How do Realtors stay competitive while maintaining their professionalism?
A: Real estate is a profession in that it requires Realtors to be both collaborative and competitive at the same time. In any given week, agents may be working collegiately side by side on a transaction, representing buyer and seller respectively, but be in competition for the same listing on another high-end property down the road.
As a result, Realtors can be very secretive about the projects they are pursuing, unwilling to share their experience and wisdom with newer agents or with colleagues, and less than complimentary about one another when confronted with the “either/or” scenario, and that’s a shame.
And because there is a lot of money at stake, sadly, some agents pursue commissions above courtesy or conscience. But because agents have spent years, if not decades, carving out their territories and honing their craft, they are naturally protective over their work product and their clientele.
I get it; those of us attracted to sales tend to be genetically competitive people. If Realtors care about the reputation of our profession, we’ll take care to treat one another professionally, thereby lifting each other up, instead of pulling one another down. When each of us acts with knowledge, diligence and respect, our profession, as a whole, gains credibility.
Doesn’t that make more sense as a business strategy than being cutthroat? Thanks, Mom. Happy Mother’s Day.
Julie Gardner, the Grubb Co., (510) 362-0840, jgardner@grubbco.com. A: To succeed in San Francisco’s competitive market, an agent must be diligent, resourceful and adept at creating opportunities.
Because it’s a seller’s market, many buyers are flailing — making one offer after the next and facing rejection — and the cookiecutter approach just isn’t working. A savvy agent knows how to help clients face the reality of the market and find the right opportunity to match the client’s budget and requirements.
Real estate is a relationship business. The best agents inspire the respect and trust of other agents through hard work, creative thinking and problem solving. Top agents advocate for their clients first, but also understand how to structure a deal into a win-win situation, even in a tense negotiation or a multiple-offer situation.
Fear and intimidation may win in a single transaction, but over the course of a career, those tactics will only diminish the agent’s reputation in the real estate community and their long-term success.
John Solaegui, Paragon Real Estate Group, (415) 738-7232, jsolaegui@paragon-re.com. A: Life isn’t always as complicated as it seems at first glance. How to be ethical and professional in a tough market? Go back to our childhood and remember the Golden Rule. Do unto others as you would have them do unto you. Sure, this isn’t always the most profitable short-term route. It is the most ethical, though. The other rule is, “If it doesn’t feel right, it isn’t.”
Another way to look at it is that life and business are long games. Not short ones. Real estate investment is also a long game. Buy good property, be good and ethical to your tenants, and Shazaam! You’ll wake up 20 years later with a pot full of money and people sending you more each month. I was taught that all people start with the same amount of respect.
Some choose to add to it. Some choose to fritter it away. The reality in this market is that it is a very, very small world where everyone knows everyone else. You can poison your reputation in a heartbeat or choose to treasure and build upon it by following these few simple rules.
Michael Stephens, Highland Partners Real Estate, (510) 816-9693, michael@michaelstephens.net.