. Have fun! Life is too short not to do something you enjoy waking up every day to do.

Now you would think with all those lessons learned that I would never have to worry.  WRONG.

I just recently had one that I am kicking myself for. The buyers were for some long term clients and the selling agent was a bigger more prominent agent that I respected. There were a few inspection items that came through like installing GFCI, and venting exhaust fans to the outside of the building and the sellers agreed to fix them. I got updates and invoices as things were corrected and all was going well. Things got a bit hectic and hurried at the end trying to accomodate everyones moving schedules. The buyers wound up spending more in rent and moving expenses to accommodate The sellers having 10 extra days after the close of escrow with a walkthrough scheduled as they were leaving the house. Imagine the first surpise when the sellers were gone the day we closed escrow. Normally a nice thing but this time it wasn't because of the extra expenses. As the buyers were moving in they discovered the GFCIs were in there but not grounded. Upon calling the electrician that did the work we found the electrician had never been to the house. Further investigation was there was no venting to those exhaust fans. When I contacted the listing agent about the probelms she simply stated that "To my knowledge all repairs were done per my seller. We notified you when I was made aware the repairs were done. I don’t believe this is our issue anymore." I have no doubt those will be infamous words in the end. I was in shock that any agent would make that final statement as saying it doesn't make it so. While I am doing double time to make it ok for the buyers I am reminded of one of those lessons I should have already knew.

Trust but verify- don't take any ones word for anything.