Those "old pros" - I know they get to you sometimes!
When I was a rookie, a lifetime ago, I had a love-hate relationship with them. In my mind, most of them were old-fashioned, overweight, arrogant - and clients seemed to fall effortlessly into their laps from nowhere. Yet, over the years I have found myself mentally giving some of those "grande dames" credit for different things I learned from them that still impact my business after four decades as a REALTOR. Now that I'm an old pro myself, I stipulate to the weight and being somewhat old-fashioned; I just hope today's rookies don't find me too arrogant... that they realize I worked very hard for many years to earn my loyal clients' repeat and referral business... and (drum roll please) that someday they will remember learning something from me that helped make them better and happier agents.
Here are the TOP 3 LESSONS I LEARNED FROM OLD PROS WHEN I WAS A REAL ESTATE ROOKIE:
1. It's okay for the buyer and seller to talk to each other.
Calm down, agents who don't believe this - I'm not suggesting you aspire to this scenario in every case, or even most cases. Lee Blewett was listing agent on the first home I ever sold, and she told me to have my clients get a babysitter and come into her office with me for the contract presentation. I didn't know any better, so of course I did as she instructed.
After a very pleasant exchange between the buyers and sellers, a ratified contract, and we were finally alone in her office - Lee told me this was not the norm, after all. In this case, she felt the low offer stood a better chance of being accepted if the seller could put a face with the name... that it would be harder for them to say "no". And, of course, her strategy worked! As a result of this experience, I've never shied away from having buyers and sellers meet each other face to face.
2. You don't have to show every available house that meets the buyer's search criteria.
I'll never forget the day I overheard Louise Davis telling prospective buyers there were a bunch of houses on the market in Crofton, but she already inspected them all and only two met their needs. When she walked back into the office with them about an hour later, they had already picked the one they wanted.
After the clients wrote an offer and departed the office, I asked Louise why she didn't show them more houses - there were about a dozen on the market in that price range. She said it's easier for people to make a choice between two homes than choose one of twelve. She pointed out to me that builders almost always offer prospective buyers their choice of only two lots for that very reason, and that apartment managers always seem to have just two available units to show prospective renters. Obviously, if the buyers didn't like either of those two homes, she would have showed them others - one or two at a time.
Well, if you read my blog a few weeks ago, you know I'm a 5-house girl! - I didn't say a word about showing just two houses. That's a goal I am still working on, but I've never forgotten that advice. It is a little speech I give to myself whenever I'm having trouble limiting showings to five houses at a time.
3. It's okay to lose a few - buyers or sellers, that is.
Early in my career, after working for several weeks with one couple, I finally showed them a new home community that seemed ideal. We then invested many hours in meeting with the listing agent, Ruth Grimes, to prepare the contract and make selections for everything from carpet to brick. When the buyers called the next day to say they had decided to rent (talk about cold feet!), Ruth said, "That's okay, let it go. Bring me another buyer."
She pointed out to me that any energy spent fretting about that one lost sale was energy better invested in helping someone else achieve their goals - or playing with my children. She asked if I learned anything from that transaction and, of course, I had. Therefore, as she pointed out, the experience was not a waste of my time... in fact, she said everything we do in real estate builds upon our past experience, whether it was a success or a disappointment. Knowing that has helped me through other "lost" buyers and sellers over the years (as recently as this month). Somehow, we just have to let them go!
As a real estate rookie (Yes, that was my official business photo in the 70's), I did not have a mentor and never had a single training class. I learned from the "School of Hard Knocks" and a few "old pros" that I both resented and respected. Thank you, ladies, whereever you are! I'm happy to pass on YOUR legacy of these TOP 3 LESSONS I LEARNED FROM OLD PROS to a new generation of real estate rookies.
Copyright 2007. Margaret Woda. All rights reserved.
CROFTON MD REAL ESTATE: For referrals to Crofton MD or anywhere in the D.C.-Baltimore-Annapolis triangle, contact Margaret Woda at RE/MAX Vision in Crofton MD. (410) 451-1900.
