Finding lemonade in sour market
Diary of a Real Estate Rookie
By Alison Rogers, Monday, June 16, 2008.What did I do this week? I pounded on my computer until it produced the perfect property for one buyer, who loved it but announced that his job situation is still too iffy for him to want to buy anything right now. But I loved the apartment -- expensive kitchen, outdoor space, and the kind of cute little building where a celebrity cook with a name that rhymes with Machael May might hang out. So I dangled it in front of another client, who it would be perfect for. She didn't e-mail me back.
With an accepted offer on a property I'm selling, I tried like holy heck to get from offer to contract. As you readers know, in the current market this never happens. Hubby and I are selling our beach house at a low, low price, and we are working accepted offer number three -- while at the property I am agenting, I am dealing with accepted offer number two. I feel like I have been engaged more times than Paris Hilton.
So, anyway, in an attempt to move to the altar, I talked to my favorite mortgage guy about a financial strategy that would move our buyer forward. We came up with a great idea, and I sent it to the buyer's agent. The agent didn't e-mail me back.
I brought in another offer of the property. This one doesn't need financing. I communicated it to the seller. The seller said, and I quote, "hmm."
It's just that kind of week. Today I hosted part of a brokers' open house tour where no one showed up. Thank goodness I had made another appointment, so at least I did a showing. On the other hand, I had promised drinks (in New York we do these tours like progressive dinner parties, so one agent at one property will have sandwiches, another at another property desserts, etc.). The result of the slow market? I've got approximately two gallons of lemonade on my hands.
Also this week, a friend called to tell me that his parents were inheriting a property and could I please look at it? -- but it turns out they don't want to sell it.
My rental client who was planning to come in from Norway later this month postponed his trip to try to accommodate his visa problems.
What else? I called the client that the apartment with the expensive kitchen would be perfect for, and she didn't call me back.
I have yet another listing that the paperwork is moving forward on, but at the rate of approximately one piece of paper a day. I swear it's not my fault, but my boss is starting to make cracks about how hiring 100 monkeys might be more efficient.
In many ways, this summer is way better than last summer, when I wasn't putting enough time into real estate to feel like I had a handle on anything. I have more listings; I'm better with buyers; my knowledge of inventory is better; and I waste less time.
I am still fairly bad with graphics programs, but I am figuring out ways to outsource that kind of thing.
On the other hand, the market has slowed to the point where the results don't reflect my higher level of skill yet. It has not helped that the temperature was pushing 100 degrees earlier this week -- everyone's a little bit irascible. So I think the plan is just to muddle through till July Fourth weekend, take a break, and then regroup and see if it doesn't get any better.
Maybe I'll rent some movies and put my feet up. At least I've got plenty of lemonade.
Alison Rogers is a licensed salesperson and author of "Diary of a Real Estate Rookie."
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Submitted by Ralph M on June 16, 2008 - 6:47am.
“Also this week, a friend called to tell me that his parents were inheriting a property and could I please look at it? -- but it turns out they don't want to sell it.”
The above agent did not state what her actions were on this situation but I hope she did NOT go to this property for free or she charged a consultation fee “BEFORE” she went knowing that the listing was not going to be a listing.
www.aarsteam.com
www.nosellercost.com
www.weuuzit.com
www.iuuzit.com
Submitted by Damien Hall on June 16, 2008 - 7:23am.
Ralph:
Requesting a fee isn't always the right thing to do. Yes, it will put money in the agent's bank account, for the short term! But giving a "reasonable" freebie in this current market will probably generate a bigger return in the long term. If the parents do decide to sell, I'm sure they will come back to the agent that was willing to provide free information. I don't think the agent had to prepare an in-depth consultation involving time and research. It was probably just to answer some questions for a friend and his parents.
But now that I think about it, if the agent did have to DRIVE to the property, I would consider charging a gas fee!
www.thedcinvestor.blogspot.com
Submitted by Lori Bee , Owner/BIC on June 16, 2008 - 8:32am.
It's good to know I'm not the only one having those kind of weeks! BUT....
I hope the next article focuses on persistence and not giving up.... And yes, sometimes a little respite/regrouping can do wonders for your business...
Of course, we do know that those who don't have the attitude and fortitude to "keep on, keeping on," will leave more pieces of the pie for us. That in and of itself, is not really a bad thing now either, huh!
Submitted by Ralph M on June 16, 2008 - 9:21am.
Doctors don't give advice for FREE
Lawyers do not give advice for FREE
Why do real estate professionals?
Charge a fee intially and refund it back within 30 days of listing the property.
Watch how much more efficient your company will be and time you save.
Submitted by Lenore & Alex Wilkas on June 16, 2008 - 11:45am.
Ralph, many doctors and lawyers give 30 minutes of free consultation time, but that being said, I truly believe what comes around goes around. The conversation with the friend's parents costs little except some time and if done on the phone or through email it costs nothing. The goodwill it brings is priceless both to a friendship and to potential clients.
Alison, from the sounds of it, you did have a fairly productive week. At least you were doing things. This weekend was Father's Day and it's still graduation time, wedding time, and vacation time, so it's not too surprising that agents or clients don't get back immediately. As you've written recently, you're working on your productivity and it sounds like it's working.
Take the lemonaide to the office and share it with your fellow agents. We all need a little sweetness in our day. Good things will happen for you this summer and you'll have much more to write about!
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Lenore Wilkas
Prudential CA Fine Homes International
Read Our Blog @ www.SanMateoRealEstateNews.com
Submitted by Ralph M on June 16, 2008 - 6:20pm.
Lenore and Alex, listen to the alarm clock. it sounds like your fees are going down over the past 5 yrs more dramatically than ever and your still sleeeping
Wake up! For sale by owner is # 1, zillow and trulia have moved up high in the rankings while your company prudential manor and coldwell banker have dropped 10 spots on the real estate search.....
Do you know why??? Because of blind people like you who want to spread sweetness while Trulia, zillow and others spread poison to the realtors.
Give me the name of doctors who give 30 minutes of free advice and I will send 100 people over.
Gas is up to $5 a gallon and u "HOPE" your sweetness gets you a listing..That worked in the 80's when realtor.com was the only player in town...
Stop acting like a professional and start getting paid like one.
Your freebe actions affect us all.....negatively.
Because of all the freebies like you, all of the communitys expects real estate professionals to do everything for free...
Hear that again? Its forsalebyowner hitting you upside the head as a real estate professional in the head with your FREE market analysis.
if you want to do something free, donate your time to a pantry, but don't affect my industry for the worse. I am not doing anything free, because my bill collectors won't accept "HOPE for a listing" and "Sweetness" for payment.