By Josie Stern
This year my business partner Valérie Benchitrit and I celebrate our 25th year in the business. We have learned many lessons throughout the years – most importantly that success is defined by your conduct and not the amount of money you earn. There are many agents who are not top earners yet embody the qualities of a great agent and there are many top earners who don’t – usually because of their misguided ego. So here are the 25 lessons we learned in 25 years that we believe define success:
1. Work with a reputable brokerage. Remember the saying, “Tell me who your friends are and I’ll tell you who you are”. The reputation of your brokerage will reflect on you so ask, “Is this a brokerage whose reputation I want to carry with me every day?” Also, don’t move around often because instability won’t enhance your career. In fact, if you measure success in dollars, many top earners have been with the same brokerage for years.
2. Don’t count on family and friends for business. Many agents compromise relationships due to hurt feelings when their friends or family don’t use them. It’s wiser to pave your own way and create a business that generates leads through hard work instead of hand outs. Then it will matter less if people you know don’t use your services.
3. Guard your reputation like it’s gold. A bad reputation spreads like wildfire. People talk more about the bad things than the good, so protect your name. Always act in the client’s best interest and you won’t have to worry.
4. Be prepared when agents and consumers report you to the provincial real estate regulator. If you’re in the business long enough this will inevitably happen. Ultimately follow the rules that govern us and keep documentation to protect yourself. To avoid mistakes that generate complaints, consult your broker if you’re unsure of a situation. Even after 25 years we still count on the knowledge, wisdom and guidance of our brokers, Henry Balaban and Scott Webster.
5. Report an agent who has done something wrong. Our industry has a dreadful reputation and it’s your duty to contribute to the clean up. Even if the agent does not get fined for wrong doing, a complaint filed with the regulator will make that agent think twice before crossing you again. One should command and demand respect in this industry.
6. Don’t let success go to your head. The world doesn’t have room for all the egos in this industry. Ego is destructive and leads you down the wrong path. Keep your success in perspective because, in the grand scheme of things, you’re not that important.
7. Don’t knowingly lie. We live in a litigious society and if a consumer sues you, your lies will not withstand an examination for discovery process in a civil law suit.
8. Don’t begrudge another agent who got business instead of you. We don’t mind when someone gets a piece of business that we didn’t IF the agent won fairly and is known to be ethical. If they are not, we shake our head and feel sorry for the unsuspecting client.
9. Respect long-serving agents because they paid their dues. Some young agents belong to the entitlement society and, since they have never worked a recessionary market, hard work is not in their repertoire. Yet they want it all – NOW. But good things come to those who wait… greater things come to those who get off their ass and do what it takes to make it happen. Long-serving agents deserve respect and it will take you a little longer to get to where they are.
10. If you make a mistake, admit it quickly and make restitution. The longer you hide it, the worse the consequences will be when it’s inevitably discovered.
11. Stand up for what you believe in and make a difference, even if that means standing alone.
12. Mentoring others can be very rewarding. Be generous and give back to our industry, and contribute to improving it.
13. Give back to the community and make a difference. It is your responsibility and it will come back to you in spades.
14. If someone tells you it can’t be done, do it anyway. Many years ago I referred a client to an agent in Schomberg, yet the agent refused to sign the referral agreement. She arrogantly said she was well-known and would probably have received the call from my client anyway. Talk about ego. Every month I would check MLS to see if the property sold and, lo and behold, after 18 months it did. I wanted to report her but was told that the arbitration committee run by TREB members at the time had never before heard this type of complaint. I believe there’s a first time for everything so I submitted the case, it was heard and I was awarded my referral fee.
15. Don’t be intimidated by super agents. In my third year in the business I was cold calling in Chaplin Estates. A gentleman visiting from Calgary answered the phone. He was looking for an agent to sell his mother’s house and had set up interviews with six top agents. Being new and inexperienced, I didn’t think I stood a chance. Mr. Client asked us all to answer six questions in writing. Ironically I got the listing because he said I followed his instructions while the top agents delivered “I’m number one” material laced with ego but did not answer a single question he asked.
16. If you’re angry with someone, don’t send them an email or text in that state unless you’re prepared to accept the consequences.
17. Don’t ever take cash or kickbacks. People are human and greed is not uncommon. A few consumers have offered me cash payment so they can save HST on commission. Don’t be tempted. The consumer is not bound by the rules that govern us as you are. It’s not worth losing your license over this.
18. Be very careful what you say on social media. Everything you post, comment and share paints a picture of who you are. How do you want to define yourself? This will be your brand.
19. Be kind to others. It doesn’t cost you anything yet it could brighten someone else’s day.
20. Put yourself in other people’s shoes. Be empathetic and ask yourself, “Would I want this to happen to me or my children?”
21. Always ask if you’re not sure. Don’t answer a question just because you don’t want to come across as unknowledgeable. Tell the person you will get back to them and ask your broker.
22. Cut your losses if it’s not working out with a client. It’s not in your best interest or the clients’ if your relationship is no longer working.
23. Disclose disclose disclose. Don’t hold back any material fact that is your client’s right to know.
24. Appreciate that you are privileged. We are part of an industry that has enjoyed a stretch of 19 years of high returns. Therefore hard-working agents are financially rewarded so don’t take it for granted. Go above and beyond the call of duty for your clients. What other industry requiring no formal degree or an investment in inventory allows people to earn the kind of money we have the potential to earn?
25. Always do the right thing. Don’t opt to put your commission first. Ask yourself, What do I want my legacy to be? Is it, I made a lot of money selling real estate or I acted ethically and fairly in all my dealings with people? You decide. It comes down to the legacy you want to leave behind.
Josie Stern and Valérie Benchitrit have 50 years of combined real estate experience and together they have sold more than 1,250 properties in the GTA. They are with Sutton Group – Associates Realty in Toronto. Before real estate, Josie was director of information systems for Sanyo Canada for 14 years. Website: https://josiestern.com/ Email [email protected]
