The Profession of Real Estate . . . or is the word Profession an Overstatement? Part I

I was interviewed on a radio show in Florida and was asked the following question:  "How did you get the idea to create The Power Is Now Radio?"  I shared my story, which is available on the website under the About Us section, and as I was sharing the story, I realized in that moment how important The Power Is Now Radio is to me as a real estate and lending professional.  In August I will celebrate 5 years of broadcasting.  The Power Is Now is important to me because it represents my first major step in demonstrating that my value as a Lending and Real Estate Professional in a very public way, and that my value does not rest solely in the product, cost, terms or interest rates of what I and my team are offering.  It is ridiculous to think that way when you really think about it, but that is how most real estate agents look at mortgage professionals and many consumers look at real estate agents.  You are only as good as your last deal is the age old mantra in our professional.  I bought into the mantra myself and expressed it in sales meeting, but on the radio that day, I had an unusual clarity about who I am and the value of what I bring to every real estate agent, borrower and the transaction overall.  We all play a very important role for all real estate transactions that occurs in the market place.  As a lender I ensure that the buyer's loan is processed and closed on time and there are many things that are required to ensure a smooth closing.  As a realtor you are negotiating the deal and protecting your sellers or buyer's best interest. In many ways you act as advocates and attorneys even though you are not attorneys. Your role as a real estate agent is critically important.  It takes an experienced leader and his/her team with knowledge of every aspect of the real estate sales process and loan process to make sure the transaction is approved and closes on time. 

As the leader I am the value proposition in every transaction irrespective of the product type, cost, terms or interest rate. None of those details are important if the transaction never closes.  Also, the playing field is so competitive today that every lender is quoting the same interest rates and closing costs.  So, here is the bottom-line:  In every sales transaction there is a question that you must answer in order to move forward to engagement with the client.  Are you a trustworthy and knowledgeable professional, and can I put my faith in your ability to close the transaction according to my expectations?  This is the question that we all face as sales professionals.  Can you say yes - I am the right person for the job?  And will the client believe you?  People do not buy products, interest rates, programs or discounted commissions. . . they buy you.  Trustworthy, knowledgeable, and experienced You!  Lending professionals and real estate professionals are in high demand and those who epitomize these aforementioned traits have more business than they can handle.  Do you agree?  Are you one of the valued one's I am talking about?

In June of 2008 Washington Mutual shut down their Home Loan Centers and I moved my team of LOs to Wells Fargo Home Mortgage.  The move was paradoxical because it was the best decision and the worst decision I have ever made in my life.  It was the best decision because Wells Fargo was the epitome of financial strength and has a great brand.  I am forever in the debt of Mitch Redden, RSM of Southern California for hiring me.  He saved my team from disintegrations and I was able to keep my team together for about three more years before I left Wells Fargo. Working for Wells Fargo was also the worst decision because of the politics and mismanagement by my immediate supervisor.  We have all heard the saying, "People don't quit companies - they quit managers."  My last manager and I did not see eye to eye on many issues and ultimately after serious negotiations I quit her and the company.

In spite of my manager and the miserable existence I suffered during my last 6 months at Wells Fargo, I did have 3 years at Wells Fargo to build on my 25 year career as a mortgage banking professional in what was a low interest fixed rate mortgage market.  A 30 year fixed rate is what every borrower wanted and received.  How do you compete on rates and/or points in a market where the lowest rates and/or points will always win?  You learn to sell yourself and bring more value to the discussion than just your best interest rate and points because you are a mortgage banking professional.  The reality is that any lender can be better than their competition on any rate and program on any given day. It is the nature of the business. No one can make the claim that they have the lowest rate or the best program or the only program.  There is and will always be another lender who will have a lower interest rate or better program even if that Lender is willing to lose money to close the loan.  Here is the good news, God only made one of you and no lender can compete with that.  Lenders are a dime a dozen and they know it.  You, on the other hand are priceless.  Your knowledge, your smile, your personality, your ability to build rapport, your ability to communicate and break everything down in an easy way to be understood.  You my fellow real estate or lending profession are the value proposition in the transaction and in every sales opportunity you will be the difference regardless of the company you work for or the interest rate and or fees, or commission charged.

In 2008 in the middle of the Great Financial Crisis, a mortgage banker only had a 30-year fixed rate mortgage to sell.  It is not any different today.  The day you start competing for clients in mortgage banking or real estate sales on the basis of interest rates as a loan consultant, or commission rates as a real estate agent, mark that day as the beginning of the end of your career.  You are not a seasoned professional yet.  You are stilling learning how to build relationships, communicate, establish rapport, add value and provide great service.   You are still learning and should team up with someone to finish your education.

There are five self discovery questions that Real Estate Agents and Loan Officers must answer truthfully if they want to evolve as sales professionals.  I will divide each question into parts in order to elaborate on each question.  The questions are:   

         ·         What am I worth?

         ·         Can I sell or do I take orders?

         ·         Who am I attracting? 

         ·         Who am I professionally?

         ·         How do I look? 

         ·         Are you ready for an upgrade as a broker/owner?

At the end of this series please tell me how you feel about the Professional of Real Estate.

Be the Brand you want to see in the world.  The Power Is Now!

Be the Industry Professional you know you need to be in your business. Your Power Is Now!