You can't teach the market, you have to learn from it

Very interesting words as well as true in my opinion. When I heard this, it brought to mind the movie Wall Street. Michael Douglas’s and Charlie Sheen’s characters tried to control or teach the market by obtaining inside information and have the market go where they wanted it to go. In the end, they lost their credibility, their jobs and their money. The arrogance they portrayed has no place in any industry. None more so than in real estate. Our market is in a current state of flux. The mortgage industry changes constantly these days as the government, Freddie Mac, Fannie Mae, and banks try to find programs that will correct the problems that brought us to where we are today. It appears that many times it is an over-correction but it is critical to keep up with these changes as they affect our buyers and sellers. Laws affecting disclosures – both property and associations have changed. Prices are changing from zip code to zip code and from neighborhood to neighborhood so it is essential to see properties, check values and communicate with appraisers to see what trends are happening in areas you are working in so you can give the best advice to our clients whether buying or selling properties. Networking with builders, title companies, and other agents is a necessity as well. Find agents who are active in today’s market. Ask what their clients are saying about real estate, what they think about it, and what they hear others saying about our current conditions to help yourself formulate your opinion. From this information you will “learn” what is happening in the market then you can educate your clients on how to make the right decision. How do short sales and foreclosures affect appraisals, where and how many other houses are on the market in the same neighborhood, area, or zip code that will have an impact on values, what is the absorption rate of properties (number of buyers in the market).

You must “learn to earn”. Find value in what we offer such as our monthly listing exchanges, mastermind groups, Friday trainings, our brown bag lunch series, quarterly meetings and other events we host for you. It was refreshing to hear from John Chapman (Omni Appraisals) when I thanked him for speaking at our real estate information exchanges that he actually thanked me. He said it was a great way for him to get information on the market, to learn what was happening and to hear what agents were experiencing and he was going to spread the word to get more participation. He said he learns something every time he attends and he has been appraising properties for 20 years. I learn something in virtually every situation as well. The concept is to participate, ask questions in an inquisitive non argumentative way and keep an open mind to become a sponge.

Now, go sell something!