The Real Estate Sage at The Real Estate Investment Institute - REII

200,000 Points 494 Post 5080 Comments 39 Months. It started in August 2006 I was syndicating my articles to 70 different sights for resyndicating to promote my books. It was working, but other than orders I was getting no feed back. I needed feed back! 36 years managing lending and real estate, I'd had full days of clients, borrowers, REALTORS®, wholesalers, and students lined up at my door. Suddenly it was just me, I needed the interaction. Checks are great, but I write about and teach people, buying and selling real estate, REALTORS® doing their thing, and montage lending and borrowing.

In the people business you need people, people that are doing things! People to learn from and people to teach which always teaches the teacher! People to act as sounding boards to hone and prefect your ideas and presentations. At the Bank I'd had 5 senior officers and my staff to interact with. In my REALTOR® days I'd spent 3 days and 2 nights a month for 10 years cloistered with Chapter # 1 of The Farm and Land Institute and almost 11 years with the CCIM's marking group (no I'm not a CCIM, I turned it down, major mistake!) for another 2 days and a nights of networking each month. Back to lending and there was always a line at my door.

Real Estate people need not only clients to sell to, but peers to interact with and learn from!

Unfortunately, all to often Real Estate People see their peers as competitors. These same people think they sell real estate or mortgage money. They're wrong! Real Estate people sell advice, wisdom, consoling and comfort to clients in stressful situations. Real Estate people sell their services! No one else can sell you! You have no competitors!

Once you accept the simple truth, you have no competitors, then networking aiding and being aided by your peers is the best way to build your skills and since most work in a relatively small geographic area those same peers can become a major source of referrals.

That's why I participate in the Rain! I sell my services, because of what I've been taught by the great people I've been privileged to associate with. My service are relevant and up to date thanks to friends known and as yet unknown sharing in the Rain.

So ends the post that puts me over 200,000 points. 200,000 Points 494 Post 5080 Comments 39 Months. Thanks to all who've helped me and all who will help!

I've talked with my brothers today, they both brought up Jack and Grandma's house. It seems a good time to remember and be thankful for the good times and memories.

Bill

Can you afford a bargain? Are bargains a good thing? Is it enough to call something a bargain or special? Is a lower price always good? Does fast food marketing resemble real estate and real estate services?

Brenda and I were running around late yesterday afternoon. Late for dinner as we finally headed home when we see a sign offering a Tuesdays only special on a 10 piece "bucket" (if you can call a small box a bucket) of chicken for only $8.00! The sign was next to the every day 10 piece "bucket" for $15.00. It turns out that the daily price includes two large "sides" Tuesday's special was just 5 legs and 5 thighs. That was ok, we were headed home, we could nuke a vegetable quickly and we didn't need the roles and potatoes. We didn't need 1o pieces but it would be good cold for lunch tomorrow.

Now I wright about real estate, this seemed like some of the bargain discount brokerage services. Save, save, save! We can't skip a bargain.

Save, save, save! We can't skip a bargain. I stopped, and Brenda ran in to get our special/bargain chicken dinner! I waited, not concerned with cost of the sides we'd get at home. After all we were getting a deal! A special! A bargain!

It seem's to me we were getting dinner just the way so many get their real estate and real estate services.

Brenda came back and as we were driving by the next window we say the next sign.

Like a lot of consumers we got more than we wanted to save money, so we didn't shop, we didn't research the market. We'd got a bargain, based on comparing a dinner with just the chicken, we got a bargain, a special, the seller told us so!

Then like so many, we were enlighten! The other Tuesday only special was one leg and one thigh for $0.99! The very same thing purchased piece meal was $3.00 /38% less! $5.00/63% less if we got just what we wanted.

Dinner or the investment of a life time it pays to do your recherche!

My First Sale.It was 1973 and I had left the bank to sell real estate. I was licensed and chomping at the bit to get started. A banker I had the wardrobe, a collection of three piece suits, I knew credit, a little contact law, and I'd past the Michigan real estate exam with 98 out of 100. (I never did find out which two answers the state had wrong!) I need a quick sale! My broker made me promise that I'd buy a car after my first sale closed.

I'd reluctantly made the promise, I'd had to turn in my company car when I left the bank, all I had was a small truck, and an even smaller airplane, neither good real estate vehicles. Admittedly the truck was a 150 MPH, Ford Ranchero that sat 3 if they were friendly, the plane only sat two and they had to be very friendly.

