Should you buy now? Is it a Sellers market?April 17,2022First of all, I do not know you, your objectives, or your financial situation, and I am just a guy that loves real estate and writes about it
The Superman Complex
Dated: January 5 2020
For Christmas one year we bought our grandsons Spiderman and Superman underwear. These two-year-old boys became their heroes when they donned the colorful underwear. They could run faster, jump higher, indeed, they could almost fly. When I was a kid my mother would let me wear a dish towel clipped together with a clothes pin in front of my neck. Heck, I could feel the power the cape gave me. Nothing could stop me.
Fast forward to 2003-2005 and the hot real estate market. I was making mad money. Gail and lived in a river front house, I drove a late model sports car, and I , like a two year old kid, felt that I was smarter, stronger and would live forever.
Then the cape fell off.
I hadn’t done what even a little squirrel with the brain the size of a raisin does when there are acorns everywhere. Even the squirrel knows to bury acorns for the winter. Not me. I thought the harvest would never end, or at least I thought I had a lot of time left to save and plan for winter.
Unfortunately, I was not alone. There were many of my friends, clients, and associates’ that were left without a chair to sit on when the music stopped playing.
In August of 2005 I sold my development business for a very adult number. Unfortunately, I took a note instead of cash for the majority of the money and the note that never was repaid. I had sold my business at the peak of the real estate market, a good time to sell, but a bad time to take a promissory note as the market went downhill from almost the day I sold.
Some lessons are hard to teach. They must be experienced. My Dad taught ne to save first, spend second. I was not too good at that.
If you are a real estate agent or you live on commission from your job, please don’t plan on working through lunch the day they bury you. You are not superman. There is no cape.
But it is never too late.
In March I joined EXP Realty, the cloud-based real estate brokerage, as a broker associate and shareholder. EXP Is now the fourth largest real estate brokerage in the United States with over 25,000 agents in 50 states. They are the latest disruptor in the real estate business. No bricks and mortar, totally internet based, technology driven, and every agent is an owner. EXP is to traditional real estate companies what Amazon is to retail stores.
Of the five KEY things that EXP is getting right, the critical thing they are providing their agents is an exit strategy. A way to retire. For other real estate companies, the exit strategy relied on the superman complex and the individual’s ability to save and plan.
For the client, they provide an unequaled platform to serve the client timely information and a platform based not on technology of the past, but of the future. Tools that serve up data and information and insight on a timely basis.
I’m building my EXP team now. My passion for this business has only gotten stronger and I have embraced vision of EXP’s founder Glenn Stanford.
During a recent video interview, Jonathan Rivera asked me what the key to success was. I have a lot to say about that, but the real key is persistence. Persistence, the ability to keep on going. But you have to be on the right path. No sense in persisting on the wrong path.
The path to success in a venture, whether it be buying and retiring happily in what you feel will be your final retirement home, or setting out on home ownership for the first time, is different for everybody. But remember, things will not always be what they are today. They can improve, and of course they can get worse. My friend Terri Manning once told me that if I wanted to hear god laugh, tell her my plans. That does not mean you shouldn’t make plans, because a path with no final destination is just wandering.
Whether you are one of my (future) clients that s buying, selling, or investing in real estate, or indeed if you are a real estate agent and want to secure your exit strategy in you real estate career, I want to talk to you. Whether it is income property you want to buy, a second home you want to secure, or a house to sell.
I’m not superman, I have no cape, and neither do you.
Call or email me.
I have three Video Channels that may interest you:
Real estate has been my passion since I took my first Al Lowery class on real estate investing in the 1970’s. I vowed during that class that I would buy one property a year. Over the next five ....
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