Wise Words From Warren Buffet

Recently, I read an article in the Wall Street Journal that discussed how to repair a reputation that's been damaged. In today’s world of high stakes business, where every year more people in the US become millionaires, I’m reminded of Warren Buffet’s famous quote, "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

Rather than repair a reputation, why not decide to create a flawless one instead? Apparently, in our business, this is a tough request. Just look at the number of real estate professionals whose licenses are revoked every year. In Beverly Hills, high profile brokers are being forced to close shop as a result of lawsuits and government action.

How do you maintain an impeccable track record of trust? Follow the Golden Rule. In my new book, From Homemaker to Breadwinner, I share about ethics. It’s part of my Four E’s of Real Estate: Effort, Expertise, Ethics, and Enthusiasm.

What does it mean to be an ethical agent? First it means to treat everyone well. When you do this, those around you will remember. Keep in mind that it’s not about one deal. You must keep your focus on creating long-term relationships that will last you your entire career.

In addition, working ethically means upholding the regulations established by your local Board of Realtors. Sadly, the real estate industry is notorious for high turn-around and disciplinary action against Realtors. To avoid this, commit to adhering to the highest ethical standards. Disclose any information that you know about listings regardless of how it may affect the deal.

Remember, your reputation is only as good as your last transaction. If you cut corners and get sloppy, it’ll take years to rebuild the trust that you’ve lost.

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