Without a dog in the hunt

Real estate sales professionals are the “Quarterbacks” on the home sale team.

Somewhere in the neighborhood of 42 people participate in every transaction – Buyers – Sellers – Lenders – Appraisers – Title Companies – Contractors – Inspectors and the list goes on including all of the staff of all of these players.

So . . . technically, every transaction is its own 42ish person organization (team). All of these people have crucial functions in this and important, wildly complex endeavor. One dropped ball by ANYONE at ANY time could kibosh the entire deal resulting in home buyers not owning that house they love and Sellers not being able to move on with their new lifestyle in a different house. Indeed, the stakes are HIGH!

Most of the these transactions originate with REALTORS. Home Buyers and Sellers “hire” these professionals as exclusive representatives on a contingency fee basis . . . The REALTOR doesn’t receive compensation until or unless the transaction CLOSES and FUNDS. That’s right . . . a REALTOR could work with a client for untold hours “invested” over a period of MONTHS and not make a dime.

Is there any other “profession” that works this way?

It’s the REALTORS who typically refer many of those 42 players aforementioned to their clients. Many of these “vendors” are receiving most of their business from a select group of REALTORS and literally do not need to pay for any marketing for new business.

A common frustration in our industry is that these referral “relationships” are largely “one way streets” . . . Other than a “thank you”, lenders and other vendors seldom reciprocate by referring new clients to REALTORS. When asked why, the response often is along the lines that they seldom run across unrepresented buyers and sellers (because they are not having to market for them) and when they do have the opportunity, they have too many REALTORS sending them business to be able scratch everyone’s back with occasional referrals . . . hmmm.

RESPA allows Lenders to participate financially in co-marketing with REALTORS. The guidelines are clear and absolute. ANY Lender can “support” a REALTOR by helping defray marketing fees which lead to more leads for the REALTOR thereby creating more business for the . . . LENDER.

I think it’s nothing more than “good business” for these co-marketing pursuits because everyone who has a dog in the hunt WINS!

So . . . why are so many lenders so unwilling to be contributing team players?

Please note that I did not mention any absolutes . . . some lenders DO very generously (within RESPA rules) support their REALTOR “partners”.

The bottom line for me is full of candor . . . We all expect everyone in our rolodex to do what they do well, timely, and professionally. That’s the baseline . . . I think it’s fair to expect more than baseline by bringing a dog to the hunt – Full participation = Partnership.

Where’s the escape hatch?

Monday Morning Coffee – Tuesday Edition

Is it enough to know where that hatch is?

Do you know how to open it?

NYC Bus

Most sales people choose not to talk about how the customer goes about cancelling their new “relationship” in the event it’s not the brilliant, game changing experienced for which they think they signed up.

The savvy one’s amongst us ask tough questions up front:

  • What’s the commitment?
  • If/When I decide to cancel, how do I do so?
  • Will there be a penalty?
  • When I cancel, will you try to “win my business back” by offering a “significant discount”? (If so, let’s save some time and game playing . . . How’bout you give me that discounted price now . . . just in case . . . )

I’ve found that most folks who enter “relationships” of any kind and ask these kinds of questions aren’t (yet) committed to the purchase.

These people are focusing on an exit strategy before they’re married.

For me, this boils down to trust.

Choosing to do business with people we trust is a better strategy.

Exit strategies fade in the bright light of trust and leadership.

Yes . . . “Salespeople” can be Leaders – Trusted advisers guide customers to smart choices.

Authenticity – Integrity – Grit – Win Win – Knowledge and even wisdom create conditions that are safe for the customer.

We service folks know that our primary function is to educate, advise, and execute a smooth process such that the customers can focus on the things that are most important . . . making informed decisions that solve whatever issue is at hand.

Most (not all) REALTORS “get” this at a high level. Our reputation/livelihood is at stake as we guide clients through the important complex transaction(s) of making a move.

Here’s my advice . . . Choose your REALTOR carefully. Be certain that you’ve decided to make this move and do some serious heart thinking to be clear about your intentions and desires . . . and THEN find a REALTOR who specializes in serving YOU within YOUR niche.

In this world of omniscient internet proliferation, please don’t ever forget the 3 most important words and 1 “mandate” in every real estate transaction.

LOCATION – LOCATION – LOCATION

and

What is the lifestyle transition you wish to make with this move?

