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Jessica’s Bad Haircut
Last week Jessica, my office administrator, went for a routine hair trim. This resulted in three haircuts punctuated by a good cry or two. The first was a “mullet-inspired” cut, apparently accomplished by blunt nose kindergarten scissors in the hands of a new stylist who paid no attention to Jessica’s wishes. The second was a valiant attempt by capable stylist at damage control. When finished, he told Jessica she would simply have to wait for it to grow.
Jessica conferred with her closest advisers: me, her husband, her brother in-law, people in the checkout line at the grocery store….anyone who wanted to engage in a conversation about badly cut hair. Quickly Jessica assessed her situation: 1) She could not return to long layered hair for 6-18 months 2) She could not hide at home for the next year or two waiting for conditions to improve 3) She could do the best with the hair she had left.
She went back to the talented stylist, a picture in hand of a cut suitable for shorter hair. He gave her a sophisticated new look, confident and breezy with volume, highlights and ease of care. Well, Jessica’s hair has never looked better. Would she have made the change without the pain? Probably not!
The next time someone asks me what the real estate market is like, I will say “like a bad haircut.” Many agents are waiting passively, hoping for improvements in 2008 or 2009 all the while complaining to friends, family, co-workers and the people in the checkout line at the grocery store about the difficult times. I have chosen instead to recognize this as a mandate to reexamine practices and procedures. It is a time for personal change and business growth; It is a time when buyers and sellers recognize the value of a talented real estate stylist.
Selling Real(ity) Estate
Where have all the buyers gone, those eager ones who swarmed with piranha-like frenzy at each new listing? Many investors, builders or speculators have recognized an end to unsustainable gains in real estate prices and left the market. Some, burned by their own zeal, have found themselves owning an investment they can not sell for the amount they owe, much less at a profit. (Foreclosures are up 53% over 2005.) Home buyers are fearful and unwilling to pay peak prices in a declining market; they have turned cautious, demanding and watchful. With 7-10 listings for each buyer they are in power!
A correction is in progress forcing a difficult shift in the expectations of the sellers. As a Realtor representing sellers, I am often the bearer of an unwelcome message: Our property is generally worth about the same as it was in 2004. As an astute agent, I am able to guide buyers to a higher caliber property and numerous perks for the same dollars spent in 2005. As a real estate investor, my net worth declined this year. As a parent of young adults, I am encouraged that it will again be easier to achieve the American dream of home ownership.
It is not as grim as an alarmist media portrays. 2006 MLS sales volume is off only modestly from peak years but days on the market did climb. Meanwhile, homes of sellers who cling to yesterday’s prices, “wait for Spring” or the “right buyer” remain unsold as values slide. Properties that are groomed for the sale, carefully priced and aggressively marketed do sell. This is hardly headline grabbing news; it has always been that way. It is Real(ity) Estate.
Real Estate Sales/Fifty First Dates and Job Interviews
Imagine going on job interviews every day for your whole career. Selling real estate is like that. Have you seen the movie Fifty First Dates? Selling is like that. Each transaction requires establishing relationships and building trust. That is why I am especially grateful for referrals. Your family members and friends come with confidence in my capabilities and the expectation that I can help them find solutions to their real estate needs. I am also grateful for the difficulties and challenges of the business today. Because of these, I am needed and well paid. Last year my transactions numbered seven times the average agent’s—not as impressive as it sounds. Simply put, the average agent is not very successful. The current market correction will help raise the bar on our industry. The meekest and weakest will not survive. The pubic needs and demands more expertise & professionalism. If it were not so, anyone could do the job. (In fact many try. Out of 16,000 new licensees last year in Minnesota, only 800 have renewed their licenses for the second year.)
With the organization, the staff, the equipment and the resources I am anticipating the most (closing) dates ever in 2007.
A Sense of Abundance
Popular consumer advisor, Suzy Orman, made an interesting comment. She said if she goes into someone’s home that is cluttered she thinks that person is not a good money manager. Whoa! A paradigm shift! I thought it meant they were savers-maybe depression era folks who saved all the old shoes because they didn’t have shoes as a child. She saw them as consumers who shop, acquire or buy replacements for items lost in the clutter or who compensate for disappointments with acquisitions.
They spend instead of save. Interesting, eh? More and more homes have more and more stuff-to the point where stuff seems to own the owner instead of the other way around. Often sellers need the resources I have available to prepare to move. It is not unusual for a seller to need a year or two to pare down possessions. Do not hesitate to call me early.
According to the Instruction to the Cook: A Zen Master’s Lesson in Living a Life that Matters, in Buddhist monasteries it is the cook’s duty to make the most scrumptious meals possible out of whatever ingredients were available.
This year I hope to hone my sense of the abundances of my life instead of my need to acquire more. I will make soup from my freezer.
Your Old’n Plump Realtor is guarding the table
Gold’n Plump Poultry of Sauk Center has had some marvelous advertising campaigns. In one, fluffy white birds wearing combat helmets and parachutes were being airlifted in. A grave voiceover said “Sleep well, Minnesota, Gold’n Plump chickens are guarding the table.”
I have long been protecting the rights and wallets of my buyers and sellers. Over the years it has gotten harder to do. The requirements,disclosures, liabilities, forms, ineptitudes, scams, jargon, representations and misrepresentations present an ever changing mine field. Real estate transactions today are not for the chicken hearted or uninformed.
But sleep well my friend. Rest assured that if you are at the table buying, selling, closing or negotiating………Your Old’n Plump Realtor is guarding the table.
There’s A New Tourist in Town
Those who know me best might say “Myrna gets things done.” A strong work ethic makes me good at taking care of business, but not nearly as skilled at having fun.
Often, it seems to be necessary to get out of town to relax: after a convention I might scheduled a day of golf… in San Francisco even when not vacationing, it’s off to dinner at Fisherman’s Wharf or a day trip to wine country… a few extra hours in Phoenix before an afternoon flight are spent at a great museum.
Hey, what is up with that? Here in Minnesota I often have a few spare hours and we have great museums, waterfronts and golf courses. In fact, we have a remarkable area rich in culture, dining, civic, charity, sporting and recreation opportunities. There’s something for every budget from pricey events to free activities with no airfare required.
Last weekend, I was showing property to a lovely couple, Julie and Tim. She said “Work hard then play harder! That is Tim’s motto.” Wow! I could learn something from that, especially now that I’m the new tourist in town.
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