Real estate is not for the timid or faint of heart. Every aspect of the business involves a deadline of one kind of another.
Listings have a deadline. Contracts have many deadlines, for inspections, financing, appraisal, resolution, closing and others. Not to mention limited time frames for rate “lock-ins” or sale of property contingencies. It is always a race against the clock.
In addition to all of the internal drop dead dates that are always pressing us forward, we also have to deal with external deadlines, such as the April 30th expiration of the $8000 first-time homebuyer tax credit.
All of these ticking clocks can easily merge and transmute into one giant pressure cooker, and the stress can be intense. It takes steady nerves and a calm demeanor to rationally defuse a potential blow-up.
Life on the edge of the precipice can be both exhilarating and exasperating, but it’s all part of the real estate business.
And there’s no way to avoid it!
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Richard, you are correct in your comments about the world of real estate being STRESSFUL! I conclude that we individuals who choose to work in this field thrive on the stress however.
At this stage in my life, I'll take a bit of stress mixed with exhilaration over dull and predictable any day. -- Tanya in Montreal
Richard,
With all that stress, my blood pressure is still 120/80. Go figure.
Rich
Richard.....I find the best ways to avoid stress are to have back up systems in place and plan ahead....good time management habits will reduce the stress.
Barbara M...
You are probably right, but it's a lot worse nowadays because we need every transaction to close. THX
Tanya...
I need a few days of "dull and predictable!: THX
Rich...
That is pretty good my friend. Thanks.
Richard - I agree. Never let them see you sweat.
I guess it just comes with the territory. I have found that it is usually someone else that creates my stress though!
Yes, Richard, lots of stress if you let it get to you. I like what a wise agent once told me. Nothing pertaining to real estate is an emergency!
Truer words were never spoken Richard. Hope your day is going well from your friend snowbound NY State
Good morning Richard,
I agree there is lots of stress in real estate but really learning to let go can help. Like Barbara said having systems in place and good time management habits will reduce the stress load. Making time to have a life outside of real estate and a balanced life has always been helpful to me.
While there may be stress in most jobs, the stress of being a Real Estate professional means the difference between getting paid or not.
Those who can handle the stress are successful. Those who can't...well, we all know what happens to them.
Richard, time management is key in this business. This can be a stressful business, but the you can beat the rewards both personal and financial. Thanks.
Paying attention to dates/deadlines/TIOTE in a contract is one of the first and most important lessons for a new agent to learn.
There is NO FORGIVENESS when a date is missed and a client, buyer or seller is damaged.
I wonder how many of us had jobs that prepared us for dealing with deadlines prior to our real estate careers? I worked for a newspaper and had nearly hourly deadlines for 7 years... I was ready and I can handle it. :)
If you can't operate when things go a foul, and you hate dead lines or being told what to do. If you like your paycheck every Friday. This is not the profession for you.
Richard...There is a great line from some movie I saw recently "Don't take life to seriously no one gets out alive", we have here but a brief time too much stress isn't worth it. I have found I have to know when to say when.
Serenity now.
What you say is so true. I do believe that most businesses are stressed due to the economic conditions right now. Everyone feels it, the challenge is to find a way to direct that stress so that it does not take its toll on your body.
Having systems in place certainly helps to reduce stress levels and meet timelines. Not to mention making time for self to rejuvenate.
This is definitely a stressful business, but using time wisely and time management can help reduce the stress. Some days there are too many things on our plates and we just end up being stressed, but other days we can control easier and reduce our stress.
You've described my week! I'm down to the wire on a closing and standing by for the listing agent to give me the go-ahead for a well-water test, mandated by the state. Tick, tick tick!
My response to all the stress of this "slower" time in real estate is to take a vacation - work will take care of itself (and a designated agent to cover for me) so I can be refreshed to continue on. Tortola here I come!
Morning Richard, I'm glad to see this issue getting some discussion. For a long time the medical experts have cautioned us about the deadly effects of stress. Hopefully your post will end up helping others recognize what stress is all about and how to deal with it ! Well done.
Real Estate stress? Hah! Eat it like candy! When our 18 year old daughter started driving to college on her own, THAT was sress!!!!
