Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
We’ve all received our fair share of bad counsel in life and in business — suggestions that pointed us to the wrong place, recommendations that led us astray, advice that proved to be misguided and just downright wrong.
So, last week, we reached out to you, our readers, and asked you to share some of the worst pieces of advice that were ever offered to you as a real estate professional. Save yourself from falling into the same errors by making sure you learn from others’ mistakes. (And next time someone offers you these “words of wisdom,” take them with a grain of salt).
- “Don’t pursue REO listings … work with new home builders who have to sell!” (Circa 2007).
When I was brand new, attempting my first listing, a colleague advised me that if I had already sold the client on listing her house, there was no need to go through the entire listing process — just get her to sign the contract. Boy, was he wrong! My first real immersion into real estate was a trial by fire, basically a hoarder house in really poor condition with a hopeless backyard. I learned quickly that the most important part of the listing presentation, from my end anyway, is to qualify the house. I now do all my listing presentations in two steps because of this — one to advise on what needs to be done before I’ll even take the listing, and the next to establish the timeline and sign the contract.
- “You get what you pay for.” That guy was a sucker who didn’t know how to negotiate.
- To buy leads from Zillow, Realtor.com and any other third-party entity. I wish I had every dime back that I’ve spent chasing leads. I’d spend that money on courting my sphere of influence.
- A leader in our office used to teach agents to avoid using Facebook!
- “Don’t work in real estate.”
- I was told not to go into 100 percent commission sales because I don’t like money enough.
- To be a chameleon.
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.