This will unpopular with the fast-track mind set.
Zig Ziglar said "There's No Elevator To Success, You Must Take The Stairs" if you want to develop the experience, skills and financial ability to succeed in homeownership or in any career, like Real Estate, you start out by going step by step. The development of competence and character comes from the time spent on the climb - but you must climb step by step. Eventually you may build up the strength to jog them, but build the muscles before you dash on up.
My sister and I run property management businesses for our own rental properties in The Bay Area, CA & Reno, NV. We chat all the time and were discussing today about how so many of our tenants and my buyers (especially of a certain generation) seek the express elevator to the trophy house and refuse to climb the stairs. To which I added, "I see many sales agents attempt the same shortcut through buying leads."
The stairs are the logical steps you take to adapt to the progressive responsibilities, experience and skills required for owning or managing the property and or your client. The elevator may be more fun, like winning the lottery or getting a sudden inheritance, but I still recommend the stairs, here's why...
Buyers benefit from taking the stairs because it allows you to gain experience with managing a home, maintaining a home, managing sub-contractors for repair & remodel projects; presumably starting out with a condo or smaller house on an average size lot. It's much easier to learn on 1,200 sq. ft. homes located on 5,000 sq. ft. lots than 4,000 sq. ft. homes with swimming pools and solar leases that are located on acreage. Especially if you've never rented or owned a house before. The upkeep, repairs and upgrades and be daunting when you are starting out (financially and experientially).
Houses are like spouses; they require consistent attention and care:
- Utility Bills
- House Payments
- Property Taxes
- Updating & Remodeling
REALTORS* benefit from taking the stairs for similar reasons, because if you've never owned a home, its harder to sell a home because you really do not know what the process is like to experience, therefore you can't empathize or understand your clients fears, needs or emotions.
Furthermore if you've never sold a few entry level properties, trying to jump in to luxury homes, investment properties or distressed residential real estate is doing a disservice to you and your clients.
I saw many inexperienced agents in my office go broke during The Great Recession crash of 2007 because they were personally speculating on real estate. They had little experience in real estate and investing, yet were buying up multiple properties in '05, '06 and early '07, telling me I was missing the boat. Well, glad I did, because it was the Titanic as it turns out.
I had a friend call me 2 years ago and request I call her new agent brother and give him a "pep-talk" on how to write an offer for this $3 Million Dollar Buyer he'd just schmoozed into letting him represent. I said I can tell you right now my advice, "refer the buyer and learn from that agent and earn from that agent. Because I could not possibly impart on him my 20 years experience in a 10 minute conversation and he had no business trying to learn his craft on this buyer's luxury deal.
A real estate business and career is one of constant learning from our experience, problem solving, prospecting, negotiating, industry leaders, legal updates, market conditions, training / coaching, to name a few.
There's always exceptions to the "rule" but my long-play advice to buyers and REALTORS* alike, is to climb the stairs: acquire the skills that pay the bills and grow into your home and your career and enjoy the learning and earning along the way; it builds longevity in and gratitude for what you have.