Years ago I planned to buy a convertible in the Outer Drive East
building. It was super small but at $150,000 it was all I could
afford. It had a fabulous view of the lake. When I went to get the
mortgage, the mortgage specialist told me to wait until I could find
a larger place because this place didn't have any re-sell value and I
would outgrow it quickly. I was a little surprised, but I realized
that he was right about outgrowing the space. I've always suspected
that he bought the place for himself to let his mistress stay there,
but that's my overactive imagination getting the best of me.
Years later when I did get my own place for real, it was much
larger and really met all of my needs except one – it didn't offer
a view of the lake. To be fair, the place I wanted doesn't have a
view of the lake either now. New developments in the area have
overtaken the spacious north view. But getting the place made me
realize that I wasn't the only person who felt like getting a place
to live was made much harder than it needed to be. Even a girlfriend
of mine had joked that she wanted to write ''The brother's guide to
home ownership” because no one told you the entire story upfront –
they just let you discover each piece to the puzzle and it made it
very frustrating.
That's why I decided to take the plunge and get a real estate
license. It was about ten years ago that I took the exam. I was more
surprised than the proctor of the state exam when she looked at me
and said “Oh... you passed!” At that time, it was either pass or
fail. The proctor either gave you a license or a list of the upcoming
dates for the exam to take it again. I got a license. A few weeks ago
I had to pass the real estate broker's exam to keep working in this
field, as all real estate salespeople in this state were required to
do. It was great to be recognized for my hard work and I intend to
keep it going.
I think that you should find a good mentor who wants to show you
the ropes. Don't take a job at a firm that ignores you or doesn't
have time for you. In a down market, we had a lot of people who were
doing their own thing even though we are required to have a broker
monitor our actions. Put together a list of every single person you
know and let them know you sell real estate. It took me a week to get
through my phone book, but I had the added bonus of reconnecting with
all of my friends and relatives. Never pass up a chance to get a
client – you never know when it may happen. Get to know a
neighborhood like the back of your hand and get to me an expert in
that area. I've always wanted to work in Hyde Park and I do well
there because it is my favorite neighborhood.
Put together a
pit crew of appraisers, closing attorneys, mortgage brokers, and
handymen. A good handyman is the hardest to find – once you get
one, they find a regular job and can't work during the day. You need
someone who can give an honest assessment of a house – is it a
fixer-upper, or a money pit in disguise?
One of the great things is that you don't have any restrictions on
where, how much, or, for the most part, what time you work. You can
get real estate work out of the way anytime – letters, contracts,
writing advertising, talking a client down from a ledge – all can
be done throughout the day. Just treat them as you would any good
friend. You are helping them with the most important purchase they
will ever make. You'll be remembered and in demand if you give them
an overview of what to expect and are prepared to point out the
things they should consider in making their decision.
I would be remiss if I didn't mention that the most important
thing is safety. Don't go into empty places alone. Let someone know
where you are at all times – keep you GPS on, and don't meet a
client at a remote location. Meet them at your real estate office
and make sure the receptionist gets a good look at them. I recommend
pictures, and get a copy of their ID and license plates. Always get
their work location, connect with their mortgage broker and find out
how they found out about you. I send lots of cards of e-mails and
follow up. I don't recommend doing Open Houses or house hunting
after the sun goes down unless you are going to a building with a
doorman.
If you can do these things, you can be very successful – I wish
you the best of luck. Call me if you need anything...
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