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The Truth About the Real Estate Industry #04

The TRUTH ABOUT THE REAL ESTATE INDUSTRY #04

15.  Like-mindedness – What we appreciate is often what we cherish. There are reasons why some people purchase Kia cars versus Lexus versus BMW or Mercedes Benz.  Kia car buyers are usually looking for immediate affordability, which means durability and resale value are usually not there.  There also tend to be more problems with these lower-quality cars during ownership.  Lexus car buyers usually seek durability, dependability, not many repairs needed, and a medium level of status and comfort while the re-sale value is quite good.  BMW or Mercedes Benz buyers usually seek to present a higher status and collusion protection, but the cost of maintenance and repair parts are more frequently needed and usually, costs are very high (a higher % cost goes to branding than quality).  Like real estate, various clients seek various types of agents/brokers.  The cost of these agents/brokers also often reflects the type of services that the clients desire. Using the above car examples often best reflects an easier way for my clients to understand the difference.  If you are going to 99 Cent Store to purchase items, you expect low quality that does not last long.  But if you are selling or purchasing a high-priced item like real estate, experienced clients understand the importance of legal responsibilities, value, information, and especially, the experience of the agents or brokers to help navigate them through the process.

16.  Client Protection & Honesty – The purpose of “Can you Handle the Truth Series” is to provide some basic information to our clients so they are aware of the events that occur often so we can better plan the process. Although these articles are only a small part of what we encounter as real estate professionals, they provide a good idea of the challenges of communicating in advance.  This is the only way to minimize any surprises after the fact.  While there is no perfect property for each client, it is the agreement to purchase an asset for a certain agreed value.  In terms of real estate, the experience of agents and brokers in providing honest and truthful information weighs over 75% of any real estate transaction.  Experience can only be obtained by hands-on and personal encounters of each transaction, situation, and response by as many as possible.  While paper documents are more “standard” and less customized for each client’s goals and situations, experience is the key to best-guiding clients.  One property may be OK for a client, but another may be better.  Knowing the difference is key to setting apart professional agents or brokers from standard ones.  Hiring the right real estate professional is equivalent to hiring a good attorney.  It is that important when you are performing one of the highest purchases in your lifetime!

17.  Conclusion – Lots of “undoing” of laws, guidelines, and structures needs to be performed at the government and association level.  At the same time, there are immediate changes that residents and professionals can support as sustainable mutual benefits.  Imagine that ethical, knowledgeable, experienced agent/broker who is committed to a real estate client and who is loyal and fully cooperative!  Let’s be honest, would you allocate quality time to uncommitted individuals?  The level of commitment and degree of attention given are reciprocated mutually for a pleasant transaction to take place.  This is a very simple concept, but most people don’t take the time to understand it, which results in unnecessary problems.  More than 50% of time-wasting is eliminated when loyalty is devoted, mutual benefit is rewarded, and the entire transaction reaches bilateral promises and goals.  Energy and effort can be placed towards getting the best possible outcome for our clients, which makes quality services (not quantity) possible. Everyone desires this outcome.  Therefore, it is time that the U.S. learns from third-world countries to go back to the basics of being an enticing human being first to see a win-win result!  The best solution is to research and interview each other to ensure a good fit.  Sign an exclusive agreement to work with each other.  Treat others as how they prefer to be treated without violating ethics and principles to transform communities and industries one person or family at a time.  Whether we deliberately seek to influence others, each person usually impacts another directly or indirectly through engagements.  Choosing positive, sustainable actions and gestures will create a pleasant culture in every relationship and career that we all desire.

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