A Tale of 2 First Time Home Buyers

If a REALTOR were to specialize in working with 1st Time home Buyers, who are their most likely Clients?

The answer to this might surprise you as much as it has me.

There are 2 distinctly different generations who make up this population of 1st time home buyers.

How could this be?

After all . . . The Y (Millenial) generation are predominately “Thirty Somethings” . . . and the Z Generations are “Twenty Somethings”.

Both of these groups are the 1st time home buyers of today.

These 2 generations have very different characteristics.

Those Millenials have been labeled “‘Delayed Adults” . . . “The Boomerang Generation”. They delayed “growing up into adulthood” by spending many years in college and accumulating massive amounts of debt (Student Loans and Consumer Debt) and had a habit of returning home to live with Mom and Dad instead of venturing out to settle into their own abodes. Many didn’t even have a “Real job” until their 30’s. Their whole lives revolved around the internet and these are ones who fell for the internet hook, line, and sinker . . . “If it’s on the internet, it must be true” was their battle cry. Now as they see age 40 as being not so distant from now, many of these have decided it’s time to “grow up” . . . and so they’ve decided to clean up their credit and save up enough money to be able to buy a house.

These Z Gens are nearly polar opposites from the Ys . . . They’ve witnessed their “Boomer Parents” and the Millenials fighting the debt war and financial woes leading to fear of not being able to enjoy retirement. These youngsters are amazingly cognizant of the value of resisting the temptation to accumulate debt, so they are far less interested in credit cards . . . in fact . . . They have start SAVING money at a very early age. These whippersnappers are diving into the work force straight out of high school and/or attending lower cost colleges to avoid student loan debt. They are cautious about the internet having seen the generations before them getting burned. They tend to prefer to deal directly with a human who is an expert when making large decisions . . . Imagine that . . .

So – Just for kicks, I found a couple of graphics on the internet (See below) that depict common traits.

So . . . Why all of this HOOPLA?

1st time home buyers are more plentiful than EVER because they derive from TWO generations both of which are interested in making sound financial choices coming from 2 wildly different perspectives.

Your home buying experience is always best served by engaging the services of a local REALTOR.

If you’re in Middle TN, Pareto Realty would be a great place to start (We speak the language of ALL generations).

Posted in Consumer Blog, Life Rhythm Way, Pareto Realty, Real Estate Professionals

How much CYA is too much?

The “neutering” of the fiduciary Real Estate Sales Professional under the cover of CYA is becoming a problematic trend.

Over the past several months, I have heard of many things being taught in Pre-licensing and Continuing education classes that seem to be a trend of taking REALTORS out of the transaction lest we “get in trouble.”

Under the heading of: “Doing these things increases the chance of the REALTOR being SUED!”

“Don’t refer ANY Lenders, Inspectors, Title Companies, Contractors, etc . . . If something goes wonky, you’ll get SUED.

“Do not attend ANY inspections and do not look at any of the reports rendered or you’ll be liable in the event of unforeseen issues.”

“Do not provide Feedback to Listing agents after showing Buyer because that might, in some way, compromise the Buyer’s negotiating position” (Confidentiality breach?”)

“No communication with Lender or Title Company lest you be named in a fraud event”

and there’s more . . .

So . . . If we cannot do those things, what CAN we do?

What’s left?

For each of these NOT to do, we reduce our ability to protect our clients from harm.

The folks who are so worried about litigation reduce their “exposure” by reducing their participation in the transaction.

Meanwhile, other folks grumble about the inspectors who flag a “potential issue” but come up short of offering any reasonable solution or opinion as to the gravity of the issue . . . Instead, they recommend a “specialist to assess”.

Sure, there is always risk of litigation.

This is where what we do is more art than science.

Where do you draw the line demarcating “Stay away lest ye be sued” and “A fiduciary responsibility to protect and serve our clients”.

Having said all of the above, my hope is that all of these agents being taught these things will seek the advice and counsel of their Principal Brokers to determine what the “Broker Rules” in your office say about this.