Copyright 2006-12. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
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Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
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Margaret,
As soon as I saw the title, I knew it was you writing! I see a series in the making:) Thankyou for putting this in the Rookie group.
Good stuff.
You certainly do NOT have to show every home that meets criteria to buyers. Goodness, get out and select the BEST homes to show to them.
Sure, we lose a few. I lost one this week because here co-workers convinced here that this is not a good time to buy. It IS a good time to buy the new homes I was going to show her, but I wouldn't argue the point to her. If she wants to buy, she'll be back. It might not be as good a time to buy by then, but she can thank her co-workers for that.
This is one business where experience is worth money in the bank.
"Yet, over the years I have found myself mentally giving some of those "grande dames" credit for different things I learned from them that still impact my business after four decades "
To Soon Old to Late Smart!!
"In my mind, most of them were old-fashioned, overweight, arrogant - and clients seemed to fall effortlessly into their laps from nowhere."
We have all been there and done that .... even today as one of the old pro's (at least in a few peoples minds) it still creeps in to one 's thoughts on occasion especially when the falling into their laps part happens. When it happens to me and its my lap they fall into then it must have been the result of hard work and perseverance.
Lenn, you probably remember these three ladies! Weren't they great? I can just hear their voices in my mind...
If this should turn into a series as Karen suggests, I'd have to add another legacy from you, the first "exclusive" buyer-broker I crossed paths with. In fact, there mIight be more than one legacy from you, starting with "It's never too late to teach an old dog (or agent) new tricks" - You jumped right in with both feet to this new thing called buyer agency... and you were communicating with other agents and buyers via email when, as you once said, there were about 10 agents in the whole state doing so. The main reason I did not include you in this blog, of course, is that you were too young when I was a rookie to be considered an "old pro" at the time - but you were an inspiration to me.
Kathy, it's nice to meet you! Thanks for that. I just added you as an Associate, and hope I have some referrals for Ontario to send you. Mabe we can meet at the next RE/MAX Convention!
Loved your post, Margaret!
And when you're really great to a rookie, they'll remember it their entire careers! I think we should establish a national "Be Kind to a Rookie Day".
And I could lose a few - pounds!
Thank you, Mike, I look forward to getting to know you. Just yesterday, I had a phone call from another ActiveRainer, and I recognized her name right away. It was like two old friends catching up... and the bonus was a buyer-referral! This is a great place to learn and get to know "the most interesting people", as you said.
Patricia - Isn't it the truth... Those agents I mentioned would probably be very surprised to know how much they impacted me as they went about their normal day, helping everyone in their paths.
Katerina and Nestor - We're going to have to stop meeting like this! Thanks for sharing that tip.
Margaret,
This post was absolutely PRICELESS to me! It is all SO TRUE. Getting to the old pro stage myself after 21 years in Silver Spring, Maryland Real Estate.
Sally, thanks - I've enjoyed reading the different perspectives from other people, as well. Originally I had not intended to participate in this, but your posting got me to thinking about some of the legacies that have benefitted me - and the rest, as they say, is history! A new blog was born.
Christopher - Ha, ha, I don't know about kudos for longevity... you should have seen it before I started deleting! Keeping short is my challenge. Thanks for the compliment and your agreement about the value of these lessons.
Debbie - Many fond memories of Silver Spring... in fact, I bought my wedding dress there at the old Jelleff's. I'd probably get lost now in the new revitalized downtown. 'Must be exciting to be part of all that.
So many people are not participating because they don't read the guidelines well....they believe it's just for family stuff and deep stuff...which is not the case.....mine was also about blogging and the legacy we leave behind ...including on the internet for the consumer to see.
Thanks again....you may have enlightened a lot of people.....variety I say!
Wonderful post, Margaret ! I agree with you totally about 'old pros' and I also have to say it counts outside the world of real estate too. Some of my very dearest friends have been 'old pros'. They have sucha calming and classy way about them and problems always seem to evaporate when you are around them~ they have such a way of putting things into perspective.
