“When I first started working in real estate…”
Many agents just starting out rely on the wisdom of seasoned real estate pros to guide them. A broker, a friend, a parent in the business – mentors with expert tips can be just as enlightening as formal education.
Share your thoughts
What invaluable real estate advice have you received, and who did it come from? Comment below to tell us your story.
Thanks for all the great advice and stories. Thoroughly enjoyed each and every one!
“Price cures all ills”
Early guru Si Stanley advised me 43 years ago: “When you’re dealing for yourself, and you eventually will, smile if you’re making money, ALWAYS LEAVE SOMETHING ON THE TABLE FOR THE NEXT GUY, and move on to your next deal.”
Another one of Si’s good ones was “Don’t
Lie down in a sick bed”.
And yet another: “A bad deal is worse than no deal”.
Bob Thacher
My first and only broker told me not to worry about the money, just the client, and the money will come. He was SO right! Bless you & rest in peace, Ed Barker.
Best advice from an old pro broker at top of his game……
“follow up”!
Don’t assume anything will happen on time just cause its agreed in writing or you trust the person to do a task.
Maybe they got sick…in a car wreck? got thrown in jail, found to have terminal cancer, all four happened to me with other agents (usually listing agents) over the years trying to close on time.
The agent returned from jail to NO listing commission BTW….I did most of his work and was just glad my first-time buyer single gal got her dream home.
Reach out …don’t be shy call and see if the (appraiser, underwriter, pest /home inspector, buyer, seller, escrow, title co. has really done whats needed ahead of the last minute r u s h
OH NO!! surprises in the 11th hour really ruin lives . The buyers don’t qualify now? cause they lost their lock-in and now rates are 1% more? And the seller moved out…
.
A great agent is a conductor, adviser (with limits), therapist ,hand holder, red flag spotter, with great senses (whats that smell? hey this is unlevel here..
and above all a fiduciary.
Imagine if we were helping others non gratis, did not need the cash and were paid even if it didn’t close at all?
I tried to keep that mindset and live below my means and enjoy single day escapes.
My advice to any agent new or old is be unselfish and stay around and available during escrows for sure. principals hate being shuffled around with assistant after assistant or calling their agent out of town while they lounge,
cruise and binge.
I leftonly once on a vacation during an escrow but it took 2 weeks to plan for 10 days off and the buyers were a bit ticked they were alone at signing at Title
Read “Looking out for #1” Ringer
40 years and still think it is the best advice ever. From a CAR President and a broker named Dick Tiffany at my first seminar called “ You have to work the Territory”
Over lunch break. I was new, they were powerful in the industry.
Took time to tell me this.
My mentor/broker hammered this into us new agents: when in difficult escrow, put aside your differences, be calm, just concentrate on closing the deal first! Chances are, you won’t even remember what the differences were. Best advise ever!!!!
As a young entrepreneur I was on the search to buy investment properties and a mentor who I admired warned me that with the attitude I had, I would likely go bankrupt. Properties can eat you up and make you poor. I have been property poor for 24 years although a great portfolio. I did take his advice had I not I’m sure I would have been hopelessly over my head. As it is I will have a great retirement when I methodically cash out. but I have gone without due to not enough spendable cash.
When I was previewing southern California houses to make my first purchase I kept recalling my father’s words, “Never buy a house on a corner lot.” I relayed this to my broker, who kept producing homes on corner lots that otherwise fit all my requirements. Exasperated, the broker finally asked, “Just what does your father have against corner lots?” So I called Chicago that night to learn dad’s reasoning. He laughed and laughed and when he caught his breath, he said, “Because a corner lot leaves you with so much snow to shovel!” Hardly a concern where I live.