So you say you are Working with a REALTOR?

“Working with a REALTOR” may not mean that you have REALTOR Representation.

Yep!

You’ve decided to buy a house.

You’ve been told that it would behoove you to work with a REALTOR because the process of buying a house is very complex.

You:

  • know a REALTOR – or
  • have been referred by a family member, friend, or work associate to a REALTOR – or
  • you have connected with a REALTOR as a result of that REALTOR’s marketing (Open House, mail, internet, billboard, radio/TV advertisement)

This REALTOR talks with you and learns your wants and needs and then refers you to a lender to initiate the loan process to “Pre-Qualify” or “Pre-Approve” your ability to purchase.

Now you know “what you can afford”, so you and said REALTOR begin looking at houses.

THIS is FUN!

Excitement builds as you see the possibilities . . .

Last week, you wanted to see this great looking house that just came on the market, and the REALTOR “with whom you were working” was booked solid with appointments and was not able to show it to you, but lucky for you, the house was to be Open on Sunday . . . so you go to the Open House on that beautiful Sunday.

Oh MY!

You fell in LOVE!

THAT is your DREAM HOME!”

Of course, you cannot hide your enthusiasm, and the REALTOR hosting the Open House is well aware.

She asks if you are pre-qualified for financing and is exuberant upon hearing your affirmative response.

She asks: “Are you working with a REALTOR?”

Of course, you say: “Yes!”

Her follow up question confuses you: “Do you have an Exclusive Buyer Representation Agreement with this REALTOR?”

You’re not sure . . . Don’t remember the REALTOR with whom you are working mentioning that.

The Open House host sees your puzzled look and asks: “Did “your REALTOR” have you sign anything before agreeing to “work with you”?

Hmmmm . . . No!

Well then . . . We just established that you are an “unrepresented Buyer” because establishing client agency requires an agreement in writing.

This REALTOR might then have said something to the effect that: “This house will sell TODAY! I can “write up an offer with you and can present it to the Seller after the Open House.”

Next thing you know, you’re committed to a deal that you don’t fully understand . . . AND you’re now wondering if you paid too much and who is going to shepherd you through the remainder of the process.

YIKES!

This is a hard lesson you don’t have to learn the hard way . . . Protect yourself by signing an Exclusive Buyer Representation Agreement with a REALTOR you know, like, and trust BEFORE you start looking houses . . .

BECAUSE . . . In the world of Buying a house, there IS such a thing as love at first, and you deserve to be prepared and represented when you find THAT house.

Just because a REALTOR is willing to show you house does NOT mean that REALTOR represents you.

After thought . . . Most REALTORS would not “capitalize” on this scenario of unrepresented buyers who are “working with a REALTOR” . . . but some will.

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

The Single Most Important Component Necessary for a Successful Home Purchase or Sale might surprise you!

It’s THIS simple!

Without this, there’s nothing a REALTOR can do to to help you navigate the process of buying or selling a house through to a smooth closing.

First and foremost, you must make the all important decision to move.

For transparent clarity, here’s what Webster has to say:

Decision

noun

de·​ci·​sion | \di-ˈsi-zhən  \

Definition of decision 

1the act or process of deciding

“The moment of decision has come!”

2a determination arrived at after consideration CONCLUSION

“I/We have made the decision to move!”

3promptness and firmness in deciding DETERMINATION

“I/We am/are acting with decision!”

I know this may seem to a BFO (Blinding Flash of the Obvious), but it’s often overlooked thereby resulting in colossal expenditure of time, energy, and money by all involved – yourself, REALTORS, Lenders as well as the other 40 or so other people involved in every real estate transaction.

Without this “Decision to move” piece, the whole thing is not much more than demonstration of the essence of “exercise in futility.”

Only when there is full commitment to the process with a clear end in mind will this bird lift off the ground.

This commitment provides the fuel to enter the process with full throttle.

Motivation is high, the bridges behind you are burned, and there’s no turning back.

Excitement builds as the possibilities come into focus and anticipation thrives.

With anything less than a unilateral decision to move, odds are decent that the process will be grueling . . . Likely due to your latent desire to sabotage.

If/When a closing does happen . . . it’ll be bittersweet at best.

So . . . If you’re contemplating a move, here’s my prescription.

Find a great REALTOR – Someone who you already know, like, and trust . . . or a referral from one of your family, Friends, or Work Associates who know, like, and trust.

Call that REALTOR for an “Initial consultation” to determine:

a) That you you do, indeed, know, like and trust him/her

b) That you are DECIDED to do this.

c) Formally agree to work exclusively with this REALTOR by signing an Exclusive Representation Agreement

And then allow your REALTOR to lead your through the process.

Easy-Peasey, Eh?

PS – If you happen to in Middle TN, any one of our Vital Few Pareto Realty Real Estate Professionals are poised and ready to pamper you with our flavor of exclusive, discreet representation.

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Will that new Discount Brokerage take business from me?

