Well friends, today marks my first anniversary with the Place Portland Real Estate team, and I am proud to announce that I’ve been able to help twenty-three home owners achieve their dreams over the last twelve months. This seems like an apt time for reflection, so indulge me as I recap the…
23 Things I Learned in My First Year of Real Estate
1. It’s not up to you to determine what the clients buy.
My first clients were a couple with 3 young daughters, who were living in a tiny home and finding it a bit… cramped. They ended up buying a 750 sq ft house, that I initially assumed was too small for a family of 5. Joke’s on me! They renovated the basement, finished the attic, and are planning an addition to the back of the house. Ultimately they got the right house for them, and are adding equity like crazy!
2. Make sure all the decision makers are present for showings.
It’s tempting to show the house to only one person because the other one can’t make it. Unless one person is willing to write an offer sight-unseen (and you love driving across town to see the same property multiple times), it’s really better for everyone to see the house at the same time. Otherwise the “right house” could come and go in the time it took to set up multiple showings.
3. Be first.
In Portland’s hot market, it’s not uncommon for a house to be listed and sold in the same day. There is a real advantage to being the first person in the door and the first offer in the sellers’ hands, especially if your client doesn’t have the money to play the bidding war game.
4. There is a house out there for everyone.
Much like the old dating adage “there is someone out there for everyone,” the same is true of real estate. Sometimes that house is a manufactured home in Molalla, sometimes it’s a penthouse in the Pearl, but if you want it bad enough, we’ll find it.
5. Not everyone uses the internet.
My fifth client was a delightfully cranky older gentleman who didn’t own a computer and turned off his mobile phone between uses. He taught me valuable lessons in “old school” real estate, what it is to get contracts signed on paper, explain addenda in person, and battle record-breaking snow and ice storms to get him to close on time.
6. Nothing good happens in a crawlspace.
If you have a house with a crawlspace, do me a favor and go check your vent screens. Just do it, and call me if they’re open or damaged, I have a people for that.
7. Old leads can be the best leads.
A couple of the clients I helped this year were in our database for more than five years. They were just waiting for someone to come along and help them achieve their goals, proving it’s never too early to start talking to a Realtor about your plans!
8. Relationships are built on mutual trust.
It happens that people buy homes in places where they don’t currently live. When they can’t be on the ground, it’s exponentially more important that you have mutual trust. When you’re all on the same page, you can revel in that joyous moment when they finally see the house they just bought and tell you it was “even better” than they imagined.
9. Succeed where others have failed.
Unfortunately, weak Realtors exist. Luckily for several of my clients, they realized this before getting into contract with these people, and gave me a call instead. I was able to listen to the reasons it didn’t work out with the other agents, and learn from the mistakes those trailblazers made, setting me up for instant success with my new clients.
10. Sometimes it’s love at first sight!
It’s not just the stuff of legends – some people really do buy the first home they see. Those are the people who report that the home buying process was easier and smoother than they ever expected.
11. Turn over rocks to find gold.
With record low inventory and clients with particular wants, sometimes you have to look outside of the MLS for that perfect house. “Pocket listings” (unadvertised active properties) can mean low competition and a great deal for your buyers!
12. When faced with a unique request, find a unique solution.
My client Joyce was moving to Portland with her daughter’s family, and wanted to be close, but not in the same house. Preferably next door. Sounds simple enough, but finding one home in the area and condition she wanted was tough enough, let alone two that were on the market at the same time, next to each other. The solution? New construction townhomes (model units) that actually had a gate linking the two back yards. Dream home(s), found!
13. Terminate contracts, not relationships.
While a rare thing, it does happen occasionally that a contract is terminated. It’s easy to get discouraged when that happens, but remember a good Realtor represents the client, not the house. If you have a good relationship, you will come out of this stronger than before and be in an even better position to understand your clients’ needs.
14. Not everyone needs an over-communicator.
Some people don’t want updates every step of the way. They hired a Realtor specifically to deal with the tedious parts of purchasing a home, and prefer to be notified only when there is something for them to do. If you didn’t find that out up front, it will become apparent very quickly!
15. Some people need to be hand-held.
On the other end of that spectrum is the client who needs a support person and therapist as much as they need a Realtor. This is all part of the service – just don’t get them confused with #14!
16. No such thing as a “gentleman’s agreement” in Real Estate.
If it’s not in writing, it doesn’t exist. And definitely get proof that all written conditions have been met. No exceptions.
17. Sometimes a referral is right under your nose.
“Referral” is the magic word for a Realtor. Whisper it in a bar or restaurant, and you’ll have Realtors coming out of the woodwork to introduce themselves and offer their services. But sometimes you don’t even need to leave your office. I had the distinct pleasure of selling my very own teammate her first home this year! I only had to turn my head to see the referral sitting right next to me!
18. Deals do exist.
We hear it every day – “housing prices in Portland are ridiculous!” To that I say, I just sold a two bedroom condo for $135,000. Any other questions?
19. Where there’s a will, there’s a way.
Maybe a $135,000 condo doesn’t work for your client. Work with their lender to create a solution – bring in a co-borrower, find an investor, tap into the old retirement fund. If they want to buy Real Estate, they gotta want it. And if they want it, we’ll get it for them.
20. Be the sun, give off energy.
To quote a KW mantra, “Energy is everything.” When you’ve shown someone dozens of homes and haven’t put them under contract yet, it can be exhausting (for both of you). Don’t give in! Supply the energy they’re lacking, stay positive, find out what they need and give it to them. Get them over the finish line so you can both breathe easier!
21. Don’t get discouraged – sometimes you “lose” a house only to find something better is waiting around the corner.
It happens – in a low inventory market, buyers outnumber sellers, and it’s only natural that your clients might lose a few bids before getting that elusive “mutual acceptance.” It’s a Real Estate axiom, however, that the house they end up with is always better than the ones they lost out on. Trust me on this.
22. Have faith.
Whether you believe in a higher power or only in yourself, you have to have faith that things will work out the way they are supposed to.
23. Be open, honest, and trustworthy.
I’m sure it’s happened to everyone – you get bad news from an inspector or a contractor, and you know it means the end of a deal. But remember lesson 13 – you’re there for the client, not the house. If you give them the honest information, and they choose to terminate, you’ll find them another place that actually works for them. And they’ll thank you for protecting their interests.
Obviously there were a lot more lessons packed into the last year, and I couldn’t possibly blog about all of them! Instead, let me say thank you to everyone who trusted me with the biggest financial decision of their lives, and to the team who supported me through it. Can’t wait for the next twenty-three!
