Yesterday afternoon I showed one of my listings, and just as the potential buyer drove off the sellers returned home. Since they are always anxious to get feedback after a showing, I stayed and chatted with them for a while.
We talked a lot about their house and the real estate market in general, and about what was selling and what was not selling. During the conversation at some point, I uttered this phrase:
"I have been in this business since 1984 and I have NEVER seen anything like this!"
It wasn't until I was in the pickup driving home that I began to reflect on those words. Wow, I was licensed way back in1984 and marked my 25th anniversary this year. I have done everything from building houses to being the principle broker of a downtown Atlanta firm.
I can honestly say that in most cases that I have "seen it, done it, been there!" However, despite all of the highs and lows, the eighteen percent interest rates and the 100% appreciation years, I have NEVER seen anything like this market.
It is truly unprecedented. A product of incontrovertible market forces, the readily available information on the Internet and the pie-in-the-sky get rich schemes depicted on cable TV. Throw in some government intervention for good measure and you have a formula for disaster.
Every day presents a new experience and a new opportunity to learn. The school of hard knocks is now offering doctoral programs.
I have completed my internship and I am ready to have my degree conferred!
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sounds as though you've earned your doctorate.
I was in RE from the other side (law offices) for years. Not crazy about 'this side' because there's not much education required (understatement). However, I do suspect that RE will be VERRRY different in the next few years (for the better). The next generation will come to the table much more educated, and much more able to get their own information, than our, and our parents', generation.
I continue to work to be teachable, to be a student, always.
Richard,
"I survived the real estate crash of 2009 and all I got was this lousy t-shirt," plus a lifetime of experience.
Rich
Alan...
I have the necessary credits! lol and thanks.
Susie...
But the process itself is harder. When I bought my first house, the contract was on one side of one sheet of paper. Caveat emptor was the rule of the day. Basically, if you got a loan you got a house. I bought a house in Riverdale SIGHT unseen and we lived there happily for 15 years. Now buyers fret over every minute detail. Thanks for the good comment!
Janice...
I think my brain is too full of something to learn any more! lol and thanks as always.
This is my 18th year of being in the Real Estate field in some sort of capacity. Been there done that is what I use to say. Now Im learning all over again.
I'm in line to get the t-shirt along with my Italian brother Rich! This year is my 24th year and I'm with you. It's been an eye-opener, but I feel the change coming, and it's getting better.
Not sure if I'll ever get THROUGH the school - but I won't drop out!!!! Been there done that!
Learning is a life long endeavor...thanks for your post. I learned alot in the 1981-1882 melt down with 16% and higher rates. That period in real estate was way way more difficult than now!
Richard,
I got into RE at the beginning of the hard times. It's been baptism by fire! I've seen several agents in my office leave RE. I've surrounded myself with people who offer a wealth of knowledge and are in it for the long haul. I'm more than surviving this market!
Not exactly a Whining Wed. post, my friend ; )
Rich...
I never got my t-shirt, what a rip-off! lol and thanks my friend.
Laura...
OK so it's not just me! Thanks for the support. I really appreciate it.
Susan...
Sometimes I feel like it has been too long. I think I need a real job! THX my dear friend.
Richard, I'm not too far behind you. I got my real estate license in 1985. I thought I had seen everything until this market. One thing is for sure, the market always bounces back. We just don't know exactly when. I'm still learning.
Indeed. I've been in the business for more years than I care to remember. I've sold or managed thousands of contracts. I've taught real estate. I've supervised many agents. I've sold every type of residential real estate built. I've bought and sold a variety of properties. I've sold low, moderate and luxury real estate. I've sold new and resale real estate. I've sold real estate in good timea and bad times. I've sold real estate when interest rates were 18%. I've listed and sold in foreclosure markets of the 80s. I've listed and sold distressed properties. I've got experience out the gazoo. I've hired and fired many agents. I've trained many agents. I've supervised many agents. I've listed and sold more homes than I can count. Ive got thousands of closed files in the storage room in my basement. I've stayed on top of technology. I have an Internet presence that would knock your socks off. I have a lot of business. I'm always looking for agents.
Yet.. . . . .
"I've never seen anything like this".
Richard: Like Linda, I got my license right before the wheels started coming off the wagon. One transaction in and everything was different. I think the thing that persists, that bothers me the most, is the overwhelming sense of entitlement people have.
Richard, Here I thought I'd been around a long time. Just kidding. I got my license in 1996 and then started the long, unending process of learning this business. Sort of a backward way of doing things but it is what it is. I too have never seen anything like this but most days, I enjoy the journey. I'm just not sure where it's headed but I'm not about to jump off the train. Good luck to us all.
Marilyn...
An open mind goes a long ways towards success! Thanks for the comment.
Andrew...
But I think that people dealt with it better back then, perhaps because the Internet wasn't invented yet? It just feels different now. Of course, I AM 25 years older! lol and thanks.
Linda...
I was going to do a "whining" post but after I read this, I thought "that's not very whiny" so I might do one later! <g> and thanks.
Hi Richard:
I've been to the school of hard knocks, sign me up for that doctoral program too.
In this business, everyday is a learning experience!