My way?

Protect and serve!

If people are going to sue, they’re gonna sue – Valid or not!

Let’s not destroy our professionalism out of fear of frivolous lawsuits

More about this in today’s Drive time video

http://BarrysDriveTime.com

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Posted in Consumer Blog, Life Rhythm Way, Pareto Realty, Real Estate Professionals

Setting yourself up for embarrassment (Failure)

When you are posting on Facebook, you are doing so as a Public Figure.

This is also true for all other forms of Media including your blogsite, your “remarks” in your MLS Listing and other marketing.

It is true that, when you err, people notice . . . and they judge.

Some folks notice improper use of conjunctions (You’re – Your . . . Their – There – They’re), and the more scholarly of these will also notice punctuation anomalies.

Others overlook the nit-picky stuff and focus on the content.

Does what you are saying make sense?

When you’re composing content “in the heat of the moment,” your “PC Filter” (Politically/Socially Correct) may be absent . . . You might be in a stream of conscious rant that offends and is stronger than you intend.

Some of these readers (Your audience) might consider your comments to be degrading, insensitive, arrogant, and maybe even racist (or otherwise socially profiling).

What then happens is that “they” may take your message the wrong way, and once it’s out there, the damage is done.

Of course, you can delete your rashly published post in hopes that not many people saw it . . . but what about those folks who DID see it?

This leads to unintentional consequences that very well may be damaging to your reputation.

My simple, personal rule regarding sending ANY electronic communication (Including text and email) is to follow the Carpenter’s rule.

Carpenter’s Rule: Measure twice – Cut once

Write it . . . Proof it at least twice (Once for spelling and punctuation and once for content) before publishing.

While I’m at this expose on digital etiquette,  one more rule to follow:

The “last nerve rule” from Barry’s book of saving self from embarrassment and failure.

When someone is getting on your last nerve . . . Literally driving you BONKERS to the point that you just want to SCREAM and get away from them, do NOT talk badly out loud about them . . . EVER. Even better – don’t even think bad thoughts about them because that sets up a cycle of Karma that’s gonna bite you in the butt.

Firstly, they’ll know because your demeanor will tell them . . . and secondly, if you’re thinking those thoughts, you’re going to end up screwing up by uttering a “slip of your tongue” or worse.

I learned this vicariously through one of my first mentors in real estate sales. She had a VERY difficult client who was a chauvinistic narcissist. After a very frustrating phone call, she hit the button to end the call and then went into an out-loud tirade about how much of a jerk he was . . . This tirade was completely unfiltered/uncensored . . . Raw hatred with a nice dose of profanity . . . What she didn’t know until later was that he had ended the call before she . . . and when she thought she hit the “end” button, she had actually hit the “send” button . . . His voicemail picked up and recorded her entire tirade . . .

Don’t let that be you!

If you’ve got inappropriately bad things to say, write them in a word document that cannot be inadvertently sent and revisit it later when you’re cooled off to decide if it’s something you want to proof and revise to send.

PS – I’ve already seen some obscene tirades regarding the election results last night . . . Just don’t!

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Posted in Consumer Blog, Life Rhythm Way, Pareto Realty, Real Estate Professionals

Why it matters where you search for houses on the internet

Hasn’t it always been better to get information “straight from the horse’s mouth”?