I and “The Vital Few” Real Estate Sales Professionals of Pareto Realty “get” these principles at a very high level and “practice to excel” each and every day because we know that as each of us succeeds through serving our clients quintessentially, we ALL succeed.

If you’re contemplating a move, the best time to get the process started is NOW . . . The first step is a “listening consultation” with your favorite Vital Few member.

If you are a REALTOR who is contemplating a move, I’m eager to meet with you to learn more about intentions and desires relative to your career – Connect with me barry@ParetoRealtyLLC.com

Let’s GO!

Give and Receive to Give and Receive More

Whatcha gonna do for yourself as a reward for a great start for 2020?
I’m sensing good momentum and want you to know that we are noticing your grit and determination to make this the BEST year EVER. Note that “BEST” is relative to your own, personal goals and aspirations. It could be better quality of life – more happiness and joy – more sales – more connection with people who “feed” you.

I have used this 1st month as a time to “reclaim” some of the fire I’ve allowed to dissipate the past several years. Yep! I’ve been holding myself back from achieving┬áthe level of success of which I know I am capable . . . This year’s gonna be different and don’t ever forget that as each of us succeed we all succeed . . . I pledge to do more than my fair share of succeeding in 2020.

How ’bout you?

One of my long-time inspirations comes from the writings of Deepak Chopra who wrote a formative (for me and many others) book The Seven Spiritual Laws of Success

I first read this book in 1993 and was blown away by the simple wisdom within . . . and I realized that there are 7 “laws” and 7 days of the week, so I adopted a new ritual for each morning – Read one Law first thing each morning immediately followed by silence for as long as I “need”. This practice served me very well for many years, yet a while ago, I abandoned it for a LONG time.

Guess what?

Only a few days of doing this has amazing results in terms of more happiness and comfort and confidence.

Today, I give you “The Law of Giving”

Here’s what I said about this in this morning’s BarrysDriveTime.com FB Live

The Power of FOMO

Offer me a widget for $20, and I’ll probably decline. (no for now)

It’s not that I don’t like that spiffy widget . . . The truth is that I LOVE the widget, but I need to take some time to think about all the other ways I could spend that $20.

I wasn’t even in the market for a widget in the first place. A little time passes, and my self-talk becomes more reasonable: “Buying this widget at first offering shows signs of impulsive tendencies . . . a weakness.”

What are the advantages of owning one of these widgets? What will other people think when they see I’ve bought this thing – for $20? What’s the probable shelf-life of this widget? Will I use it a couple of times and then relegate it to the pile of other widgets in the closet or kitchen cabinets?

Nah! Not yet! I’ll wait until I see other people buying these widgets. If I wait, the price could go down to $17.50 or LESS. I’d be a fool to pay the full price today only later to witness all my friends paying less.

Uh-oh . . . Did you see that lady over there bragging about being one of the first people on the planet to own a widget like this? I listened in on the conversation and overheard that the price of these widgets is going UP to $22.50 . . . OMG! I’ve missed the boat . . . I’d better hurry and get one.

Hmmm . . . Buying this widget wasn’t a worthwhile purchase until the pain of FOMO kicked in. Well . . . At least I didn’t buy on impulse, eh?

(FOMO = Fear of Missing Out)

No need for more

“Less is more” is so Cliche’!

As I become more aware of my inevitable potential for mortality, the less I care about having more STUFF.

I have recently (this week) returned to a long-time habit of mine which “fizzled” some years ago. This habit is one that served me well for SO many years because it helped me maintain daily focus on all of the pieces of my living that matter most. Now that I’m telling the truth, I think I fell out of this habit 10 years ago . . . This is something I started in the early 1990s as a daily reminder of the power of Deepak Chopra’s Book “The Seven Spiritual Laws of Success“. (first Pareto Realty Book Club book of 2020). Here’s how it works:

EVERY morning, before diving into the work fray, sit in a quiet place and read one of the Laws . . . Buy a “Composition Book” and write the date – then any reflections that come to mind for you while you read the law. I did this for YEARS, and then stopped doing it for reasons unknown.

This week, I picked this habit back up, and it’s already making a HUGE difference it this week, and guess what? It’s making a HUGE difference in my mindset and productivity. Try it – and buy this book and read it. It’s WAY more than “just another thing”

Of all the things you “possess”, which ones are “net value creators” . . . Things/people who enhance your life experience and contribute to your happiness?

What/who are those which would improve your life experience by their absence?

So . . . Now that you know your truth, what’re you gonna do about it?