Ditto, I'm in year 34 !!!(started at 18) and this market has grown beyond comparing it to another time frame !!!
Richard, I started in 2007 and loved real estate. I still love it, I mean really enjoy it today. But it is scary...very scary!
An now for the advanced study on a new topic. I'm not sure what it will be but we will have a new issues come before us and begin the learning curve all over again.
Its a good thing you have the experience. Buyers and sellers need professional agents now more than ever because there's never been anything like this. There seems to be a concerted effort to minimize the recovery. New appraisal rules/regs, new truth in lending, underwriters acting out, and tension abounds ... all at the expense - financial and emotional - of the consumers. Stay the course and your knowledge and wisdom will see you and your customers through. Remember, when the going gets tough .....
Hi Richard,
Getting in the business just 2 years ago, I have never seen all the "good times" people are talking about. However, my hard work has made this bad time, my good time and I have gotten the best education ever starting in a down market.
I have to echo what Chris Ann Cleland said...there is an overwhelming sense of entitlement out there and that's very troubling.
Congratulations on your long career thus far in real esate Richard. You had a 8 year jump on me. I missed the 18% interest (oh wait no I didn't I bought a house in 1985 and a car). Just curious when did you become a broker? But I'm a confirmed beliver that we will never know all there is to know, just when we start to think we do, it changes again.
Richard - it's all about the continuing education. Do we get C.E. credits for all of thesenew twists. 25 years. That's as long as I have had some of my socks.
Richard - This market feels like a marathon. I'm trying not to focus on the pain.
Richard, I am expecting an invite to the commencement program and the graduation party! Then we have to call you Dr. Richard? Ok, you got it!
You said it all, congrats on the gold star. Great post.
Richard - but I wonder if we will be saying this again in the future, as things shift in some way, we get hit with a minefield of REOs, or something else. It does help to reflect on what we have to learn during these times and how that prepares us to be that much more effective...post grad training next?
Jeff
25 years ago, I was a 12 year old little girl whose only problem was determining what to wear to school - so I wasn't a part of the previous years' market. I began real estate in December 2006 and I can honestly say that I'm very thankful to began my RE career during this current market decline. The education that I'm receiving is immeasurable and is serving as a huge benefit for the remainder of my career. Me, quit???? Heck no!!! I'm just getting started!!!!
Richard, I keep telling people the same thing. I built houses for almost 40 years and thought I had experienced just about every conceivable market; but this one keeps surprising me.
To all...
The job that I enjoyed the most was being the managing broker for CENTURY 21 Intown in Atlanta. We were the only C21 office within the city limits of Atlanta, and we had a great team assembled there.
BTW if anyone is looking for a managing broker in the south metro Atlanta area, I'm ready to talk!
One thing that drew me into real estate was that I love learning new things & not getting to that place where it is just same old-same old. Be careful what you wish for, huh?? LOL I do still love the challenge though!
Great words! Each day is just a new opportunity to do something great!
Hello Richard....
For those of us who , like you have been in the real estate business for 20+ years, have earned their doctorate in real estate. It has been the toughest market that's for sure to do business in every respect.
Great good luck to you, I enjoy your posts and look forward to the next one.
Sincerely,
Patricia Aulson/Portsmouth NH Real Estate
25 years.... my friend, you have definitely earned that PhD. I don't have near that much time under my belt, but I'm hoping this marks the most bizarre market I'll see as a broker!
Yikes! Now we all have to get post graduate degrees. Sign o the times. Just when you thought there are no more surprises...
If I hadn't "discovered" AR and the power of blogging, I would be in bad shape. As a 6 year agent, I am amazed at some of the comments of the vets. If this is indeed the "I've never seen anything like this" market, then I am doing something right, thank the Lord!
Con-grad-ulations on the 25 years, Richard. Obviously, it's a testament to your ability to adapt that has kept you in the business for that long. Here's to another 25 years!
Perseverance sir, that is what you have...as well as a great deal of experience! I hope the next 25 is easier!
Richard, with such veteran real estate background I wonder WHAT specifically you are seeing that is so unprecedented for you? The speed of information and the amount of information in the hand of the consumer? Underwater values being so prevalent? I just see it myself as another cycle. It is certainly not the days of 18% interest rates and that was pretty horrible back then. I do think as always if you don't adapt you won't grow and will eventually die.
So it's not just me??? Thank GOODNESS! My mom always said, "Adversity Builds Character!" I told her I had enough! HA!
Yeah, I'm an old guy too. Nothing quite adds value as perspective. How many young guys 3 years ago were telling their clients that they better buy now because house would keep going up forever???
Richard,
I am thinking that you should not only get your MASTERs degree but maybe your PHD.
Sounds like you're ready for your doctorate, at least until something new gets thrown at all of us. Truth is, even when you get your doctorate, practice is all that will teach you how things work in the real world.
Hi Richard, This is indeed a very intense portion of the learning curve. For those who get through it this will at some point be " the good old days...".
You should be teaching undergraduate class, Dr. Weisser. But experience is the best teacher. At that is what you have.
After your 25 years you deserve a Doctorate Degree and I will agree this is the strangest trip market I have ever been on in.