Featured @ Club Chaos
Hi Richard! And how about all those OTHER folks who think THEIR deadlines are more important than OUR deadlines or worse, the ones who say deadlines aren't important to them...life is too short...aarrggghh. There is a reason they are called DEAD lines...it's what we will all be if we don't take alot of deep breathes! Thanks for putting it out there!
Deadlines, SCHMeadlines! I LOVE IT!
Richard: There is a lot of pressure in our lives as Realtors®. I've learned to juggle the timelines the more experienced I've become. There are still moments of intense stress though.
Richard, Absolutely agree that our job has a lot of stress with not only transactional deadlines but also the every present stress of SALES--prospecting, calling, going after new business. We can never just rest on our laurels. That said, there is nothing like it though. The highs are higher than any salaried job I've ever had and the flexibility is wonderful. The key is balance and doing whatever it is that de-pressurizes you. My salvation is rigorous aerobic exercise 3 - 4 times a week and myself with "Teflon Skin" ie, letting the bad stuff roll right off without sticking!
There are days when I just have to stop and walk away for an hour - even when there is a backlog of work - even pressure cookers have a release valve!
That's why most realtors are type A personalities. We live for the rush of deadlines and the "next one."
I love the fact that here in San Diego we have a program that is free called Relay which is a date reminder on all real estate transactions that comes with our real estate dues.. It has been a life saver. It also is great when you need to re-new your E&O insurance.
The program is design to help agents and brokers keep abreast of all dates, and it reminds you if you have missed a date, an alert goes out to you and your broker. Helps with the stress.
Here is San Diego we have a program called Relay which monitors and alerts the agent and broker to date deadlines on real estate transactions. It's free and a blessing. It also, makes a difference when you re-new your E&O insurance.
Much less stress, when handling multiple deals.
Richard, you are so right. STRESS! Even for those as affiliates of the real estate industry like myself, a home inspector. We are in many ways at the mercy of agents, referrals, client choices and 7-10 day closing schedules.
One way I have learned to handle the stress is by memorizing Psalm 23. The points are to let God lead, let God clear the path and know that He will provide the right thing at the right time. He knows what our needs are and, what stresses we face because of deadlines.
Richard,
Yes, this business can be stressful for even for the most orgainzied people. So much is out of our control i.e.: termites, title problems, encroachments, etc. I do find the daily problem solving invigorating though. It's just more negotiating! They key for us is to not get caught up in all the emotion and remain the calm port in the storm!
kp
Richard, it is amazing how different people handle stress in different ways. Everyone has it to a point it is what you do about it that makes the difference.
Hi Richard,
You're right...we cannot avoid the stress that this business brings into our lives....which is why it is so important to manage it! Exercise really helps me burn off my bad mama ya-yas and definitely decreases the stress level.
I left a business handling explosives - real estate - piece of cake :)
Timelines would be easy to cope with if all parties were moving in the same direction but there are times that it looks like a really messed up firedrill.
This is why an assistant can be so helpful--to eliminate some of that stress.
We are all crazy because we thrive on the unpredictable nature of the business. Every day is different.
The stress of deadlines is much more fun than the stress over the lack of deadlines.
Because of all this stress, it is hard but important to take time to rechage your batteries, as we are not the energizer Bunny. I think it also also stressfull for the buyers and sellers, but we are there to be the light tower in the storm, to guide our clients safely home!
I think that in many cases its the agents putting pressure on themselves. There are things we have no control over; in fact many of the stressful things you've described (aprraisals, inspections, lock ins) are not part of our job descripion, and we have little to do with their outcome. So, why stress? : )
Richard I just went to a contracts class and boy talk about deadlines and stress. I am thinking that Home Depot job is looking better and better
I had this same conversation with a listing agent today waiting on the bank(underwriter) to finish the loan. It is NOT for the faint of heart.
Lots of stress for sure. I must have good time management and also be able to separate myself mentally from my work. Thanks for sharing.
We can choose how we think about any given condition. In fact, that is the ONLY thing within our control. By thinking from a broader perspective we can with a little work and diligence bring ourselves around to a better-feeling, less stressful thought on any given subject. In that way, any stress we experience can be momentary.
I learn something new from each transaction especially the stressful ones! If it was an easy business, everyone would be doing it.
Richard - I reached the height of my STRESS level with two pending transactions today. One had issues from the home inspection and the other was a low appraisal. Through days of negotiating and staying focused and calm with the tasks at hand we finally have a HAPPY conclusion on both!