I had floor time and there I sat in the floor both, one of two that the company receptionist direct sales calls and walk-ins to alternately. This was only my second day on the floor, the other man was in my booth trying to coach me, when three people came in the front door. The other guy says I'll take the couple, you could never show that women a house. He was wrong! If I'd take the box cover of the back of my truck she could ride there. But, he was right there was no way that woman could have gotten in the front seat of my truck.

I got the single guy. Ron was a local school teacher, leading a duel life. Ron was a single father! This was almost unheard of in 1973. Ron's seven year old son stayed with his Grandmother, Ron's mother in Chicago, just over 100 miles west on I-94. Ron would pick him up after school on Friday and communed from his mothers house to work on Monday mornings and the more frequent weekday round trip when his son needed him. It had been an exhausting two years and now at the start of his third year teaching he'd been informed by the school system, that he'd been granted tenure. Ron wanted a home of his own! His now second grade son and he would have the same hours.

Two weeks later I found Ron the perfect house, a three bedroom, two bath split level that had been on the market well over a year. Ron, made a low offer that he could easily afford. I couldn't present the offer as I'd been taught, because the seller was out of state. Delivering the offer to the listing agent, he read it ask how is his credit? I told him very good. He responded we'll take it. He said he'd call me. The next day he called said his seller had a couple of questions, was the earnest money real, cash or a check? I told him a certified check. He said that the seller wanted a longer period to close, he'd had a buyer back out when the loan wasn't ready on time. They wanted to give the buyer more time, I said he'd take it. A few days later the signed contract came back, Ron signed the counter that now had the contract running until closed. Now I though this was ridiculous but so what? Little did I know.

Ron and I quickly became friends, both Marines, he was a few of years older than me. It was a good thing because it took a good six months to close that loan! The problems with the loan are a long and nasty story, so nasty that I can't use the participants names, most are long gone or retired but they have family names. By the time we closed the loan on my first sale, I had already closed my first million.

Finely closed and near the end of the school year, Ron's mother was going to bring him his son and stay the summer to help him get settled. I met Ron at the house and took him the keys late on a Wednesday night, we opened all the curtains and cracked a couple of windows. Ron had friends helping him move Saturday and Sunday. Mother and his son would be there Tuesday evening after the boy's last day of school in Chicago. Ron was ecstatic.

Brenda and I had just finished dinner Friday night when Ron called, it took some time to calm him down enough to understand Ron needed us at his new house NOW!

Brenda and I grabbed our son Eric and jumped into our brand new four door , I'd keep my promise the day I got paid for my first sale, and off to Ron's.

Ron meet us at the drive, my friend the Marine was so up set he couldn't speak, he waived us inside.

There on the wall facing the window, the wall that had been off white when last we'd seen in was a twelve foot tall naked woman posed ready for an exam by her Ob-gyn, and in great detail! The former tenant had painted the lady using an iridescent paint that absorber the suns energy. The lady only displayed herself in the dark. Ron was nearly thirty, a divorced father, he'd seen a naked woman before! But, he was panicked!

Did I mentioned Ron was black? No because it wasn't relevant to Ron or me, but it's necessary to understand his panic. Ron's widowed mother was 300 pounds of Bible thumping Black Baptist Preacher! She'd have a problem! A big one. I'd met her, I was now scarred too.

We sent Ron to the paint store, Brenda and I went to change our close and get our painting equipment. After 21 coats of sealer paint we said good by to the Lady. Ron's mother arrived to find the house full of unpacked boxes and wanted to know what he did all weekend. Brenda and I took Ron a nice house warming present the next night and got to know Mama.

The next summer Ron and his son spent two weeks with Mama in Chicago, returning home Ron found his son had left the living-room curtains open. That night on his way to the kitchen his now 9 year old son met the lady. Ron stayed up all night having that talk with his son. When he called me I introduced him to a dry-waller.

Several years later Ron's Mama was at his place and wanted to see me. As I was saying good-by she whispered to me, "I know about the Lady and what you and Brenda did, God Bless you." One of my warmest real estate moments. Brenda and I were out of state when she passed.

Beyond The Box / Refusing To Be Boxed In. In my last post, Personal REALTOR® Anecdotes , I was searching for good REALTOR® stories. I was reacting to another bad story I'd seen, not knowing where I was going when I sat down at my computer. My personal anecdote was of a sale in my early days, some thing I was proud of and except for Brenda and the Buyers no one knew.