(straight) from the horse’s mouth

“From the original or most reliable source.”
“I’d rather get my information 2nd or 3rd hand” said nobody.
Anything other than straight from the source is, by definition, “unreliable”.
So . . . The only reason I can imagine anyone relying on this hearsay is if that person doesn’t know where to go to hear the real poop – from the real, authentic source.
How do you KNOW that the information upon which you are relying is valid?
After all, the world is chock full of trickery.
Many “trusted sources” aren’t as they seem – wolves in sheep’s clothing.
The internet enables these tricksters as so many “internet surfers” trust that “if it’s on the internet, it must be true.”
Let’s debunk this theory with respect to the oh-so-important adventure of searching for a new home . . . or researching the current market value of your current house.
Google will provide many thousands of fancy real estate websites with mind-blowing capabilities and friendly, easy to use interfaces and apps.
All of these websites provide LOTS of information, data, and analysis . . . BUT . . . is all of this derived straight from the horse’s mouth?
Is this information all inclusive?
In other words, is it based on all of the available data, or just “some” or “most” of the data?
This MATTERS to YOU if you considering buying or selling a house.
This transaction IS an important and significant life transition that deserves nothing but the best and reliable information.
So . . . How can you KNOW you are getting the most best information?
Real Estate Sales is LOCAL . . . Rely on LOCAL sources for your information (Not mega-National websites).
Work with a REALTOR and rely on that REALTOR’s website for property search and analysis.
If you don’t know a REALTOR yet, find one through your family, friends, or work associates.
When “surfing the internet” rely only on those websites that show evidence of “IDX feeds” – Internet Data Exchange pushes the REAL information from the REAL source . . . the local MLS (Multiple Listing System). Most of these IDX websites are “real time” when it comes to new listings and reporting of listings availability, so you can have them ping you immediately when a house that fits your parameters pops on the market.
Additionally when it’s time to do “Valuation Analysis” these sites rely on REAL CLOSED data . . . Straight from the horse’s mouth.
http://ParetoRealty.com is a fine example of one of these sites 🙂
Also, most MLS systems provide websites that serve this REAL data also . . .
Here in Middle TN, this public site is http://Realtracs.com.
Ping me if you “ain’t from around here” (Middle TN) and want to find a good, reliable site in your local area . . . I’ll help you find safety 🙂
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Posted in Consumer Blog, Life Rhythm Way, Pareto Realty, Real Estate Professionals

Now is not the time to be working on achieving your 2018 Goals

If you’re just now realizing that 2018 ends in 2 months, and you’re not poised to hit your goals . . .

You are likely “too late” to do anything about it.

Just as when you are late for a meeting, you cannot plea that it was the fault of “traffic.”

Guess what?

Everyone who made it to that meeting on time (or early) was dealing with that same traffic, right?

The reason you were late was that you did not leave your point of origin early enough.

No excuses!

I know this is “hard talk” that might hurt your feelings . . . and you can probably come up with a bajillion justifications for being in the pickle you seem to have gotten yourself into.

The truth is, you cannot rewind time and “fix” the past . . . What you CAN do TODAY is to commit to doing whatever it takes to adjust your habits such that you’re not late in the future.

So . . . Instead of worrying about “catching up on your 2018 goals”, why not turn all that energy into laser focus on setting yourself up for a stellar 2019?

Sure! Continue to work diligently for the remaining 60 days of 2018 – Just don’t set yourself up for, what I’ll name, “your own version of an Olympic Gold Medal Moment.”

If you allow this “Catch up on the 2018 goal” to consume you through the holidays, you’ll rob yourself of the joy and fellowship of the season, and for what?

You’ll either hit the goal or not . . . Either way, January 1, 2019 you’ll be too worn out to continue at that pace, and you’ll likely take your foot off the gas.

Consider a better way . . . Resolve to improve your habits such that your flow of leads and closings “regulates”.

Adopt a mindset of being persistently and consistently diligent at doing the things that generate leads . . . not just any leads, but the leads are the “right people” for your business.

Think in terms of quarterly “Volume Goals” and monthly “Unit Goals” (Number of Houses closed/Mth), and always be more focused on next quarter than this quarter.

This may sound crazy, but the real truth is that we REALTORS generally “get paid” 3-6 months after we capture the lead, so what we’re doing is pre-loading our income 90 days in advance.

Is your head spinning?

Good!

Now GO!

 

There’s more about this in my http://BarrysDriveTime.com video this morning

 

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Posted in Consumer Blog, Life Rhythm Way, Pareto Realty, Real Estate Professionals

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Pareto Realty, LLC - Woodmont Centre - 102 Woodmont BLVD Suite 242 - Nashville, TN 37205 615.502.2080 - Tennessee License #261476