You've got that right. Real estate can certainly be stressful. A lot of dates and unpredictable income really are the making of the perfect stress storm.
I thrive on stress for the most part. It's all part of being a Realtor.....The slower market is what is most stressful to me. The other stuff I can deal with.
Patricia
And it's even more stressful when the other agent could care less about the dates in the contract and you're having to care for both of you!
Too many agents don't take deadlines seriously. I have one deal that was to close 2/13 and the agent has not gotten an extension yet. She's apparently not worried!
You definitely hit the nail on the head. Last year and this year have been the most stressful of my career. I think 2010 will be good though.
Stress is running rampart in the business right now. Here though it is because of the short sales. I listen almost daily to people losing their home or about to and you feel for them.
As Henry Miller wrote... "Stand still like the Butterfly".
In this market, it's not just a matter of time management, professionalism etc. (although these do increase your success rate!) How about when you're doing everything 110% but the other party is not? Or the third parties throw curves or kill the deal: appraisal, inspection, lender, unpaid leins,..well you get the picture. That is stress not only for the agent but the client too.
The only way to survive is to know you have done all you can, gone the extra mile or two and know when we are not in control. And have a Plan B or C.
Deadlines are the best part of the business because things are definitive. Like someone else said here, having no deadlines would be more stressful!
You have to keep your eye on the clock in this business for sure my friend. If you can't handle being under pressure to get the job done on time, then this business can cause a lot of stress.
Richard, oh you're so right....the stress is simply a part of being a Realtor yet it is far from simple. Sometimes the stress can really get the better of me and then I have to just sit back, take a deep breath and get on again with the task at hand...particularly when Short Sales are your niche. It is stressful yes, but I wouldn't change my chosen profession for nothing as I just love what I do!
So hard to work out real deadlines from plain old neediness or crankiness. The clients or lenders or other agents who demand immediate attention when they want it, but completely ignore you otherwise remind me of advice in a parenting book by Burton White called The First Three Years of Life. In speaking to a demanding two year old, you're supposed to say "You are very, very important, and I hear what you want, but you are not more important than anyone else".
Hi Richard-
It sounds like you and I are sharing the same week - AGAIN! Thank the Lord that we have enough business to worry about meeting deadlines. It sure beats the alternative!
--Sara in San Antonio
Remember what they say about "stressed", it is desserts spelled backwards, so don't forget to enjoy that first! =o)
Too true, and even more so these days with so many short sales where we have to balance more parties and avoid foreclosure sales.
A little wine helps now and then.
Richard,
I practiced Real Estate for many years before my staging company so I really know what you mean! I know this sounds crazy because you are so busy but I have found that yoga helps ALOT because it gets you to become present in the moment, Real Estate is an adrenaline rush sometimes and we need to counter act that (to stay healthy-mentally and physically). Anyways, I really do understand how you feel and hope that things loosen up for you in a positive (lucrative) way!
Stress is definitely rampant in this business and the buyers and sellers are feeling it a LOT more as well these days. Without keeping things under control their stress can increase yours!
Real estate is a stress related business with many pressure points -- such as doing your job so you and your clients/customers get to the Closing table. Than you get rewarded with getting paid for all the stress and effort.
It's soooo important to control stress and leave/take time for family and enjoyment. I like #66's comment that stressed is desserts backwards and the reminder to indulge!
Sue of Robin and Sue
Are you trying to say we have a stressful job? Real Estate is not the business for the faint of heart -
Following contracts, removals, deadlines is all about the day to day of our lives.
Having a good system to stay on track relieves the stress. Systemizing your business is critical to having a successful business and sleeping at night.
Stress...oh yes, and how about dealing with those who just waste your time!
Larry & Sheila
Richard:
Letting a mortgage contingency date or home inspection results date slip by - and putting the buyer's deposit in jeopardy? That's stress.
That photograph is so beautiful. It makes me envious of your skill. Very well done.
I actually think that things like the Internet and the cell phone are what has caused more stress in our current real estate market.
Good reasons for buyers and sellers to choose high-quality, experienced professionals to work with on a real estate transaction, Richard.
You are exactly right Richard. Good organization skills certainly payoff in this profession.