What is your least favorite thing about our industry?

Question

Even when you love your job there are parts of it that can feel like a drag. What is your least favorite part of our industry?

Kyle Curtin · Answer

@Bradlee Vaoifi

This is pretty dumb, but the part that I least like about the industry is phone calls 😂 I am more introverted, so I am awful at talking to people on the phone and am trying to go very heavy with social media instead 😂

Russell Holmes · Answer

I wish it was a little more difficult to become a Realtor and/or there was more mandatory training on how things actually work in practice beyond the basics of laws and ethics.  FL pre-licensing is mainly what not to do, nothing really regarding how to be a decent competent agent. I've only been at this for two years, but I have come upon some incredibly questionable "Realtors". When I was new, if I didn't know something I'd ask someone who did to be sure I didn't screw it up.  So many folks don't seem to get that concept....at all.  For example:

- Yes, you need to include an EMD on your buyer's offer....yes EVEN if your buyer is using a 0% down lending product. My seller isn't going to pull it off market for free.

- No, my seller is not an A-hole for keeping your buyer's EMD, you literally missed closing and completely ignored our offers to extend with additional EMD. Please re-read the contract that all parties have signed, it explains all of this and what happens in the event of buyer default, I promise.... Yes, missing closing counts as buyer default.... yes I'm sure...

-Yes, I can see that the county records says your listing is 1100sf and 1 bathroom, so your 'permitted' 1500sf living space and 2 bathrooms with a janky enclosed porch and broken shower constructed by your cousin Vinny is BS. Did you not review the county records on your own listing?!? You know appraisers look at county records right?

- Yes, I do actually expect a response to my email and phone call within 24 hours regarding urgent contract matters

- No I'm not an A-hole for escalating to your broker when you ghost me on important matters.

- No, we cannot extend inspection period because your favorite inspector is booked.

I could go on.  Most of these have been from folks that have supposedly been 'doing this a long time'. Yeah, ok then.

Oh also weekends, I'd like to know what weekends are like to normal W2 folks.  Haha.

Rob Massopust · Answer

Right and the reason most agents are Aholes is they have to be, they get tire kickers, unrealistic buyers and what not. Combine being an Ahole and stupid you have a top agent, just saying. I try to help most people, but guess what you get stroked for info and that Buyer or seller just goes with someone else. Does your doctor or accountant operate that way, no its just there is such a conflict of interest and high stakes that there are too many agents and idiots.

Rob Massopust · Answer

You are not in the real estate industry you are in the marketing industry. 80% of the time is spent finding, marketing and convincing sellers you are better than other agents, not solving problems, helping people or even understanding the challenges and opportunities it takes to get a deal done. I see stupid people making alot of money selling homes and they are just clueless.

Agents that think they are so great at selling a house because it sold in a day, its not you its the market, you under priced it etc.

Agents that think they are so entitled to the seller's equity and every broker, coach and what ever company costs seller's $10,000's in equity. News flash sellers feel ripped off and every agent looks at a listing as a lottery, this is why the ibuyers are coming hard at the commissions, the only thing that has kept the wolves at bay is the monopoly that the NAR has and the relationship an agent has with the seller. You cant tell me it takes just as much work and time to sell a lower priced house as a higher priced house, within reason and what not.

The HGTV effect, buyers expectations are way out of whack. Everyone always wanted more than they could afford but ever since HGTV came out its just crazy. Same goes for the flipping industry, everyone wants to make a quick buck and is buying everything in sight. Housing should serve a basic function to provide housing for families and individuals, build community and make life better. Now when hedge funds and big investors are buying and building homes to speculate and rent out the housing crisis is only going to get worse. We are becoming a nation of renters and that is not good for society.

If I hear one more person say "I want a good deal", yeah we all do.

I think someone mentioned above, the cost of entry into the business is very low so this brings in alot of floatsum and agents wanting to make a quick buck. Investors too.

I too am guilty of alot of the above but you have to to get any crumbs off the table. I got into real estate because we were trying to buy a property and I realized that I knew more about things than the stupid agent, then when I figured out how much the agent was making it was my entire down payment. WTF, cant beat em join em. Got my license and worked hard and soaked up everything I could. Fast forward 20+ years and its so competitive for all the reasons above that its just a drag, its time to reinvent what we do and how we do as agents etc. In my county there are over 55k agents, what thats crazy.

