I am a real estate agent in this enchanted city. For seven years I’ve worked for the same reputable and recognizable real estate firm. I have and continue to earn a nice living selling and renting apartments. In the process I see the good, the bad and the ugly come out of both clients and occasionally my fellow agents. This is primarily because buying, selling or renting a pad in NYC is unlike doing so anywhere else in the world. With so little inventory and sky high demand, finding a good apartment on a budget is like discovering a rare, exotic bird that you must sneak up on to capture before it flies away, or in agent jargon “flies off the market”.
I mean, where else are renters required to prove that they earn at least 40x the monthly rent annually in order to rent a tiny $2,000 per month studio apartment with thin walls, old crusty appliances, and located 5 flights up in a pre-war building? If they don’t, they must have a guarantor (typically a relative) who can prove that they earn at least 80X the monthly rent annually to co-sign your lease. On top of that the amount of paperwork they must furnish is tantamount to what most people need in order to purchase a home in the rest of the United States. And that’s just renting.
If you’re representing a buyer, you better make sure that they’re armed with a suitcase of cash at the first open house, prepared to offer asking price (or higher if there’s a bidding war) in new construction condominiums.
Forget the dreaded Co-op purchase which isn’t even considered true “real” estate. A buyer is merely paying to be a shareholder in the building and if they’re fortunate enough to make it to the board interview, they have to hope that the board’s shareholders deem them worthy enough to live in their beloved building.
If you’re a sellers’ agent, well, consider yourself lucky. It’s simply the best situation to be in because even if you have to hold 20 open houses and deal with impatient owners who unreasonably refuse to drop the price, eventually you will sell the apartment and earn a commission (unless of course they fire you and hire someone else. Then you’re screwed).
When I received my real estate license 7 years ago I was starry eyed and thrilled at the prospect of running around the city showing people with deep pockets beautiful glass houses while earning big commissions. You see, prior to this I had a career in a completely different field from real estate. While I enjoyed a private office and a nice salary with benefits, I also had a boss from hell along with a constant headache accompanied by leg cramps from sitting and staring at a computer screen nine hours a day. The thought of being in charge and making my own schedule was (and still is) extremely appealing.
So I joined my firm and hit the ground running. I spent weeks previewing and photographing hundreds of apartments. I gobbled up books on the business, religiously read the NY Times real estate section, went to industry events and was mentored by a seasoned agent. About 6 weeks into it I rented two apartments on the same day in the same building and 3 months later sold my first condo.
I still get impossibly happy when I close a deal. I feel giddy, victorious, accomplished and secure. When I don’t close for one reason or another, I’m devastated. Not only because I don’t get paid but because inside I feel like an utter failure. I know this nasty feeling is irrational since I’m extremely hard-working and efficient, a great negotiator without being obnoxious, one of the good guys in a sea of blood thirsty sharks. My point is that when a deal goes bust, it’s out of my control.
We have mantras to tell each other in these times:
- “Don’t worry…you’ll get the next one!”
- “You can’t win ‘em all!”
- “It happens to the best of us!”
- “It’s all part of the business!”
- “Shit happens!”
- “It is what it is!”
- “It’s a learning experience!”
- “All you can do is your best!”
- “Keep pushing!”
- “Don’t take it personally!”
I actually said the first one to someone today.
The last one is the toughest to swallow which is why I decided to start this blog. The old adage “the customer’s always right” most of the time just isn’t true, although I’ll be the first to admit that customer service in general has gone down the tubes from what it was 20+ years ago. That aside, whether you’re in sales or slinging cocktails, we put up with a lot from the masses. Since they have to pay us out of their own pockets for our services, some must squeeze every last ounce of joy, dignity and sanity from us until we are shells of our former selves. That way at least they’ve gotten their monies worth. For the highly passionate ones, there are websites like Yelp where they can go to post scathing reviews about us and our respective firms.
The bottom line is this – whether you’re a rock star sales agent or lowly rental agent barely getting by, we all suffer fools daily. Mantra #4 states, “It’s all part of the business”. That’s the truth. What I’ve learned in my 7 plus years is that to succeed you must be genuine, clever, shrewd, posses great equanimity, and get real used to rejection. I continue to practice these sensibilities but it’s not easy. Writing has been cathartic. So, instead of keeping my thoughts and dealings locked up in my head, why not blog about it?! Besides, misery loves real estate.
Please e-mail info@MiseryLovesRealEstate.com to share your stories too. Log on to read, comment, share, vent, and even brag. Yes folks – we’re allowed to bask in the glow of success from time to time and live to talk about it!
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AgentVoice