Justin asks, “What has kept you going in this industry? There’s been so many ups and so many downs and you’re still doing it.”
To which Marcia responds, “Ups, downs, sideways. I’d like to say that I’ve seen it all, but honestly after 25 years, what keeps me going is that I haven’t seen it all. There’s always something to learn, there’s always something to do. Every transaction is different. Homes are different. Technology is changing at warp speed while I love some of the structure of the forms and processes. The change is what keeps me engaged. The change is what I love. It doesn’t get old. I absolutely love what I do.”
Folks that love this business are like Marcia in that they love the fact that all of their days are different. They love the fact that there’s always a new challenge and a new shift. When talking about all the shifts that have happened over the years, inevitably there are processes and habits that will need to be dropped to make way for the new. Technology has been really beneficial in the real estate industry in terms of streamlining things which also means that old processes now move at warp speed making it hard for agents to sustain that pace. Missing the old days before even the Northwest MLS was online. Moving at a slower pace allowed agents to truly connect with all people, clients and vendors alike. Now everyone wants to complete everything online, losing that bit of connection. That’s the way of the world so all we can do is embrace the change and adapt accordingly.
Justin: “As a veteran agent, how do you help your clients feel like they are in control of the wild beast that is selling or buying a house?”
Marcia: “It’s kind of a cliche, control is an illusion. It doesn’t really exist. To that extent, you have to focus on what you do have control over. What I really encourage my clients to do is to prepare and plan. Educating them about where the market it, what the processes are, what the normal steps are, and then what the stumbling blocks around those things are. The more you are prepared, the more you’ve talked about and planned for certain contingencies. The more control you will feel in a situation that is beyond anyones control. We don’t control the market or the interest rates. We don’t control the inventory to some extent. Focusing on what you do have control over will set you up for a better experience in that process.”
We almost never have control over what the buyer or the seller is doing, though we do have control over how we’re reacting to them or being proactive with them. People really want to exert control over everything around them, and with an unbalanced market the less control there really is. Sellers are in a situation currently where they are selling a home without knowing where they are going next, leaving a lot of fear of the unknown. Many clients have chosen not to sell because they’re getting priced out of their current neighborhoods, so if they decided to sell they could never afford to buy back. Buyers currently have a lot of stress in terms of competing with other would-be buyers. They are being asked to stretch financially for something that they don’t love, and will most likely want to renovate in some way as soon as they buy. Lack of inventory, lack of choice.
Marcia: ”One of the biggest lessons I have learned lately is that I can’t want it more than my clients.”
Justin: “Give me an example of what that looks like.”
Marcia: “I have to be able to educate and guide and let them decide. Once they’ve made their decision, it is my job to do it the way they want to the best of my ability all while being professional. If it’s deciding on how to price their home, or how much money they’re willing to offer over asking, they will always have the final say. I want to do it in a caring, compassionate way that makes them feel comfortable.”
Another aspect of control that an agent has, is the type of clients that they choose to work with which is a very powerful position to be in. Not every client is a good client and you can say no, and that will free you up to say yes to something that’s beneficial for everybody. You don’t have to stick with somebody who’s unrealistic, who is going to waste your time and not be successful. If you feel like you can fire a client and move on, it’s the best thing that you can do for yourself and for the would-be buyer or would-be seller. Lastly, it is much better to do it sooner rather than later, because later you’ll have more time, effort, emotion and energy invested into it. If something feels off and that it’s not a good fit in the beginning, it is okay to say, “I don’t think this is going to work out for us” and give them a referral of someone who might if you can.
Red flags can be your best friend. When you’re in your third or fourth transaction they can be hard to spot and easy to ignore, though when you’re on your hundredth transaction you’ll start to recognize those patterns. We can be warned in advance, but in the end we end up having to learn that lesson ourselves.