Thank you so much for causing me to think about this tonight. I am reading 'The Okinawans' right now...filled with wisdom from 'old pros'.
Jo
Jo-Anne - Good point! I never thought about that before. About the time I started in real estate, we had some old-married follks living next door, and I could probably write a book about things learned from them, as well.
Peggy - You're welcome!
Kat and Sally- I wasn't confused at all. It seemed pretty simple to me. But I had not intended to participate originally because this is both a busy and lazy time of year. Maybe a repeat in September after things get back to "normal" -
RE: I show you 3 homes - you buy 1 ... Barrie my husband, a former broker, used to show a customer 3 sets of 3 homes and if they did not buy he would tell them they were not communicating with each other and perhaps they should find another agent.
Yes there were exceptions to his rule I remember one purchaser he had who said he wanted to get the best bargain ever (steal a home) and he ended up showing him over 40 houses literally/physically getting kicked out on one the purchaser offered on. The purchaser just kept on trying until they were successful (in their minds at least) in stealing a home. I think the only reason they stuck together was the purchaser called BC on every single add and sign that he came across that interested him and BC wanted to see if he would get his way.
Hi, Kathy - 'Just had a conversation today with my coach, and he suggested setting expectations up front by telling buyers you'd like them to choose their favorite house out of each five (or your own magic number) you show them, and when they have 3-5 "favorites" they choose one to make an offer. 'Can't say I ever did exactly that, so I'm willing to give it a try.
Celesete, I think the current topic is a good one, and it there will be a number of new members by then.
Hello, Margaret!
Thanks for giving us rookies three valuable lessons. I've taken #2 to heart months ago, because of inflated gas prices. LOL I'm trying #3, and I haven't been presented the position of #1 (lucky me!)
Great advice from a pro. Thanks again for sharing!
Yolanda - you are quite welcome!
Kathy - I have a weekly appointment with a very expensive coach to continue polishing my real estate skills. It's a never-ending process. Knowing that may be one of the reasons I've lasted in this business since 1967.
Welcome to ActveRan, Amber, and congratulations on jumping in with comments. That's a great way to get to know some other ActiveRainers.
It's only normal to feel a twinge (or more) when that happens, but you can't take it personally. You have to have enough in the pipeline that no lost sale or listing will push you over the edge. It's an occupational hazard.
Keep up the good work!
I loved the first point you made about allowing buyers and sellers to meet and talk. Personally, I love it. I'd arrange it 90% or more of the time if I could. I simply do not believe that having the agents wedged between them is always best.
The goal is to help our clients understand, meet and achieve their goals. And I don't see any problem with helping them do exactly that, regardless of whether I look like the hero or not.
I get the feeling that a lot of agents out there NEED the credit for getting the deal done, when sometimes the buyer and seller are able to do this as well (I have a "million" examples where this is the case, and due to the fact that I just helped setup the right cercumstance for that to happen, ie: putting them together, I still end up with a happy and satisfied client, and both their future business and referrals).
I hope that helps someone, and best to all of you and your business.
DJ Breckheimer
SW Mpls Specialist
www.djBreck.com
RE: "Knowing that may be one of the reasons I've lasted in this business since 1967."
I finally found someone who has been around longer than I have "1972" When your are dealing with the third and fourth generation of a family you know you've been around and that you are doing something right. As to the coaching that was tongue in check as I am constantly getting advice or opinions from my peers. It pays to listen as even as much as we think we know we never know it all.
Kathy, if it makes you feel better, I started working in a real estate office in '67, but didn't get licensed 'til '73. So, depending on how you look at it, you can still claim the record for longevity, based upon years licensed! lol
DJ, thanks for weighing in on this. I'm so greatful that I had that experience with my very first transaction. As a result, I've always been comfortable with bringing the parties together. No reason for waiting 'til settlement unless it's a hostile situation. And honestly, I can count those on one hand.
