What they don’t teach you in any university.
I remember when I was in my twenties. I was full of energy and ready to concur the world, or at least the world of Florida real estate. I had graduated university. I had passed all the state exams. I was ready to go.
One of my first projects was now under contract when the broker from the other side of the transaction called, “Can you meet me at the property?”
“Of course,” I obliged. After all, I was looking at a huge commission. It was the equivalent in moola as what most of my friends where making in their jobs at the bank. Man it was a lot, and I desperately wanted it.
I met the other broker at the site. He was a seasoned man in his early seventies. Seasoned is the key word. He learned me a thing or two. The details of what I learned can be found in my book here. But I will share the rest of the story now.
How I dug my own grave with pleasure
He asked me to grab a shovel out of his trunk. He also had a shovel. The heat in Florida in the summer is well, hot. He looked at me with a concerned grin. He said we needed to dig up some dirt, because he wanted to make sure there was no problem with the soil.
In my eagerness, I asked him not to dig. I thought I was being polite. I was. But, my politeness was showered in naivety. I started to sweat. He stood there. I sweat profusely. He asked if I was ok.
“I am young,” I said. Can you sense my naive confidence?
He smiled, then said, “this transaction is in trouble.” He went on to tell me that he has a friend who controls the buyer and the friend needs a commission too in order to really seal this deal.
I kept eagerly digging, I was 23, what did I know? I just had money on the brain.
He suggested a three way split. I agreed right away and kept digging.
He said, “Ok, I think I can get this closed in the next two weeks.”
I said, “great.”
He said, “Oh, this soil looks good. You can stop and put the shovel in the car.”
“Are you sure?” I asked.
“Oh, yes,” he said, and he was gone in six seconds.
My new AH. Interpret that how you like. AH does stand for something
My boss ripped me a new one for agreeing to such stupidity of a three way split.
Oh, did I mention the opposing broker invited me over his house after the transaction closed. It was a big beautiful house on the inter-coastal waterway. Yes, he had a big boat too. The water was turquoise. It was relaxing and beautiful and he was proud to show me.
This was the start of my learning real business and real psychology.
Now, Thirty-Three plus years later, bringing people to Florida, sharing all the knowledge of all the years, knowing where the alligators hide has made me all the wiser. There is nothing that takes the place of experience, nothing.
The point is any newcomer without the proper team and local market knowledge will find themselves gladly digging holes as the other party reaches into your pocket takes what they want and you offer a thank you.
The best team is the team that has been there and done that. Hard lessoned learned from doing far out way any book at any university.
Our experience and expertise can become yours.
Read more of this story and others in my book “PURE PROFITS”. Download it here.