Thinking about that story I realized that it occurred a year before I was taught how to sell a 2% return. See Networking Allows The Impossible .

It occurred at a time when I was so naive that I didn't know that a seller couldn't make an offer to a buyer, first. So stupid that I didn't know it couldn't be done, because no one else was doing it. So foolish that I didn't know that many if not most real estate people don't consider some thing legal simply because it's not illegal.

The fact is all I knew at that point was lending and that in my new career as a real estate agent's main purpose was to solve clients real estate problems.

A few months later I joined Chapter # 1 of The Farm and Land Institute, NAR. FLI taught me very quickly that their purpose was just what I'd stumbled into! To solve the people problem! FLI went on teaching that without a lot of liquid assets the best way to solve one problem was to combine two. One person's problem is often another's opportunity!

These old men and women, most of whom were older than my parents, many old enough to be my Grandparents, weren't concerned with the perfect deal, like the CCIM's, not a great deal like the local board, but rather with a good-doable deal! They looked for solutions to the people problems. To them a great deal was the best doable deal that left every one better off than before!

We were having almost as many problems in 1974 as we are today. Making "the perfect deal" a figment of the CCIM's imagination, holding out for "great deals" left the local board floundering while these FLI types were going from closing to closing. Their clients both buyers and sellers loved them.

Admittedly, most FLI properties were investments not SFR. So what the ideas worked!

So many of us are boxed in not by real estate laws. Not by board rules. Not by the clients. We're boxed-in by our own perception of a need to conform! A need to do things like every one else! A need to follow rules imposed by powerless people. There may be little profit, little client service in the box, but there is communal sympathy and a comfort zone inside the box!

A straight jacket is not a fashion statement!

You sell a 2% return by finding some one making only 1% and doubling his return!

It's time to stand on your soap box not hide in it!

Personal REALTOR® Anecdotes. On my last post Joy Carter REALTOR® commented: "It is amazing how often they feel they know more than we do. They hire us for our expertise and then refuse our advice!" It's a great observation about common consumer behavior. I didn't respond because she made some more relevant points.

I suspect people question their REALTORS® because everyone over 30 knows some if not many bad REALTOR® stories. Some are even true. Most start with the results and alter the facts to change the blame!

 What about the good stories?

How many good stories, besides your own do you know? We've all got an endless supply of client abuse and poor service stories. We have a few on both sides of the headline making extremes, but how about those great personal moments?

What have you done to better some ones life that onlt the participants know?

Please share!

I'll start, add your's below.

I'd been in real estate less than a year when the VP of a local bank ask me to look at an REO the bank had, had for almost three years. This had been a new house lived in less than 6 months when abandon. It was a great 4 bedroom, 3 bath, rancher with full basement and detached 2.5 car garage on about 2 acres. With a huge pool!

Feel free to included links if they're reverent.

There is no greater complement no greater honor than to have it said that you are always faithful!

Some of us were blessed we learned fidelity at home, from our Parents and Grand Parents. Some of us were honored we learned or expander our faith in the USMC, The United States Marine Corps. Semper Fidelis is a calling, a way of life, it's a religion unto itself. Semper Fidelis the tradition of the Marines is the highest and most difficult of life's callings, it demands self sacrifice, it requires putting what's right ahead of what's convenient or self serving. In the case of Marines it can mean putting what's right a head of your own life.

Happy Birthday Marine Corps! Semper Fidelis 234 Years Of Tradition 234 Years Of Service!

My feelings have been stated allot better than I ever could in the Hymn and Prayer below.

The Marines' Hymn
From the halls of Montezuma, to the shores of Tripoli,
We fight our country's battles in the air, on land and sea.
First to fight for right and freedom, and to keep our honor clean;
We are proud to claim the title of United States Marine.

Our Flag's unfurled to every breeze from dawn to setting sun.
We have fought in every clime and place, where we could take a gun.
In the snow of far off northern lands and in sunny tropic scenes, You will find us always on the job, the United States Marines.

Here's health to you and to our Corps, which we are proud to serve.
In many a strife we've fought for life and never lost our nerve.
If the Army and the Navy ever look on heaven's scenes,
they will find the streets are guarded by United States Marines.