I can't believe I'm back on ActiveRain! I overstayed my allotted time this morning, and now I'm going to try to get my groceries put away.
Nicholas and David - Where oh where is Louise Davis when you need her! At the time she taught me that lesson through her example, she was definately the prima donna of Crofton real estate. To see her pull that off was a real eye-opener to me.
Margaret...
I to have a great amount or respect for the "Grande Dames" that came before me. If it were not for them I would not be where I am today. My journey in this industry would have been a difficult one if it were not for all the knowledge they so readily handed over to me. When I was a Rookie I did not understand how everything just came together for them. It didn't take me long to figure out they worked hard to get to where they were, as have I :)
TLW...ROAR!
Angie - Wow, thanks for pointing that out! I had spotted that blog and bookmarked it for tomorrow without noticing one of my blogs was on the list. Thanks to you, I was able to thank Beth in a more timely manner.
Ahhhh... Broker Bryan'ts wife - You always make me smile! Would love to meet you sometime. Who ever knew we would stay in this business long enough for anyone to consider us an "old pro"...
Sarah - Thank you! ...and I enjoyed your post about the two missing rules. 'Hope I commented on it...
Kim - You're right, training classes are such the norm for agents now, and I'm sure they can't imagine not having them. My training consisted of sitting in a crowded office lobby watching old (even then) movie reels of agents in the field, showing property or handling incoming calls.
Monique - Sometimes we all benefit from reminders. In fact, that's what started this post in the first place, as I was giving myself the Ruth Grimes speech over a lost buyer.
Margaret!
I love reading your blogs, your stories are so inspiring....... Another lesson I have learn from you!!! I can only hope that one day I am 1/2 as sucessful as you are today!
Katie - I know you're a wonderful agent, and I look forward to reading more posts from you on ActiveRain!
Cheryl-Anne - You're right. There ARE a lot of great mentors here on ActiveRain!
Donna, thank you! What a nice compliment. ActiveRain is a wonderful place for real estate rookies to learn at their own pace. So many "old pros".
Don't miss Katerina Gasset's post today So You Want More Compelling Copy For Your Expireds? Here Goes:
Hi Margaret,
Thanks for sharing your wisdom. I truly have trouble narrowing down the houses for my buyers. If it were up to me, I'd show them 20, but thank goodness I work as a team and my partner makes me limit them to 5. I must say, it keeps us all from going crazy...especially me.
Kathie - It's okay to show people 20 homes, just not without a break. I've been known to show 50 homes to some of my favorite clients, but the problem comes from looking at too many at one time, because we all - buyers and agents alike - start to get tired and confused. Working with a team is probably a great way to keep things in check - I've never worked with a team.
Donna - Thank you for your compliment. I can tell from your comments and questions on several posts that you're a terrific good and caring agent.
Wow, I will take that 2 (or 5) house rule and use it! It really does make sense, especially these days when buyers have so many homes to choose from! I love the bringing buyers and sellers together, I never thought of it that way!
I am still working on the whole "don't take it personal" side of things. I think that is the hardest!
Thanks for the GREAT advice!
Margaret, Loved #3. Never get get attached to the outcome. Clients such as you described always help you tune your antennae to watch out for the next time waster! Maybe the best lessons we can learn.
Hi, Diane - I don't know about you, but I didn't realize at the time how much those ladies impacted my business and my life.
Joe - That's an essential. Our clients are business, and business comes and goes. We just can't allow ourselves to take any client personally. Sure, most are nice and even become friends, but the ones who can't make up their mind or treat us like rats cannot be allowed to ruin our day.
Maria - I've never succeeded at the "two houses" strategy, but I've had a fair amount of success with the "five house rule" -
Chris- Thank you, I appreciate your compliment.
Thanks for the noobie advice Margaret!
Hi, Joddie - Thank you! I didn't appreciate this advice at the time, but I have adopted it in my business. 'Amazing how simple it really is.
Vanessa, I hope you can use some of that information in your business.