Shall I go on, not to sound bitter but just realistic.

Tracy Selfridge · Answer

@Russell Holmes made a bunch of valid points here for sure. I'll add that in general the biggest thing I dislike is wasted time on clients that turn out to be not so serious about buying or selling. I know every agent goes through this phase where we are just throwing time into a trash can.

Learning to respect our time and setting that expectation up front with potential clients is a must. I'm not a fan of giving away professionalism for free.

That being said, I'd ask everyone to flip this question on it's head.

What do you like the most about our industry?

For me, it's finding those awesome clients that are great to work with and serving them. It's awesome, rewarding, and noble to help your clients reach their goals.

Russell Holmes · Answer

@Tracy Selfridge I like that question too!

One of the things I enjoy the most that has also continued to impress me is how incredibly helpful everyone in the industry is, in general.

When I started out, I had a lot to learn and assumed Realtors in general would be stodgy and closed off.  Not sure why I had that assumption, but it can't be further from the truth.  Of course my broker was helpful, but I also received assistance from veteran agents (sometimes on the other side of a transaction making suggestions), lenders, title companies, attorneys, etc. I sent a low-ball offer in on one house that was my buyer's max pre-approval.  List agent called and talked with me about things and eventually referred a lender who got the preapproval up to an agreeable amount and the deal closed. I've now closed a few more with that lender, shared cups of coffee that lead to 90 minute conversations, etc.  And he was a referral of the list agent I somewhat low-balled.   It's almost as if the fact that we can't get 'kick backs' in the form of cash back and forth, everyone uses value as the currency. It takes two realtors for nearly every deal, so they are competition and colleagues at the same time. Give value where you can, receive it back constantly.  It's never ceased to amaze me how welcoming and helpful most people in this industry are.

I also enjoy the connections made with clients, investors, and colleagues. I have had those 'waste of time' tire kickers that we all do when learning how to weed them out, but I've had countless others that are a true joy to work with. I learn things from them and through the hunt for property, they learn from me.  I get to know the nuances of their kids in tow for each showing, start to recognize things they will like or not like on properties, etc.   Sure they might take a few months and 20+ houses, multiple offers, etc to finally close, but they are appreciative and respectful of time and a true pleasure to work with. Night and day from the entitled tire kickers, haha.  I haven't been doing this long enough for much repeat business yet, but I've formed some great relationships with many who are keeping me posted on preparations for their next deal later this year or early next.  There are some things that are fun to blow off steam about to others in the industry, but overall I love this career and wish I had made the switch sooner!

Russell Holmes · Answer

@Kyle Curtin I feel you there!  I'm working on it and I'll call/answer when I need to and when I can, but I MUCH prefer texts and emails.  I'm often multitasking on emails and research, driving to see or show properties, etc. so it's tough to be available to drop everything for a 5-30min phone call that I didn't previously schedule.   I feel like a text or email allows both sides to respond with thought out responses at a time that works.  It seems like every time I need to call someone I'm leaving a message that they return later.  I miss the calls that are important due to being tied up with something else and end up calling them back shortly. Phone tag is so much less efficient than text/email in my opinion.  The calls I get at 'good times' to answer are like yesterday's call on a listing:"Hello, I'm calling about your listing at 123 Main Street.  I see on Zillow it says an estimated payment of $1038 or $199k sale price.  Does that mean that it's rent to own for $1038/mo?"  ($1000/mo in my market will not rent you a $200k 3/2 house)

"No, that is an estimated mortgage payment. It is zillow's way of advertising for their mortgage partners based on assumed down payment, interest, etc.  There's a link there you can click to see how they get that number.  That's your mortgage if you buy this house with their assumed terms.  My seller is only selling this home, not renting.  If it was for rent, market rent would be $1500-1600"

"Oh that's way too much, do you know of any homes like this that rent for $1000?"

"No, no I do not"

*click*

Such a productive use of my time, haha.

What is your least favorite thing about our industry?

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