December 5th, 2007 15:51 EST
Don't gamble unless it is a winner... Good Luck!
(Transcription of Audio Podcast)
Well, Friday I was in Idaho doing a show for real estate professionals, now hold your boos because I went with my own motives. I had the chance to finally get the inside scoop on a group of folks that confuse me right now. Real estate folks. Now, up until that moment, I thought they all had their own interest in mind.
This fine group of people dealt in commercial real estate. Not residential real estate. The difference between the two " the commercial real estate customer knows what kind of ride they are in for and the residential folks just know they are going to be taken for a ride on an empty tank of gas, in the middle of the desert while looking for ocean front property.
Anyhow, this Christmas company get together was to recognize and to motivate these real estate sales people. Real estate people can sell you a lot and make you think it is a castle, you built it and they will come, I am convinced that was a real estate marketing slogan first.
I was brought there to entertain these folks, little rope spinning, little humor but no matter what they were going to sell me. Now, I met this gentleman named Ron. He was real set on learning the fine points of rope throwing and me not wanting to deny anyone of this skill decided to show him how. He did a pretty good job at throwing the rope around the target and an even better job at tighten the noose, said it was his real estate training and chuckled.
Well, I said we are in the same sort of biz, we chase things down until they get tired of running from us. Then we wrangle them into a pen with all the others and sort them based on how plump they are and ready for market. They only difference I can see between us is even if we don`t pick um, they still have a home afterwards.
Funny thing is just the other day I got a knock on my front door only to be greeted by a real estate person asking me if I was ready to sell my home. In which I replied No thank you, I am still living in it. I found it astounding that he was standing right in front of me that I thought this must be a sign to find out what these boys were thinking, so I asked. "Is this the best time to get people to sell?" Or shouldn`t you be telling me that I can get two homes for the prices of one. He explained to me that things are not as bad as they say on TV and that economist are not smart as they seem. I wont argue that second point. He then said, We have had over 100 folks selling their homes this week alone, in this area. Selling them or turning them over I said. Did I have a sign on my back that said Sub Prime sucker, Kick me OUT, before they throw me out! No offence to the person that has to go door to door to make a living, but those 100 or so sellers (foreclosures) were met by a very happy buyer, if they even met them.
I feel sorry for the sub prime buyers. These are the folks that are making their way to a payroll express on a weekly routine, First time buyers, Bad Credit, Bankruptcy, none of which are really important on a sub prime loan, matter of fact they would rather you did not have the means, turn and burn. Now don`t take what I am saying as a fact for all who sell homes, some do what you to have to for the American dream, but most get the agents that give you the American nightmare, I have been there.
This sub prime racket is a lot like gambling, only the real estate folks own the house and they know that they have the best odds, and that is even money that most will not make it through the first year. Give enough credit out and soon the whole country will be facing sub prime debt, unless you are the one passing out that American dream.
My suggestion #1. Don`t sell anything (If you can hold off) until the elections are over. Your location location location is worth more than our politicians Promises promises promises.
Don`t gamble on anything UNLESS your know it will win!
Good luck on that one.