Agents' skills provide an exit option
Realtor Notebook
By Teresa Boardman, Wednesday, October 29, 2008.
There is a large society out there that I am a member of and so are many of the Inman readers. We call it the RE blogosphere, made up of real estate bloggers. In recent weeks some of our most prolific members have developed writer's block. Some of us are not exactly sure what to think about current events or what our own futures hold.
None of us know what the future will bring or when the real estate market will begin to stabilize. The way it sits right now, I am finding it harder to make a buck or two, but like the rest of the Realtors out there I am tough and I know that being self employed and living on a 100 percent commission basis is not for wimps.
Whining isn't going to help and neither is just having a positive attitude. The industry has been slowly changing and we need to pay attention to what is going on around us and listen to consumers. We need to continue to learn and to improve our skills. There are new opportunities in any market and we need to find them.
Anyone who has earned a living as an agent during the last five to 10 years shouldn't have anything to worry about because we have all picked up and fine-tuned marketable skills just by doing our jobs. Those of us who are members of the real estate blogosphere have strengthened our writing skills. Many of us have strengthened our networking skills and marketing skills by taking them online.
Some of us have improved our photography skills, speaking skills, negotiating skills and those all-important sales skills. We have had to constantly learn new technology, technology that has wider applications than the real estate industry. We have learned how to make a living without having a job, and how to manage a small business.
Successful Realtors have some of the most in-demand and marketable skills. They can be used in other industries or used to improve a real estate business. Anyone who is worried about the future should write a list of skills they have and a list of what they really love to do. There isn't anything wrong with changing careers.
I am on my third career and am finding that with each career I have learned a new set of skills that were not only transferable but they are like building blocks. Each career has laid the foundation for the next career. I have experienced a tremendous amount of personal growth as each opportunity demanded that I gain or improve yet another set of skills. Each change brought some fear or challenges that had to be overcome, forcing me to leave my comfort zone, and take risks.
I am not implying that I plan to send my license back. Selling real estate has never been easy, at least not for me. My plan isn't to leave, but I feel confident that I can at any time, and that makes the job easier, and has given me something that I can have that all-important positive attitude about.
Think in terms of skills, not occupations. Think in terms of what makes you happy, not in terms of what you have always done to earn a living, or what is expected of you, or what you are supposed to do, or what you are doing today. Be positive about the future. The future has little to do with the economy and everything to do with what we make of our lives. It isn't necessary to have confidence in the economy or in the real estate market, but it is necessary to have confidence in ourselves.
Teresa Boardman is a broker in St. Paul, Minn., and founder of the St. Paul Real Estate blog.
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Submitted by Catherine Read on October 30, 2008 - 4:08am.
Excellent advice Teresa. I've had a number of careers as well and enjoy re-inventing myself regularly. I can't imagine it being otherwise, but understand that many people find it scary.
I would only add that agents should think about the assets of their business and how they might transfer those assets if they move on to another career. Domain names, your email address, phone numbers, client contact database, even an existing blog. All of these have value to agents who want to grow their business. So for agents who may be considering retiring, relocating or stepping into a new career, look around for motivated agents who would like to take over your business. It's a win-win for everyone and not something many agents think about.
Catherine S. Read
Creative Read, Inc.
Submitted by Steve Simon on October 30, 2008 - 4:14am.
A well written post!
I taught "Salesmanship" to insurance agents in my first life, for Lincoln National Life.
One of the first rules was to flesh out features into specific benefits.
Changing to the car sales arena, don't sell Power Door Locks, sell:
"The security of being able to lock both sides of the car with the touch of a button after you're in"
"The ability to quickly open the car and get in when parked in a dark lot"
You get the idea of course.
Too many RE agents have not learned that a feature may be without value, thereby being only additional cost. It takes a sharp sales person to assess the person's likes and dislikes. To quantify their needs and then to expound the features of the properties they are showing into individual benefits for the prospective buyers.
This also holds true for sellers. Explaining the benefits of a deal, rather than focusing only on price has closed more than one sale for me over thelast twenty plus years:)
If the answer to a complex problem is very simple, it is usually incomplete...
Steve Simon is the lead instructor at the Steve Simon School of Real Estate www.stevesimon.us
Submitted by Bill Fooks on October 30, 2008 - 6:12am.
Bill Fooks
TFT realty Marketing Service
Warwick, RI
Fooksteam.com
Good article. We do have many skills. At this time we must exercise them in the field we are in.This is the time we earn our keep. We can actually say that you will be well represented, and charge accordingly. We still see agents selling themselves cheap. I am sure their skills can be used in other areas. With this in mind go to work. 90% of people are still employed and can buy houses.Our skills are needed now more than ever.
Submitted by Ross Milroy on October 30, 2008 - 7:27am.
Teresa,
You certainly bring up a number of very good points. One of the biggest mistakes I see out there is that many real estate agents don't even have a business plan. I too have been guilty of this at several points during my career. Most find it difficult to set goals and methods to achieve those goals as they don't even think beyond the next dollar. Others feel that a plan is not worthy of their time, and especially in challenging economic times, they point to things being "out of their control" and "what good is a plan if you have to keep changing it?" Well, I learned that in reality a plan may change, as will have to constantly adjust and tweak your methods to reach your goals.
Ross Milroy
Broker
miamiangelproperties.com
Submitted by Cin Florine on October 30, 2008 - 11:21am.
T-
Is this a hint for part time realtors?