05 Apr Million Dollar Listing – A Cautionary Tale

They say that timing is everything. I wouldn’t know. For the longest time it seemed like I was always starting something against nature and smack in the face of perfect timing. I’m sure there were times when a perfectly timed opportunity would come to me, but I never heard the knocking. I was always doing hard things, the hard way. I became a Real Estate Agent in 2007 amidst a crashing market. I finagled buying an automobile on credit three days before I turned 18. I also convinced my High School Principal to let me skip the 11th grade because I was bored. If there were ever rules to this thing, I tossed out my handbook long ago. Nothing has been easy, but I’m grateful for my hard fought experiences. Now I get to be your cautionary tale. And here’s my lesson – If you have never sold a home before, don’t start with a million dollar listing.

In 2007, I hit the glass ceiling in my Accounting position with a public company. The promotional opportunities were in fields like tax and audit. Although I was on the audit team, I was never going to lead it and I knew that. More importantly, I was fine with that. Still I wasn’t happy that my options were exhausted. I tried to keep things interesting. I started a happy hour crew and I worked with my employer to create new positions for myself. I found ways to keep myself relevant. It was all working. I love to create, so it was easy. But there are only so many ways to create in Accounting. Before long I ran out of things to improve. I created a process for anything and everything. After you make file-naming conventions for massive VLOOKUP spreadsheets, you’re maxed out.

I have always had a passion for real estate and I admire the moguls that have made a career out of it. Well, most of them. People have been making money with real estate since the beginning of time. How hard could it be, I thought? With the right drive, training and support, not that hard as it turns out. The X factor is timing. When the market crashes, this is NOT the right time to launch a career in real estate. Did anyone point this out to me? No. Did I ask anyone before I quit my position in Accounting and started my life over in Long Beach, CA? Again, no. Without a clue, I buried my head in the coursework and I passed the Realtors exam in half the time allowed with a 100% score. Some people feel like the exam is the hard part and sales is the easy part. I am for sure not one of those people.

A paper business card and a hard plastic card was what I toted around as proof that I would be honorable in my dealings with real estate. It seemed a little light, but if it was good enough for the State, it was good enough for me.  Armed with the MLS and business cards, I immediately set out to become the Million Dollar Agent. I chose Keller Williams as my home base. I wanted to help people buy the home that was right for them. I started by helping my friends buy their first home. It wasn’t the million dollars in commission that I was gearing up for, but I studied all the good schmoozers and top producers.  I discovered that being that kind of Agent wasn’t as attractive to me as it was a slippery slope into being pushy and obnoxious.

Then one day my reason for getting out of bed revealed itself. A Million-Dollar-Listing!! I was sitting an open house in the ritzy neighborhood of Caroll Park.   This was something new agents did to get leads. A couple came through and decided they wanted me to help them sell their home in Naples. Merry Christmas, Hallelujah! My ship had come in. And it was carrying the whale, Ahab, all of them. This was it! I was going to sell this house and start a chain reaction that would lead to my top producer status. Except for one thing- I had never had a listing before this. Period- end of sentence.

Keller Williams is great. They had this class called Rising Stars (or something). It’s where people who were doing well, were teaching. The Teachers always recommended that you concentrate on Buyers before Sellers. With a juicy deal on the table, I did not pay attention to this. I also chose an office on the West Side that took the highest fees and had an impenetrable Seller’s market. Clearly, the hard way was the only way that I knew how to do things.

All I had to do was reach out for help. All I had to do was choose one person I liked in the office that was a top producer to partner with me. But I couldn’t. I was paralyzed by a fear of rejection, a fear of being taken advantage of, and a basic fear of the unknown. Instead I read my textbooks and contracts back-to-back, again and again. I put together a deal that worked for everybody and then I muddled through getting the homeowners to sign on with me.

Everything was done, but the selling. Well here’s the other thing nobody tells you:  Marketing a home is a Realtor’s cost and obligation. And while staging your home for sale was becoming a thing. Telling a homeowner to remove their personal stuff so that you can sell their home was not a thing. Homeowners were neither self-aware about their knick-knacks nor eager to remove them. For added complexity, the home had a backyard Mother’s quarters times four. The owner did not want them bothered, certainly. The Sellers also didn’t want to be bothered in general; so all viewings were by appointment only.

After three weeks on the market and no bites I started to freak out. Yes, it was a down market. Yes this was an equity sale when everything else was bank-owned. But no one could see this gem through the resistance show the owner was putting on. The phrase, get with the picture started to form on my lips, but to say that out loud would be risking a slap in the mouth. In the meanwhile, I was bleeding cash and spending day and night catering to the whims of the unconcerned. If I thought I was miserable before, it’s was because I didn’t have a frame of reference.

Finally, beaten down, I brought my listing to an all-hands meeting at Keller. I told the seasoned crew what I was facing and a bunch of them threw their hat in the ring to help. Some helped out in the form of getting the word out. Some helped by adjusting the marketing messaging to reveal the hidden gem value. Most didn’t want anything in return. Best of all, one Woman stepped up to partner with me. She offered to change her signage to include my name. She took over the marketing costs and only wanted half of the commission.

The owners liked her and wondered where she had been all this time. The property sat for a few weeks more, but at least we had traffic and offers to decline. When the property finally sold I was emotionally exhausted. My mentor handled the Seller’s side of everything and I was her willing student.

Selling a million dollar listing was one of the hardest things that I ever had to do. I decided that I didn’t enjoy it all that much and went back to representing Buyers. The biggest learning in all of that was to ask for help Early! Don’t wait until everything has gone to hell in a hand basket and needs re-doing. I got lucky at the 11th hour, but it was stressful. People are generally more willing to help you from a clean slate. This is when you have the best chance at success. Some will but no one wants to get your broke down car off the railroad track. Plus, if things are already a mess, it’s harder to win no matter how good you are.

The worst thing anyone can say is no. But don’t be afraid of no. No is cheaper than failing from a lack of knowledge. And if you get told no, so what. Let it motivate you. It builds character.