We old fogies (those of us with more than a year of experience) like to advise the newbies in our lives on how to work efficiently and productively and Gawd Forbid - how not to WASTE TIME!
What are some "time wasters" in our business?
How about:
1. Working with an unqualified buyer?
2. Talking to renters
3. Showing a listing to an already-represented buyer (who calls off the yard sign)
4. Preparing a CMA for a seller who wants to move "sometime next year"
5. Having lunch with friends who already know lots of real estate agents
6. Helping an acquaintance appeal her tax assessment
Well, in this old fogie's humble opinion, there's NO SUCH THING as wasting time in your first year if you're doing something that:
1. Puts you in front of a warm body and/or
2. Teaches you about the real estate market
Let's take example #3 - Showing an office listing to an already-represented buyer.
Here's the scenario. You're sitting on floor time twiddling your thumbs, or maybe working up the nerve to call a few FSBO's. The phone rings. You find yourself talking with a buyer who is sitting out in front of one of your office's listing. He wants to see it right away. He tells you he already has a buyer agent, but he can't seem to track him down today. He's just so busy, y'know. So... can YOU show it to him?
Option I ~ Tell the "buyer" in no uncertain terms that you don't work for free and he needs to wait for his own agent!
Option II ~ Cheerfully say "Sure! Give me some time to notify the owner and I'll meet you there in 30 minutes! What's your phone number in case there's a problem?"
Let's say you select Option I. Here's what you accomplished.
You're still sitting at your desk, twiddling your thumbs, but by gawd, you didn't waste your time. And, oh yeah, you probably confirmed the buyer's opinion that real estate agents are jerks.
Conversely, with Option II, you:
~ Practiced showing homes and building rapport with strangers
~ Possibly learned just a little more about the market
~ Met someone who just might end up being your biggest referral source (you never know)
~ Met someone who just might be the love of your life (you never know!)
~ Got your arse off the chair and OUT INTO THE WORLD
~ Improved, just a little, the public's perception of real estate agents
And maybe, just maybe... you'll get yourself a client if the buyer decides you're way cooler than his missing-in-action agent.
Sounds like a no-brainer to me. Get off your butt and go waste some time!
Sell with Soul
Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect
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copyright Jennifer Allan 2007
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Great points. I have often ended up working with great new clients because they were either working with Realtors who did not have the time for them or did not provide the service that was needed. Also as you mentioned it is a great way to get out and actually do something that might just be a great learning experience for you!
By the way I just got your book in the mail and I am looking forward to reading it. Even though I am not a new agent in the business I always enjoy your blogs and usually learn something from them!
I both agree and disagree. Activity breeds success, but there is a lot of things that we can do in that first year to fill our time. That said, managing your time and focusing on higher rewarding activities is important. It's not that you won't learn doing the lesser rewarding things (and that's always a good thing), it's just that you can do better by concentrating.
Bob Mitchell
ValueList Real Estate Services
Jennifer,
I am closing in two weeks with a guy whose sister is a Real Estate Agent! How cool is that. In a general conversation about 6 months ago, he had told me his sister didn't want to work with him because he couldn't afford that much of a home. Well he and his wife are going to be moving in a great new home very shortly! I agree that "anything" to do with Real Estate is not wasting time, but planting a seed for later fruition!
Time is money! It might be instant money...not in our business. It might be down the road money...very possible in our business. It might just be that you made such an impression to go out of your way to help, that it becomes referral money!! I find myself always helping others. I am an one agent office, no one else in the family sells, but I find myself helping a lot of people that call wanting information on rentals, etc. I could tell them to take a hike, but some of them become buyers and they didnt think they would qualify!!
Oh, my fruit is blackberry...reminds me, I got a new toy, a Blackberry phone. I sure wish I knew how to use it. I need to get my teenagers to show me how to set it up...sigh :-)
Jeniffer:
As a newbie, I agree with you about option 2. However, if the client already have an signed EBA, and you go show him houses, wouldn't you be violating the client/agent relationship? I think you could get in legal trouble if you convert him or her.
In all the states I've worked in, there's no problem showing homes to a represented buyer. I have heard, however, that in some states, it's considered a violation.
Of course, if a buyer has an EBA, you wouldn't overtly pursue his business - although you never know what might happen -- just use the opportunity to expand your knowledge, practice your craft and get some fresh air!
Nice points :) I agree 100%!!!!
I find myself in this position quite often. Being a newbie, I don't mind at all if my broker calls me up to show one of his homes because he can't do it. In fact...I tell him all the time...call me first!!!! I don't have a lot of listings, or clients (yet), so ANY chance I get to show a home...I TAKE IT! I even do open houses for other agents who either can't or don't want to do them. You never know what is going to happen! It's a great way for me, as a new guy, to get my name and my face out there!
Thanks for the post...:)
A glass half empty or half full.
Jennifer:
All good points - I do agree and I am definitely "new". I feel like everything I do, especially being face to face with people is all good. Even if I sit afterwards and think of the things I could have said when they said this or that.
I spent 1-1/2 hours recently with a potential seller (with a 40 min. drive each way) knowing ahead of time that they had a set price they wanted to list their property for and knowing ahead of time that it is unrealistic. We talked about a lot of different things, including her daughter who wants to buy a house, but doesn't have good credit. I felt like I actually did have some knowledge and guidance to pass along. I plan to keep in touch, knowing that nothing may ever come of it, other than a little experience in dealing with clients on my part.
Great points. I'm a Home Stager and i still have to remind myself that anyone that i can talk to about what i do could be a referral source, not just the real estate agent or person looking to sell their house now.
thanks for that kick in the pants.
Shawn
Hi Jennifer - Well, if it is an office listing, I would never refuse an opportunity for a showing. We owe it to our Seller. One question: Do you notify the agent representing the buyer?
Basically, I agree with you whole heartedly. There really are no time wasters. I will need to discuss the implications of state law in my office, though, to understand what I can and cannot (versus what I want) to do. Thus my question. Thanks!
Margaret - great question. I probably wouldn't notify their agent because I don't want to make a big deal out of it. If the buyer tells me they have an agent, I'll respect that, but I'll definitely be charming and accomodating. The nice (?) thing about this business is that there are so many awful agents out there that if you come acoss as a decent sort, you stand out above the crowd! This particular buyer belongs to someone else, but his or her friends may not!
Sounds like good advice to me. "The harder I work the luckier I get." UNKNOWN
Anyway, I think you will still have some agents argue with you about it. But theres nothing that takes the place of getting people to know you by name ( in a positive way )