Pretty much every day, I hear of a new real estate firm business model.
That’s what happens when the market is HOT . . .
Suddenly, everyone wants to be a REALTOR because the myth tells them that all REALTORS are KILLING it in this HOT market.
For sure, the population and REALTORS and firms has likely more than doubled in the past 2-3 years (I don’t know the real stats on this, but I’m betting I’m not far off).
You’ll hear some REALTORS feeling threatened about “Discount Brokerages” and weird concepts advertising that they’ll buy your house, so you can move on “without the hassle of listing your house for sale.”
Everyone is scrambling for their piece of the seemingly ever expanding pie.
There are many of these “Discount Brokerages” and unique business models – and have been for many years.
Having been a REALTOR since 1993, I’ve seen MANY emerge with only a few surviving when the market turns down.
They are not as much of a threat as you might think . . . Just as “For Sale by Owners”
Most of the Sellers who use these discount Brokerages are folks just wanting to save money and not thinking through the complexity of a home sale transaction.
These business models may be perfect for the “Seasoned Home Buyers and Sellers” who have bought and sold many house through the years and don’t feel the need to “Hire” a full service REALTOR. Interestingly, many of these folks end up “eating crow” when they realize the value of full service agent through absentia.
Many of them end up not being able to sell their house and/or getting themselves in trouble (Legally) because they don’t know what to do, and their “real estate agent/service” is not advising them as well as a full service agent .
There will always be room in the market for all kinds of business models . . . Many of these discount brokerages fizzle and go out of business when the market cools down (and it will because it’s a cycle)
Just think of Dollar General vs Target or Nordstroms . . . All valid business models selling many of the same products and each appealing to a different set of customers.
In real estate – When people ask me about these models . . . I remind them:
You pay for what you get
Real Estate is LOCAL – Rely on a local expert who knows the local market
Real estate is personal – Most Home Buyers and Sellers want to work with someone they know, like, and trust
Real estate transactions are complex and not something most people do frequently enough to know how to navigate
Real estate documents are legal, binding agreements that require the parties to “perform” within defined time deadlines.
If you’re a REALTOR feeling threatened by these “creative business models”, I offer you the following “Mantra” that the agents in my firm hear day in and day out.
Pareto Realty is “The Vital Few”
We do not discount because all of our agent members are Local Professionals
We know that our business model is not for everyone
We are students of the local market and of the trends and laws relating to real estate and the economy
We are staunch advocates and advisers for all of our clients
We understand the 80/20 principle at a very high level, so we focus on the 20% of the Home Buying and Selling public who align with our business model.
We know that the people who we already know, like, and trust us are our most loyal sources of business through repeat and referral business.
We succeed first by identifying who the 20% advocates for our business are, and we Consistently and persistently communicate with these people over time so as to be “Top of mind” for these folks when they hear their family, friends. and work associates considering a move.
We derive 80% of our closed sales from THESE 20% Vital Few people in our Sphere of influence.
We, as a team, learn together and support each other as we develop our respective real estate sales businesses.
The best way to “combat” these myriad other business models is to speak our language and ooze our culture to everyone we already know and to everyone we meet.
The right people will then choose to work with you/us and “will be blind” to all those other business models.
Bottom line:
Whatever your business model is . . .
Know what you stand for and refuse to compromise your standards, and your business will thrive in ANY market conditions regardless of all these “new players” on the field.
As you can see, it struck a chord , , , so much so, I’m going to polish up this response and use it as my blog post for today 🙂
You’re doing the right stuff . . . Just keep on keepin’ on
Have a great weekend,
b
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Being nice pays dividends

Being nice is an often overlooked productivity tool.

Just think about the toll not being nice has on us.

Being mean-spirited and nasty is a wrecking ball for any and all efforts to perform at a high level.

Everyone involved develops amnesia as to what the goal might be . . .

The DISTRACTION that ensues is debilitating to the nth degree.

Ugliness sucks our life energy out of our bodies and minds . . . and our psyche hurts.

Blood pressures rise as unreasonableness festers within.

Soon, we become obsessed with “Rightness” and forget the important stuff like why we are here together now.

We lose sight of the fact that it’s OK for other people not to have the same beliefs, standards, and knowledge.

Empathy is out the window as this becomes a seeking to MAKE others understand (and agree) rather than seeking to understand their point of view.

Absent nice, and what might have been a smooth channel of communication becomes transaction with ever-present FRICTION.

Let’s consciously decide to take a different and more productive path.

Let us pledge to kill em with kindness!

Choose to be nice when others aren’t.

The results will be earth shattering for you and others around you.

The Law of Attraction thrives in this environment because all people crave niceness.

Next thing ya know . . . More roses – Fewer thorns!

Be Nice!

b

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Relief from drudgery is THIS easy

Have you found yourself in a RUT?

Of course, you didn’t mean to confine yourself to this rut . . . It just happened!

Kinda like boiling a frog . . . When you started doing what you’re doing, the water was cool and energy was good.

All was well and over time the water gradually went from cool to warm to – well – boiling.

Here you sit in that rut (pot) . . . boiled!

You ask yourself how you got yourself into this mess . . . and then the panic sets in . . . How will you get out of this alive?

After all, this rut is the only thing you know now.

Yes!

It’s drudgery, but it’s YOUR drudgery.

You created it, and it’s your comfort zone . . . to get out of it would require CHANGE, and none of us are all that keen about change because it’s uncertain – unpredictable – scary – and just plain DANGEROUS!

What if you do this change thing, and it doesn’t work?

What will other people think and say about you as you morph out of your familiar rut and become “different”?

Maybe you’ll explain that you just now realized that everything and everyone around you is moving . . . always in transformation . . . and always has been while you’ve kept yourself in your place of safety – your RUT!

You’ve made your decision, and it’s time to let your hair down and live a little now!

Now for the hard work of . . . HOW?

Quit being so damn responsible and rational!

Make a game of it!

Decide to DO something about this self-imprisonment!

Stop caring so much about what other people think of you . . .

What other people think about you is none of your business (IMHO)

So this is gonna require a YUGE shift of mindset, and there’s no way to do this other than to eat the frog – rip the band-aid off – take the plunge.

ALL IN!

Change or BUST!

It’s time to play some serious ball.

If you’re still reading this, you’re in deep tapioca because the seed has been planted.

Will you nurture it and let it grow?

Will you build a strategy to extricate yourself from this rut and choose to blaze your new trail to . . . somewhere else – That place in which you’ve always wished you could be?

I hereby grant you permission to do this 🙂

You’re welcome!

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email: info@paretorealtyllc.com

License # TN 261476

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