To Be an Expert, You’ve Gotta Do Your Homework
In previous postings, I discussed the Four E’s of Real Estate: Effort, Expertise, Ethics, and Enthusiasm. Now, I’ll expand on the second E: Expertise. Once you’re an expert in your area, people will come to you.
A broker will phone me and ask, “Hi Myra, I saw your listing on Lincoln. Could you tell me how many bedrooms it has?” You may think this is a simple question. But I have little patience for inquiries like these. In my mind, if someone didn't even log on to the MLS to find out how many bedrooms a listing has, he's wasting my time. I’ll also add that he's probably not disciplined and driven enough to succeed in this business. Sound harsh? Well, to make it in this business, particularly these days, it’s survival of real estate’s fittest. You've got to be motivated, disciplined, and creative.
In today’s ultra-competitive world of real estate, where an immense amount of people are entering and exiting the business, and commissions are higher than they have ever been, you have to work harder and know more than your competitors like never before. At first, you may have beginner’s luck and sell a listing to a family member—like a cousin or uncle—but making real estate a lifelong career takes more than just good fortune. It requires a tremendous amount of work.
The Real Estate Industry Has Changed, But Certain Things Have Remained the Same
All the high tech tools that we rely on—PDAs, mobile phones, laptops, and car navigation systems—are both a blessing and curse. They have made our jobs easier, but keeping up with the latest smart phone or CRM (customer relationship management software) is a time-consuming endeavor in itself. Not only that, but today, work follows you anywhere you go.
Twenty years ago, none of this high tech gear was widely available. Although there were disadvantages to working without these modern conveniences, successful brokers learned the importance of communication and how to collaborate with their colleagues.
Early in my career, I found many listings by driving around the neighborhood and spotting “For Sale” signs on front lawns. In the event that I saw a new home for sale, I would jot down the number that appeared at the bottom the sign, get to the nearest payphone, and call the broker.
Often, the pay phone was my communication hub. If I was late for a showing, I gathered the change in my pocket and phoned the broker to let him know. If I needed to speak with a client about a hot property that I just saw, I stopped at the nearest phone booth. I would call over and over until someone picked up because there was no voicemail.
Driving up and down the streets of Beverly Hills, Brentwood, and Holmby Hills was an important part of my workday. I was perpetually on the look-out for new listings. I could be driving my daughter to a dance lesson and see a “For Sale” sign that had just been planted on a front lawn. Before arriving at rehearsal, I would pull off the road and make a quick phone call to the listing agent.
Communicating with colleagues and friends within the neighborhood was another way to receive the latest real estate news. Brokers had to stay on top of what was happening within the community in order to act fast when a client needed help.
For example, when I heard about a recent divorce, I knew that it meant a home would most likely be listed for sale. In addition to marriage break ups, I kept track of who lived where, who was getting married, who recently passed away, and who had a serious illness. I also regularly met with my colleagues, and we would share what we had for sale.
Although the landscape has changed, and now I simply press “send” on my mobile phone or e-mail a client, the fundamentals of the business haven’t. No amount of technology can substitute seeing a home in person, creating lasting relationships with residents, and regularly communicating with colleagues and clients.
Over the next couple of weeks, I’ll provide ideas on how to develop your expert status. Although many are leaving the profession for other professions, expert status will keep you busy selling and buying real estate. ♦Digg it ♦del.icio.us ♦Add to Technorati Faves
A broker will phone me and ask, “Hi Myra, I saw your listing on Lincoln. Could you tell me how many bedrooms it has?” You may think this is a simple question. But I have little patience for inquiries like these. In my mind, if someone didn't even log on to the MLS to find out how many bedrooms a listing has, he's wasting my time. I’ll also add that he's probably not disciplined and driven enough to succeed in this business. Sound harsh? Well, to make it in this business, particularly these days, it’s survival of real estate’s fittest. You've got to be motivated, disciplined, and creative.
In today’s ultra-competitive world of real estate, where an immense amount of people are entering and exiting the business, and commissions are higher than they have ever been, you have to work harder and know more than your competitors like never before. At first, you may have beginner’s luck and sell a listing to a family member—like a cousin or uncle—but making real estate a lifelong career takes more than just good fortune. It requires a tremendous amount of work.
The Real Estate Industry Has Changed, But Certain Things Have Remained the Same
All the high tech tools that we rely on—PDAs, mobile phones, laptops, and car navigation systems—are both a blessing and curse. They have made our jobs easier, but keeping up with the latest smart phone or CRM (customer relationship management software) is a time-consuming endeavor in itself. Not only that, but today, work follows you anywhere you go.
Twenty years ago, none of this high tech gear was widely available. Although there were disadvantages to working without these modern conveniences, successful brokers learned the importance of communication and how to collaborate with their colleagues.
Early in my career, I found many listings by driving around the neighborhood and spotting “For Sale” signs on front lawns. In the event that I saw a new home for sale, I would jot down the number that appeared at the bottom the sign, get to the nearest payphone, and call the broker.
Often, the pay phone was my communication hub. If I was late for a showing, I gathered the change in my pocket and phoned the broker to let him know. If I needed to speak with a client about a hot property that I just saw, I stopped at the nearest phone booth. I would call over and over until someone picked up because there was no voicemail.
Driving up and down the streets of Beverly Hills, Brentwood, and Holmby Hills was an important part of my workday. I was perpetually on the look-out for new listings. I could be driving my daughter to a dance lesson and see a “For Sale” sign that had just been planted on a front lawn. Before arriving at rehearsal, I would pull off the road and make a quick phone call to the listing agent.
Communicating with colleagues and friends within the neighborhood was another way to receive the latest real estate news. Brokers had to stay on top of what was happening within the community in order to act fast when a client needed help.
For example, when I heard about a recent divorce, I knew that it meant a home would most likely be listed for sale. In addition to marriage break ups, I kept track of who lived where, who was getting married, who recently passed away, and who had a serious illness. I also regularly met with my colleagues, and we would share what we had for sale.
Although the landscape has changed, and now I simply press “send” on my mobile phone or e-mail a client, the fundamentals of the business haven’t. No amount of technology can substitute seeing a home in person, creating lasting relationships with residents, and regularly communicating with colleagues and clients.
Over the next couple of weeks, I’ll provide ideas on how to develop your expert status. Although many are leaving the profession for other professions, expert status will keep you busy selling and buying real estate. ♦Digg it ♦del.icio.us ♦Add to Technorati Faves
posted by Myra Nourmand at
5:01 PM
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