Richard, I enjoyed your blog so much. I was told 2 years ago that I was crazy to get into the Real Estate business at this time. I beg to differ! I wanted to get into it at a bad time because If I can make it now, I will make it when it turns for the better. I am told I am doing extremely well for a newbie and this market.
Richard if you are ready for the next phase of your life then jump in your car, drive to Franklin, NC (2hrs north) and join us. We could use a strong mentor/leader!!!
Richard,
Learning is "continuing education". We can always learn something new even when we feel we have seen it all. Thanks for a well written post!
Some creative person on the Rain should put a nice blues guitar rhythm behind Lenn Harley's words and make a blues song out of that!!
What a crescendo to the hook: "I've never seen anything like this" (#13)
By the way, I am a Summa Cum Laude graduate from the School of Hard Knocks!
Richard, I 've got 23 years and I learn something new every day so I guess I'm not ready to graduate just yet.
No matter what we have and have not seen, there is always something new around the corner to make us humble the second we know it all my friend. A pleasant kick in the teeth to remind us that we are never truly prepared, we just believe we are ready. Congrats on the feature.
You can never see it all in this crazy industry !!!
... we MUST stay willing to learn and adjust with the changes.
Cheers Richard !
Sheldon
Congrats on your 25th Anniversary. It is no small feat being at something for that long.
Richard careful - after graduation remember comes real life... Seriously though you have such a great attitude that you share with us in AR! I wasn't a Realtor when the 18% interest horror hit - but we were in the real estate market! Buying or selling our home was a real eye opener! You're right - none of us have seen anything like this. So my mantra - if it doesn't kill me it'll make me stronger and better! I just wonder what my good old days will look like!
Richard, Congratulations on your 25th year in the real estate arena. You have most likely seen and/or experienced it all! (Maybe not all - there's still tomorrow!)
I have heard the stories also from my father. I know it's a different time & place & truly believe we are in unchartered waters.
I predicted this market in a former life. Well...I might have. I dont remember.
I love this!
I was talking to an agent who is coming aboard when she gets her license next month. She told me she was so excited.
The words just came out . . . "I still find this business exciting too, actually."
When I hear from people like Richard and Lenn who are vibrant and interested and interesting -- with 3x longer in than I. . .
that is pretty darn exciting! :)
Richard, This market can a break a man. It took me a little while to adapt and change course but right now I have more business than I have had in 15 years in the business. I weathered the storm and now I'm loving it again. All of this has made me much better at what I do, It forced me out of my comfort zone. I went from rarely working with Buyers to now having them make up 50% of my business. The other 50% are short sale listings.
I'm hiring agents, expanding into teaching and training and going into areas of this business I didn't even think possible 12 months ago. It's all good and still..........
"I've never seen anything like this".
Indeed these are truly crazy times. So much of our business is no longer LOGICAL. It's frightening.
This is what they call cheap college! How much does Harvard cost these days?? Today's real world education is a lot cheaper.
Congrats for being successful for so many years. This is a challenging market, even when you have a qualified buyer, getting the lenders to process the loan in a timely fashion can be a real nightmare.
Richard - I have graduated numerous times from the University of Life Challenges - and always at the head of the class. LOL There is no better teacher than life.
I have been in real estate for 4 years and I have just one thing to say: Thank You! It makes me feel so much better to know that what we have and are experiencing is exceptional. I've heard agents and colleagues talk about the high interest rates and tough times in the '80's and it was always in the sense that this was just another low...Great post Richard. Definitely puts things in perspective for me!
Hi Richard -- It's humbling to hear someone with your background state the obvious. Adapting to change will be one true test of one's measure.
25 years in one career is almost of unheard of in this day and age. Sounds like you should be the professor.
To all...
Thanks for all of the great comments. Please be assure that I have read every one, and I appreciate all of the kind words and support offered by the AR community!
Life is the path we take to get right here... right now... So, we are all training for today. I see a lot more I haven't seen before...
I am a rookie and this is the only market I know. "incontrovertible market forces"... I can only imagine what that word means. I figure if I can make it in this market, I can make it!!!!
Richard: In 1987, I bought my first rental house and started out in RE being a landlord. In 1994 I got my RE license, over the years, I have garnered just about every designation available. Last year Broker was added to my list and this year REO was added. Between the rentals and the real estate, I have never seen anything like this!
I think that is why I love my job so much. Every day is a learning experience. We get to meet new people and sell homes. Yes there are highs and lows, but this is a great job. I've been doing this since 1996 and Texas is by far the best state to be in right now.
Richard I have been around just a little less time than 1984. But... IMO what is different in this market from the past ones is that a large portion of the finance side went haywire. It became predatory for easy profits today, that could not be paid back tomorrow. They were slamming ordinary people into bad mortgages with a stroke of a pen. I sadly met another sorry party last night who signed a 4% teaser rate, got adjusted 2% in 3 years and then it went up 2% every 2 months until it hit 18%. He is now filing Chapter something...
Dang, Toula (#17) beat me to the perfect graphic!
Hats off on your quarter century of fine service to buyer and sellers, Richard Weisser, Ph.D.