Wednesday, January 26, 2011

The Emotional Sea of Real Estate - Part 1

  One of the seldom acknowledged and or appreciated aspects of real estate is the human emotion that typically plays a significant role in the buying and selling process.  As real estate practitioners, one of our fundamental roles and perhaps the most important one, is to remove or at the very least minimize, the amount of emotion associated with the real estate buying and selling process and to treat it emotionally unbiased for what it is, a business transaction.
  Emotion involves and affects every person that is party to a real estate transaction.  Sellers are often reticent about leaving their home.  It is a place where memories have been made.  It represents a significant portion of most people's net worth and often includes large amounts of sweat equity for the work they have put into their garden, the basement and or other improvements they completed on their own and so forth. 

 Buyers on the other hand are filled with trepidation as well.  Is this the right home/neighbourhood for us?  Is there something wrong with the place? Can we afford it?  Are we paying to much?  All these questions and more create a flood of emotion with buyers especially when it comes to actually signing an offer to purchase.

  REALTORS® are not immune to the emotional aspect of real estate either.  One of the issues we face is the realization that every day we wake up unemployed.  We have no idea when and or where the next pay cheque may be coming from but that is all part of being self-employed in a commission only based profession.  You either accept it and control the emotional uncertainty of being a REALTOR® or get a none to five salaried job.   

  If you have ever been involved in a real estate transaction think about how you felt and you'll agree, emotion plays a huge role in the process.  As such you need someone working on your behalf that calms the stormy seas so-to-speak.  Too often, REALTORS® fail to accomplish that and in fact only whip up the waves into more of a tempest than what already exists.  In Part 2, I will delve more deeply into the emotions REALTORS® need to manage on behalf of clients to safely navigate through the often stormy seas of the real estate buying and selling process preventing them from landing on the rocks.

1 comment:

Marg Scheben-Edey said...

Great post Rick and so very true. It takes a great deal of compassion and wisdom to be a good REALTOR® who can help the client see the ultimate goals they want to achieve and the path to getting there. I agree that oo often, a REALTOR® can do the opposite if they put their own egos or needs first. Thankfully, there are great ones out there that we know as they have stood the test of time.

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Rick relocated to Collingwood from Toronto in 1985 through a transfer with Goodyear Canada. In 1987 Rick was recruited by a major client of Goodyear’s, managing their Canadian business based in Barrie before moving to Chicago in 1992 as Vice President of Sales & Marketing. Upon returning to Canada in 1996, Rick ran an industrial products manufacturing company in Stratford, Ontario. In 1998 Rick returned to Collingwood with his two children. Rick is a licensed real estate Broker with Royal LePAGE Locations North in Collingwood and holds his MVA designation (Market Value Appraiser-Residential). He is an active volunteer in the community serving several years on the Board of Directors with the Collingwood Chamber of Commerce as Treasurer, 6 years on the Board of Directors for the Southern Georgian Bay Association of REALTORS® of which he is the Past President (2008) and currently serves on a committee with the Ontario Real Estate Association. Rick is a diverse executive manager with extensive experience in strategic planning, manufacturing, finance, human resources and quality assurance management.