This article is very timely for me as a new agent. All I have heard lately is how to sell and promote oneself. This just [doesn’t] sit well with me as I have spent the past 25 years raising a family, which includes home schooling because one of my daughters has Epilepsy, tourettes and autism. I have recently signed a buyer and she said she went with me because she felt free to communicate her needs and was just overall more comfortable around me. I really feel like we can do our jobs best not matter what field we are in if we are humble and approach people with the same respect we would like to [recieve]
One and the same?
I read the article with guarded interest. After I finished, and got beyond the politically charged “snowflake” comment, something dawned on me.
How are these steps different than with any other generation? We all knew little or nothing in the beginning of the home buying process, and needed guidance. Suggesting they need different handling than a first time boomer (yes, there are some 1st time boomer buyers even today) IS PEJORATIVE.
We use the same methods for the millenials that we’ve used on any first time buyer. The only difference might be the means of communication.
Spent 24 years as a lender doing thousands of transactions. A typcial 30 day (which is only 20 business days) transactions can be smooth. The isssue is the mortgage is the hub of the RE transaction but it needs all of the spokes to work smoothly.
When a spoke is missing the wheel is unbalanced.
The spokes are all of the people, ancilliary services and documents required to come together in a timely fashion in the early stages of the transaction. When everyone works together and gets whats needed, transactions can be smooth.
The broken spoke issue arises when people directly involved in the deal are not detailed in their documents or work.
When there are delays getting requried documents upfront or on time. When agents oversale the orignal maximum price (i.e. “your buyers max sales prices is 300K” & end up in escrow for $350K… pushing up DTI ratios which directly affects qualifications). When lenders miss to catch the alimony payment automatically deducted on a paystub that was not counted in the DTI.
Lots of people (both lenders & agents) get a deal into escrow and take victory laps in the office for the next two weeks counting their future commission instead of getting everything needed to get the transaction closed.
Can tech help? Yes of course. Is investments in fintech exploding to work on solving the issues. Yes.
Tech is streamlining the process but the transaction still depends on people to due their part.
Like in real life now, we need less finger pointing & more taking responsibilty.
No different than a book or music
I’ve been harping on this topic for a long time and finally a path that’s moving in the right direction. Mr. Weix is spot on when he said “I own the pictures. I pay for them I own them. Period. No exceptions.”
The simple answer to having our clients get the proper marketing exposure while protecting our intellectual property is allowing Zillow et al. to market our listing and give them what VHT has fought for and won… that is only to allow usage of the IP while the listing is active. All rights should end when the listings go off-market.
If Zillow et al. want to use such material FOR PROFIT beyond the listing period, they should have to pay for it, no different than a book or music. Whenever it is used the owner of the copyright should receive a royalty fee.
Competent or irrelevant
Substandard Realtors are not only incompetent, they are also cheap as in frugal. Recently I had a booth at a tradeshow promoting our real estate services. A local broker came by the booth and proclaimed that he had never spent more than $500 to market a home. It didn’t surprise me since I didn’t recognize him as a high producer in our market.
The broker’s comment only reaffirmed my belief that many agents are going to make themselves [irrelevant] in a home sale since they don’t bring anything of value to the transaction other than a metal yard sign and MLS access.
Recently I had some major surgery and the total bill for the 5 day hospital stay and surgery was $152K. When I googled the annual salary of a vascular surgeon, the amounts ranged from $350K – $500K which would be up to $9K per week. Compare that to the $24K to $30K an agent would earn selling a $400K – $500K home. When you compare the value each brings for similar compensation, there is no comparison.
My point is that Realtors need to be competent and bring value to the transaction table or else they will just make themselves irrelevant and not worthy of what they want to charge for a commission.
Selling at the speed of lightning
Comparing razors and life insurance to buying a home is weird. Those are commodities and homes are not…they are personal objects that are lived in by real people. Each one is different. But I do agree that you can speed up the process….as long as the home is vacant, buyer has cash and the price is below market. Just had a seller dump a dump on the market and it was faster than the speed of [lightning] (or so it seemed). But, typically I have to deal with all sorts of personalities in one transaction that always has a twist – or am I the only one that gets the crazies?
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