Real Estate Bubble Began to Term Paper

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The successful realtor is not the one who can talk the smoothest, but the one who can put themselves within the client's perspective. Empathy is the "greatest characteristic that any realtor can possess. It allows you to create a real connection with the client and make decisions from their point-of-view rather than yours" (Roos, 120). By making connections with the customer, the successful realtor builds rapport and the experience of buying a house becomes a joint effort with the realtor as a part of the team, not as an outsider. Delwin explain "real estate for many people is a money game, but I never think of it that way. I think of it as helping people fulfill a dream, because that is really what it's all about." The unsuccessful realtor positions himself as an intrusive force, someone who applies pressure upon a customer or family to decide on a property. They become an obligatory force and as a result, loses rapport with their customer. The problem in this case is not that they do not close houses, but rather that they leave a negative impression upon others, which decreases the grassroots marketing that happy clients are willing to provide for the successful realtor. For Delwin this is the key to success within the industry, "realtors as a whole are a dime a dozen, we're on every street corner and bus stop. So you really got to distinguish yourself through client marketing. I get 70% of my clients through referral and that's the only way to keep the ball rolling." It is evident that in this customer centric industry, the most important lesson for the successful realtor is to understand the implicit nuances of developing empathy and rapport with customers.

The qualities described above are all important concepts to master as a realtor, but the most important above all is ambition and the spirit of entrepeneurship.

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Delwin emphasizes this in our interview, he explains "when I started in this career, I didn't know what I was getting myself into because people think that realtors don't do much but show people houses. That's only the beginning, real estate is the complete entrepeneural experience, its above all a contact sport." Money magazine reports in its January 2005 edition that on average, a real estate agent spends 80% of his time on the telephone. The most important part of a realtor's life is finding leads to establish a client base and begin to build a brand for themselves. Each realtor functions as an individual unit and as a result they alone controls their own destiny. With this being the case, ambition is the key to success because every day a realtor must make hundreds of calls with only one or two developing into a real lead. Being "hungry" is the key to success in this business, the success stories are the individuals who are willing to put in more than 80 hours a week marketing themselves and creating an individual brand. Those who ultimately fail are the individuals who lack the willpower to devote themselves entirely to the industry, and those who do not have the courage and conviction to consistently be rejected every day. In the final analysis, the real estate industry is not what people traditionally assume, it is not a money pit where everyone comes out a millionaire. Rather to succeed as a realtor one has to have a special set of skills that allows them to bridge connections and build trust.

Interview with Jake Delwin, November 12th 2006.

Roos, Dolf De. Real Estate Riches: How to Become Rich Using Your Banker's Money.

Boston: Warner Business Books, 2001.….....

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