The Marines' Prayer
Almighty Father, whose command is over all and whose love never fails, make me aware of Thy presence and obedient to Thy will. Keep me true to my best self, guarding me against dishonesty in purpose in deed and helping me to live so that I can face my fellow Marines, my loved ones and Thee without shame or fear. Protect my family. Give me the will to do the work of a Marine and to accept my share of responsibilities with vigor and enthusiasm. Grant me the courage to be proficient in my daily performance. Keep me loyal and faithful to my superiors and to the duties my country and the Marine Corps have entrusted to me. Make me considerate of those committed to my leadership. Help me to wear my uniform with dignity, and let it remind me daily of the traditions which I must uphold. If I am inclined to doubt; steady my faith; if I am tempted, make me strong to resist; if I should miss the mark, give me courage to try again. Guide me with the light of truth and grant me wisdom by which I may understand the answer to my prayer. Amen.

Semper Fi

I've said this time and time again 203K's are the biggest opportunity today for the common man!

Here's another source.

Bill

is the same as during the last crisis and the ones before it. Has the success of most of the last two decades blocked our collective memory of previous real estate and economic recessions?

I read a blog from a NY or NJ broker complaining that he knew 208 real estate offices that have recently closed, because of the bubble bursting. Well it sounds terrible, but is it? Brokerages like all small business' come and go routinely. Depending on the market area this may not have been unusual, he didn't say. It's very common for good to great salesmen to open their own office and fail simply because being the broker is different than being the salesman! Sales people, very good salesmen are often subject to the "Peter Principal" promotion until they reach their level of incompetence.                                                                                                                                                              

There is one basic key to success in a changing market, you need a few stupid agents!

People to dumb to know it can't be done!

People so stupid to realize that displaced homeowners and evicted tenants still have to live some where!

People so dumb that when told "It can't be done" they respond "why not?"

People so dumb they believe "There is always more than one way!"

People so dumb they believe they can do things you can't!

People so dumb they don't know when to quit.

People so dumb they don't understand failure!

People so dumb they succeed on tenacity and attitude when their smarter associate accept failure gracefully.

The UGG UGG Ugly Spamer! I think I like the The UGG UGG Ugly Spamer. Ugly has been ravaging older post, and I've enjoyed going back three years and reading some really great post that I either wrote or commented on.

The post we use to write and the resulting threads when AR was so much smaller, provided some incredible learning experiences! At the time when there were fewer of us, experts trended to interact more with each other.

This is not to complain about what we are doing these days Today we are probably more productive, but today concepts are presented on a more basic consumer oriented level and with more politics.

I like looking back! I also like the few extra points we get for reporting the The UGG UGG Ugly Spamer's spam.

Newbies, should pick an expert they like an explore there early blogs! There is a gold mine of knowledge buried in AR's archives free for the taking.

Keeping An Open Mind

with regards to socializes Medicine requires  "the willing suspension of disbelief" to believe that there can be any cost savings. But, Keeping An Open Mind, I listened as the Anti-American Socialist Party explained that much of the new cost was going to come from new taxes on "medical devices" and "selected private health insurance plans" I listened as they explained how we could tap into and tax the very cost we were trying to lower.

Keeping An Open Mind  I applied "The Scientific Method" to analyze my initial conclusion, could this be any thing, but absurd?

"The Scientific Method"  

1. Theorize.

2. Research.

3. Form a Hypothesis.

4. Test the Hypothesis.

5. Analyze your test.

6. Publish your findings! 

1. Theorize. You can tap/tax things to power them. Thus we should be able as Obama has suggested tax the components of health care to lower the cost. Health care should be self sustaining.

2. Research. There is precedents in the third world for self-sustaining cultures. It worked for the Donner Party and those athletes that crashed in the Andes.

3. Form a Hypothesis. A well planed Society or machine should be capable of self-sustained production.

4. Test the Hypothesis. Can any thing be self-sustaining/self-powering? We can't test Obama care despite such system has ever been dismantled despite there failures. So we'll try an electrical system. Plugging a light into a power strip plugged in to the wall lights the light. If the power strip powers the light then plugging the strip into it self should power the power strip and the light.

5. Analyze your test. No matter how I tried the light wouldn't light! We can't tax a service to pay for that same service! To believe the socialist we must embrace "the willing suspension of disbelief" the system as proposed can not work! This must be why Congress and selected Unions are omitted from the system.

6. Publish your findings! "Well'a!"